By Jordan LaRusso, Veras Partners
What is Time to Value?
Anyone working in IT has heard the term Time to Value. It seems to be the new boardroom buzzword that gets thrown around when discussing new projects, purchases, and personnel.
But in a practical sense, what does Time to Value actually mean? The simplest definition of is the time it takes between a business request and how quickly a business can realize any tangible outcomes from the actions taken. In other words, how long until we see some results?
The Time to Value metric becomes very important in software implementation because after the purchase of a new software suite, the stakeholder tolerance for delays is relatively short. For example, when looking at a Financial Reporting tool, the value comes after installation and configuration when the end-users can finally log into the software and begin to create reports to aggregate the necessary data.
While many software vendors consider their product “plug-and-play,” the truth is there is always a learning curve with new software;particularly when you are trying to get a number of users up and running onto a new application. The users generally lack a familiarity with the user interface, a limited knowledge of the features, and often have a myriad of questions regarding basic functionalities.
On top of the challenges of learning a new application like a reporting software, end-users still have their day job. They cannot devote the amount of time needed to develop and build out reports, test, and iterate all while still trying to close the books month-to-month.
Due to these circumstances, it takes quite a bit longer to get that Time to Value down to a point where your Reporting software becomes a vital part of your Financial Reporting. Make no mistake, for your Finance team, this will become irreplaceable and make financial reporting easier.
How to Decrease Time to Value
If you want to change the oil in your car, you have a few options. You could decide to do it yourself. If you don’t know how to do so, you can search the internet to find articles and videos with directions on how to change your oil, or learn how to change your oil through some other means. Alternately, you can bring your car to a mechanic or service station and have someone with the necessary knowledge change your oil for you. In both cases, whomever does the work needs to know how to change oil.
When it comes to ramping up a new reporting software, the same holds true. There are a couple of ways to speed up your return on investment: get training for your users or bring in a consultant to assist with the initial report building.
In both cases, expertise is the common denominator and the fastest way to get a substantial boost to decrease your Time to Value. Partnering with an Application Management Outsourcing (AMO) company like Veras Partners provides you with all the expertise and experience necessary to jump-start your journey with a new tool. Take a look at the services, support, and training that Veras Partners offers to assist with your implementation. Email us at email@example.com.