“No matter what type of digital transformation an enterprise aspires to, it ought to have its vision focused squarely on the benefits technology delivers,” Kelli Negro states over on the ThinkSmart blog. “But how quickly it sees ROI and other benefits? That’s just as important in making a platform adoption decision.”
Companies love to talk about ROI. And sure, it’s important. After all, a healthy ROI can really set your company up for success – and impress your boss. But what about Time-to-Value (T2V)?
After all, isn’t when you start seeing ROI just as important as if you see it?
Get paid back. Fast.
T2V is a measurement of the time it takes to realize returns on your workflow automation investment.
“The benefits of faster payback should be obvious,” Negro states. “The sooner you’re past the break-even point, the sooner the enterprise begins profiting from adoption.”
There are multiple factors that can impact T2V:
- The cost of the platform
- The speed and breadth of its implementation
- The costs of infrastructure
- The costs of support
- How and where the platform’s applied
The first question to ask though? What does value look like for your organization?
If value looks like:
- Dollars – not just returned – but saved in the first place
- Improved gains from operational agility
- Improved employee morale from being able to get work done faster
- Heightened collaboration across the enterprise
- Time saved on labor-intensive manual tasks
Then it might be time to consider a workflow automation solution.
“It’s a ‘where’s the beef?’ question you should put to any workflow automation vendor,” Kelli Negro states. “What value dimensions can you expect from your expenditure, and how soon can you expect them to materialize?”