Why Data Integration is the Biggest Lever of Revenue Growth
As CFOs look ahead to the remainder of 2021 and beyond, a fresh survey finds them optimistic about their organization’s economic prospects. PWC’s latest Executive Pulse Survey has revealed that 87% of CFOs expect their revenues to increase over the period of the next twelve months.
This implies that the world is all set to handle disruption to drive experiences and economic growth.
So now the question for most CFOs is, how to streamline the financial growth without getting bogged down by disruption?
The answer lies in data integration.
In current times of uncertainty, global supply chains have got affected the most. It has ravaged these global systems in ways that will have a lasting effect for years to come. And it’s those companies who have adopted, reimagined, and embraced modern data integration techniques that are best equipped to improve the ease of doing business and drive value.
Data integration software has the power to not only lift top-line revenue but also kickstart operational efficiency which will fuel companies’ cost savings and bottom line.
Cut Down Lost Revenue
Companies are losing revenue owing to poor integration and the majority aren’t aware of what they should do about it.
Often organizations are losing revenue because they rely on legacy solutions that are fragile and complex to work with. These solutions tend to create spaghetti-like integrations that turn complex with time. Hence, reimagining the data integration technology is the need of the hour.
With a modern data integration platform in place, organizations can ensure empower their business users to create integrations across partner ecosystems. With these end-to-end integrations, transactions do not get lost between systems, and important business processes, like order-to-cash or procure-to-pay, can be properly automated, orchestrated, and maintained to ensure successful outcomes.
Eliminate Lost Orders
Companies with poor integration capabilities suffer from the problem of lost orders. Lost orders severely impact revenue. But that is just the tip of the iceberg.
For a manufacturer, a lost order means product inventory sitting on the shelf, which can be costly. Furthermore, if goods are perishable, a lost order introduce delays, which directly impact organizations’ margins. The lost orders can also cause larger issues with the ecosystem entities, like customers. The service level agreements (SLAs) may be impacted, causing a major dip in the vendor scorecards and putting future orders at risk.
With the aid of modern data integration software, companies can manage this issue by providing visibility to track and resolve errors, give proactive status updates, and empower customer-facing teams to easily communicate with customers and trading partners in the event of an issue.
Accelerate Trading Partner Onboarding
Partner onboarding makes a direct impact on the company’s revenue. The faster they onboard, the better the experiences will be — and so will the revenue.
Modern data integration solutions enable users to onboard complex, bi-directional data of partners in minutes instead of months. Users can leverage pre-built connectors and shared templates to onboard a new trading partner with efficiency. As a result, companies can easily deliver on the expectations of customers at a faster pace, improving ease of doing business and driving revenue.
As a CFO, you may come across many ways to help your enterprise grow. You can move the budget from R&D or Operations to Marketing & Sales or do a complete overhaul of your technology stack to drive efficiencies. But you can change the game faster by using a modern data integration solution. Not only can it ensure better ROI but also streamline your growth outcomes.