Perhaps even worse, this slow digital onboarding process translates to a disappointing first impression and ongoing customer experience.
Of course, your current approach to customer data integration also slows the subsequent upsell of those same customers, especially if the upsell requires additional data integration. In other words, it impedes each new business customer’s revenue stream and adds additional delays anytime the customer is upgraded to new service lines that require additional data exchange.
As if that weren’t enough, the pace of your business growth is limited by the fact that, as it stands, the data integration process taxes the resources of not only your IT department, but in many cases, your customers’ IT departments as well. They’re forced to wait to receive the value your company promised, and you’re forced to delay billing, receivables, and revenue recognition. The number of new corporate customers you can sign each year is constrained by available IT integration developer bandwidth, and it takes longer to close new business deals as prospective customers wrap their brains around what has to be implemented to get set up. The complicated and lengthy onboarding process might, in fact, kill some potential deals.
And what’s the single biggest factor slowing the pace of customer digital onboarding? Your current customer data integration process is time-intensive and laborious of scarce IT developer time.