In parts 1 and 2 of our blog series on ISVs and Digital Adoption, we discussed the enthusiasm ISVs have for Digital Adoption Platforms (DAPs), and we explored what’s driving that excitement. In this post, we will be discussing one of the most impactful benefits DAPs can offer ISVs: shortening time to value.
What do we mean when we say “time to value”? I like this definition, from Wikipedia: “Time to value (TTV) is similar to return on investment (ROI), but instead of realizing the financial success of an investment, it implies achieving the effectiveness of an investment.”
So, it is a bit of an abstraction, but an important one at that. Consider this statistic from our survey:
When asked to determine a priority order for DAP impact, 59% of ISVs ranked ‘faster time to value’ at the top of their list – this beats out churn reduction, product adoption, and support ticket reduction.
An ISV concerned with TTV asks the question: how long does it take users of my product to be effective? ISVs know that they are responsible for proving the value of their product at every stage of a customer relationship and that an efficient TTV leads to ROI. Ten years ago, an enterprise deal getting across the finish line, or a successful go-live following a long implementation, would have been defining moments. Today, these are merely starting points.
Peter Boit, EVP of Business Development at Icertis, puts the TTV relationship between ISVs and DAPs in context much more directly: “User adoption is key to the success of enterprise-wide software deployments, and we designed the Icertis Contract Management (ICM) platform to be extremely easy to use. Further, we seamlessly integrate with Whatfix so ICM users receive real-time training that is continuous and contextual. Whether new, infrequent, or power users, the combination of Icertis and Whatfix delivers an easy, world-class user experience and reduces time to value for our customers.”
Decreasing TTV isn’t only about getting to ROI – it also sets the stage for trusting relationships that continue to build on each other. In our survey, 62.7% of respondents expected the effective use of a DAP to increase cross- and up-selling opportunities to existing customers. It stands to reason that if an ISV’s offering is onboarded and used to its fullest potential, it would then have an opportunity to be further shared across the organization.
ISVs know that integrating DAP into their products from the start and reducing TTV is a sound business decision for all parties – which of course includes their users. After all, users are the most likely to benefit from the value created by DAP usage: not only do they see benefit from an organizational POV, but it is their day-to-day tasks that become easier to perform and support. In our next and final installment, we’ll be looking into how ISVs can prioritize learning in the flow of work and other valuable, but not often acknowledged, reasons that digital adoption is a critical component of ISV offerings.