As businesses have struggled over the past year to adjust to the COVID-19 pandemic, they’ve also discovered something: poor integration is causing more lost orders than anyone could have imagined.
The thing about losing orders is that it doesn’t just equal a certain amount of lost revenue, but can also lead to a whole variety of additional issues.
For manufacturers, losing orders means you could be sitting on inventory, which would be costly (whether to the warehouse or a store). And if the manufacturer is sitting on perishable goods, lost orders can also lead to an expiration of products, which has a two-fold negative impact.
How many companies do you think lost orders in 2020? Take a deep breath because the percentage is going to shock you….
According to Cleo’s 2021 State of Ecosystem & Application Integration Report, that number is 88 percent.
As 88 percent of companies lost orders in 2020, over half of the respondents (51%) said they lost more orders in 2020 than in 2019.
Now, back to those manufacturers.
Manufacturing companies that are losing orders (perishable or not) are not only losing revenue, but they are also losing assets from their balance sheet. In 2021, companies simply cannot allow something like losing an order to set off a chain reaction that leads to losing business from current as well as potential customers.
If you are one of those enterprises that lost more orders in 2020 than you did in 2019, odds are your approach to B2B integration is broken.
How do you expect to drive revenue in 2021, recover from lost orders, and meet all of your customers’ needs when you are still relying on legacy technologies that simply do not offer you the same amount of flexibility, agility, and scalability that a modern integration platform does?
COVID’s impact on business has changed the way companies gets things done, as many shifted towards a remote workforce model. But while COVID might have led to more lost orders in 2020 than in years prior, companies can evolve and pivot by embracing modern integration technology to ensure that doesn’t happen again in 2021.
Losing orders is going to lead to losing revenue – and that is something that no CFO wants to experience. So, don’t let it be you – modernize your integration technology today and turn 2021 into a successful year, COVID or not.