Have you heard? The business theme for 2023 is improving company efficiency and ensuring your company can do more with less. The current economic climate demands companies re-examine budgets and tighten resources to increase business efficiency. But how?
One of the best ways for companies to improve overall efficiency is to improve the customer onboarding process. Customer onboarding is crucial and can help reduce annual customer churn by 30%.
What is Business Efficiency?
Business efficiency describes how effectively a company produces output (products, services, and revenue) concerning the input required to produce it. In other words, it’s about making the best possible use of company resources — including how your people manage their time. That’s where the right onboarding technology comes in and why onboarding experts like GUIDEcx can help you streamline workflows through a better customer onboarding process.
5 Most Common Types of Company Onboarding Inefficiency
You can quantify the efficiency of your onboarding process in various ways. Let’s look at some metrics you can use to improve and reduce wasted resources in your customer onboarding process.
Financial efficiency measures how well a business converts operations into profits or uses its assets to generate income. It also looks at overall profitability; standard measures include accounts receivable, fixed assets, and inventory turnover.
Labor productivity measures the output of your human resources—your employees—in one hour. It’s heavily influenced by the equipment used, so investing in the best customer onboarding solutions is worth it to keep workers happy and productive.
Operational efficiency refers to the efficiency of core business processes, such as onboarding new customers. You might outsource to reduce onsite costs or bring things in-house for complete control. Customer onboarding software can help improve operational efficiency by automating routine tasks and giving your people time to focus on high-value activities.
By assessing the efficiency of internal processes, you can see what’s working and what isn’t and optimize accordingly.
You can also measure customer onboarding efficiency by evaluating the return on your investments. For example, if your company uses a customer onboarding solution, how quickly does your customer see the value and start paying for your products and services? How much time have your teams saved that they can repurpose for other business activities? If your onboarding process is shorter, you’ll realize more revenue faster, offsetting the cost of the software or the people teams that onboard and implement.
Customer Onboarding Is One of The Best Secrets to Business Efficiency
If you’re wondering where to start with customer onboarding efficiency, don’t panic! Use the measurements above to baseline your current customer onboarding efficiency. You can also look at customer onboarding data to see areas for improvement.
One giant step in the right direction: make sure you have the best technology for every aspect of your customer onboarding. This includes anything needed to enhance, improve, or automate your customer onboarding process. It can be a huge help to put some (or all) of these functions within the same platform to reduce time toggling between apps.
How GUIDEcx Onboarding Features Improve Efficiency
A true customer onboarding solution allows your customers to see and update task statuses to indicate if they’re done, stuck, or working on a task — all without logging in or charging you for each customer license. For example, with GUIDEcx, tasks can be updated from automated task emails. By streamlining and simplifying how customers engage with their task assignments, you’ll encourage them to do their part during the onboarding process.
If you’ve ever purchased something, you know the worst part is waiting until it arrives and you can use it. Customers don’t want to wait long before your product or service is usable.
A customer onboarding solution will accelerate your customers’ time to value (TTV). In other words, the time between their purchase and when they see value shrinks, making customers happier. And since companies often don’t start charging customers until they’ve been onboarded and set up, faster TTV for your customers means you start billing faster and realize total revenue over the life of each customer.
An onboarding solution can help your onboarding and implementation teams manage more projects, boosting team member capacity three or four times over. Where one project manager might’ve only been able to handle ten implementations a month, they’d now be able to handle 30. This saves the company money on hiring and overhead while empowering project managers to deliver the same quality and service with less effort.
A best-in-class customer onboarding solution will also share reports, forecasted end dates, and potential risks at a glance, so your teams never have to guess where their attention is needed most. With the status of every project available in one place, teams save time and onboard faster because they never have to hunt through emails or wonder if tasks have been completed.
Without clearly assigned roles and tasks, nothing will get done, onboarding stalls and customers get frustrated — even if they’re the bottleneck. An onboarding solution that allows you to assign owners to each task with clear due dates is essential. Better yet — a customer onboarding tool like GUIDEcx can give key stakeholders on the customer side viewing access to nudge their team members when they aren’t completing tasks.
When customers get stuck, how do your teams typically find out? If you’re still exchanging emails back and forth, you’re losing hours every day. A customer onboarding solution should allow customers to note the status change reason and indicate why they’re stuck on a project. This way, your internal teams can see delays and risks at a glance and offer solutions without fielding phone calls or exchanging dozens of emails.
GUIDEcx Customer Onboarding Features For Onboarding Efficiency
Optimize your Handoff Experiences with GUIDEcx:
Sales –> Onboarding
Enable your sales team to make the post-sales experience part of their closing process. Time to first interaction after a contract is signed is crucial to maintain momentum. If this first interaction doesn’t happen promptly, you risk entering the Trough of Disillusionment vs. enabling a “Slope of Enlightenment”
Do other teams and partners have deliverables? Optimize communication by automating the Handoff experience. Projects “Days” are often lost by communication issues. If an individual goes on vacation or is sick and has the “baton,” the next step won’t happen if you rely on manual communication. GUIDEcx helps all team members know the what, when, and who of tasks within a project.
Onboarding –> Customer Success
Optimize your Onboarding to Customer Success handoffs by communicating Onboarding Health Scores to the CS team. It’s not uncommon for our customers to integrate into their CS Tool by creating intelligent integrations that subscribe customers to a long-term customer success journey based on the “HealthScore or Engagement” level within a GUIDEcx project.
Don’t Take Our Word For It. Hear From Our Customers
GUIDEcx offers robust integrations with over 1,000 applications, allowing you to increase automation and simplify project management. Seamlessly connect your existing tools and systems to GUIDEcx, enabling efficient data exchange and reducing customer manual efforts.
GUIDEcx is Leading the Client Onboarding Software Category
Discover how GUIDEcx can help you improve efficiency by reducing your customer onboarding timeline and increasing the capacity of your project managers. Our unparalleled professional resources and unwavering commitment to excellence support our industry-leading customer onboarding solution.
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