A recent report from MGI research states nearly half of the companies experience some form of revenue leakage, leaving them unable to generate as much revenue as possible.
Given how pervasive revenue leakage is, there’s a good chance that your company is, unfortunately, witnessing its impact to some extent.
To help you identify, prevent, and address revenue leakage, we’ll review what it is, the potential reasons for it, and how a self-service data integration solution can help you stop it.
What Is Revenue Leakage?
Revenue leakage is loss of potential revenue, and it can happen for a variety of reasons:
- Failure to make data connections on time
When companies rely on modern data integration solutions, they take weeks or months of calendar time to implement data connections. That delay is usually caused by the need for custom codes and complex EDI mappings to be created. When that happens, it becomes difficult for companies to connect with customers in a timely manner and deliver on their needs and requirements.
- Loss of business customers
One of the major reasons for revenue leakage is customer churn. Every time a business loses a customer, revenue goes down. When a traditional data integration solution is used, customers wait to connect with business users and have their needs met. That creates frustration in customers, making it difficult for companies to retain them. Also, these unhappy customers refrain from buying more products or services from the company, causing revenue leakage.
- Burdening the expensive IT teams
When IT teams are stuck performing digital onboarding and data integration, their involvement in higher-priority tasks is reduced. In other words, IT teams struggle to focus on more high-value tasks. As a result, companies need to hire additional staff, which increases business costs and hurts revenue generation.
Leverage Self-service Data Integration to Prevent Revenue Leakage
Companies can resolve the issues mentioned above using a self-service data integration solution.
Self-service data integration solutions enable the non-technical staff (non-techie business users) to create data connections with customers while freeing IT to drive other strategic business priorities.
Business users can leverage high-end features, including application connectors, intuitive screens, templates, AI-data mapping, etc., to build connections. Because automation is used, the process of building connections accelerates. That helps business workers connect with customers sooner. Ultimately, they can identify their needs and requirements and deliver on them.
Customers become happy and satisfied. As a result, the chances of losing a customer are low. Further, such customers are more likely to invest in products or services offered by the company.
What’s more, because business users manage operations and IT teams become free to focus on more high-value tasks, there isn’t any need to hire additional experts. This removes the burden on IT experts and saves the company from additional expenses.
In short, by solving the potential issues, companies can quickly deliver the value promised to customers and grow revenue.