A famous proverb, “time is money” is immensely relevant in the business world. In the current completive, disruptive, and digital era that we live in, we require a sense of urgency and accuracy to finish goals and accelerate revenue growth. In the same vein, business customers call for an immediate return on their investment (ROI) to consider a company worthy of more of their important money. Here the value of time-to-value comes in.
This blog post discusses time-to-value in detail. It also explains how time-to-value is related to customer experience and determines new ways to improve its value. Let us find out the details.
What is Time-to-Value?
Generally speaking, time-to-value (TTV) is the period required to ensure a product's or service's value. In other words, it is the amount of time a product is regarded to be valuable and essential. From the time a business customer invests in a product or service, their purchase becomes of value. That is its time-to-value.
When this time period is small, business customers feel delighted and satisfied. On the other hand, when this period is big, customers become unhappy and dissatisfied. When customers are happy and satisfied, they become brand evangelists for the company, helping them attract new business customers and creating revenue streams.
How Is Time-to-Value Related to Customer Experience?
Clearly, customers are investing in products or services to solve a problem they have. Plus, they want their problem to be solved as soon as possible after buying money and resources.
In other words, the faster they access the product or service and the faster a product or service functions for them, the happier they will be. Also, these satisfied customers become brand evangelists and bring in revenue streams. Also, the quicker they access the product or service and the faster a product or the service delivers the value promised to them, the happier they will be and the more likely they are to become a positive evangelist for the company.
The value of a product is a huge part of nurturing a relationship with a customer. Quicker onboarding and reliable delivery increase their level of satisfaction and loyalty.
When customers are onboarded into a business ecosystem and get hold of a product or service that functions well and fast, they won’t go for another competitor. This improves customer retention.
What Are the Best Methods for Achieving Time-to-Value Goals?
When a company has a shorter time-to-value, business customers will receive the value promised to them on time. This creates new revenue streams and reduces overhead costs. The best ways to achieve this include:
- Set goals for customers and users - when your clientele knows how long a product or service takes to be valuable, they will be able to comprehend the value it holds quickly.
- Integrate customer data more quickly - the faster it happens, the quicker a company can address its customers’ demands and requirements. Business customers become satisfied and are more likely to return.
- Empower customers - customers are empowered to self-onboard and better monitor and manage their ongoing digital interactions.
How Can Self-service and Automation Accelerate TTV?
Companies can leverage self-service data integration solutions to improve time-to-value significantly and free up opportunities to deliver the promised value faster and focus on the bigger picture. These solutions can help companies make a lasting impact:
- Empower Non-Technical Business Users: Self-service and automation enable non-technical business users while freeing IT to focus on more high-value tasks. This helps organizations save time, money, and resources that can be leveraged to drive revenue-generating initiatives. Automation powered with AI and ML automates business transactions of different aspects of the business.
- Make Informed Decisions: When the operational time is diminished, more time can be used to innovate better, meet tight deadlines, and streamline processes within the business.
- Improve Transparency: After automating the processes, the additional clarity and better attention to detail will maintain a connection between the business and its trustworthy customers. The customers receive the value without difficulty.
With self-service and automation, companies can achieve their business goals, drive revenue, and deliver unparalleled customer satisfaction.