How Self-service Data Integration Can Positively Impact Company Goals
The famous proverb, “time is money”, is relevant in the world of business. In this digital era that we live in, we need a sense of urgency and accuracy to complete goals and grow revenue. In the same vein, business customers need an immediate return on their investment to consider an organization worthy of more of their most-essential money. This is where the value of time-to-value comes in.
What Is Time-to-Value?
Broadly speaking, time-to-value (or TTV) is the amount of time a product is estimated to be regarded as valuable and important. From the time a business customer invests a product or service to the point where their purchase becomes of value to them is the time-to-value.
When this time frame is small, the customers are delighted. And when this time frame is large, customers are unhappy. Now, when customers are happy, they quickly create more revenue for a company.
How Is It Related to Customer Experience?
It’s clear that customers are buying products to solve a problem they have. They obviously want their problem to be solved as soon as possible after buying their money and resources.
In other words, the quicker they get access to the product or service and the faster a product or service works for them, the happier they’ll be, and the more likely they are to become a true evangelist for your brand.
The value of a product is a large part of creating a relationship with a customer. Faster onboarding and consistent and speedy delivery improve their level of satisfaction and solidify their trust and loyalty.
When they get onboarded onto a business ecosystem and get hold of a product or service that works well and fast, they won’t want to try another competitor – improving customer retention.
Best Methods for Meeting Time-to-Value Goals
When a company has a shorter TTV, customers will receive the value promised to them, accelerating revenue and reducing overhead costs. The best ways to achieve this would be:
- Set practical goals for customers and users – when your clientele knows how long a service or product takes to be valuable, it will be no surprise for them to understand how much value it holds.
- Integrate customers’ data more quickly. The faster it happens, the quicker a company is able to address the needs and requirements of its customers. Customers become happy and are more likely to return.
- Enable customers to self-onboard and better monitor and manage their ongoing digital interactions themselves.
How Self-service and Automation Improve TTV
Using a self-service data integration can empower companies to improve time-to-value significantly and free up opportunities for them to drive more value and focus on the big picture. It can help a company:
- Empower non-technical business users – the entire drive of self-service and automation is to empower non-technical users and free up IT. Doing so helps companies save time, save money, and save resources that can be used for other revenue-generating activities. Automation powered with AI and ML automates the transactions of different aspects of the business.
- Accelerate decision-making – when the time of operation is diminished, more time can be used to make critical innovations, meet tight deadlines, and streamline processes within the business.
- Improve transparency – when processes are automated, the additional clarity and improved attention to detail will keep a constant connection between the business and its trustworthy customers. The customers receive the value instantly.
Access to self-service and automation is the key to achieving business goals, driving revenue, and delivering unparalleled customer satisfaction.