Time-to-Market (TTM) is a crucial key business indicator (KPI) for your success.
TTM is a critical metric that shows the time required to develop a product or service and commercially launch to the market. The shorter the TTM, the faster you can book and realize revenue. TTM is an indicator for efficiencies or problems with internal development, manufacturing, and other operational processes. That’s why the most efficient companies in the world master the TTM process.
As a former C-level executive in business and legal positions, it always baffled me that lawyers, whether in-house or outside counsel, were not held to the same TTM KPI as their business and operational counterparts.
Anytime I held a dual business and legal role, I would apply the TTM KPI concept to both departments. To make it more applicable to lawyers, I referred to it as Time-to-Completion, or TTC, KPI. We implemented, a multi-step process to shorten the drafting and negotiation timeline to positively impact and improve TTC. By doing so, contracts were completed faster, products and services launched more quickly, and we shortened the path to revenue.
The TTC Playbook
While the process will be slightly different for your company, you can follow a formula to optimize TTC in your own organization. I developed a 10-point checklist to successfully implement this framework at various companies.
Leveraging this TTC process ties lawyer KPIs directly to your business performance. Measure how to optimize operational success with this important metric.
There are additional benefits to this process outside of revenue and efficiency. TTC positively changes the perception of the lawyer and legal department. By treating the legal side similar to the business departments, the lawyer and legal department are viewed as more of a business partner instead of a scary place that holds up deal progress.
Drop me an email at email@example.com and I will send you a FREE copy of the 10-point checklist.