As you know, Time to Revenue is the period of time from the signing of a contract until the business arrangement starts to produce revenue. Depending on the complexity of the contract, it could be days, weeks, months or longer.
When we talk about Integration between external suppliers and both our internal and external customers, months and quarters are simply too long.
Consider that your salesman just landed that new big account, but it requires electronic data exchange. With a single integration platform handling all EDI transactions, your customer’s purchase orders will flow into your system in days. What this means is that your company is producing revenue from the new customer in a matter of days. Any CFO would be delighted with this news.
Now, let’s take this example a little further. We are receiving POs just days after signing the contract, but we only recognize the value AFTER we can ship and invoice the customer. Again, your integration platform comes to the rescue by creating data flows that identify when shipments and invoices are created in your back-end system and convert them into a format that the customer can already accept.
In this example, we did not burden or disrupt the way your customer does business. What really happened is that you just made it easier for companies to do more business with YOU.
If you can quickly onboard new customers, you not only recognize revenue, but your company will gain a reputation of being easy to do business with and you will help to build very strong customer loyalty. It may even be the competitive advantage that allows you to become your customer’s Vendor of Choice.
Integration is a competitive advantage that positions your company to say “Yes” to your customers and partners. When you can confidently say “Yes” to data integration requests, you are positioned to grow your revenue streams deeper and wider.
Watch the Integration Power$ Business 3-part mini-series at: www.extol.com/bethehero