Data management costs hamper business growth

Accelerate Time to Revenue January 2022 - Find out how companies are leveraging automation to increase working capital and reduce credit risk

Launching new products and services is essential to staying competitive, but it’s not always easy. Nearly half of U.S. and Canadian companies say data management costs and compliance hurdles prevent them from bringing digital innovations to market. These challenges not only extend the time it takes to market products and services, but also the time it takes to record sales of those products.Accelerate Time to Revenue January 2022 - Find out how companies are leveraging automation to increase working capital and reduce credit risk

Accelerate Time to Revenue: Leverage Third-Party Platforms, a PYMNTS and MasterCard collaboration, details how companies in the United States and Canada are leveraging third-party providers to accelerate their digital payments innovation strategies. We surveyed 409 business leaders in Canada and the United States to learn about the barriers they face to implement innovations that can help them gain and maintain competitive advantage and the role they play. ‘they believe that third-party vendors should play in their current and future innovation. strategies.

Key findings from our research include:

Accelerate Time to Revenue January 2022 - Find out how companies are leveraging automation to increase working capital and reduce credit riskAmerican and Canadian companies expect their technology investments to pay off by improving multiple aspects of their business, not just their payment operations. Forty percent of companies think digital innovation can improve customer satisfaction, for example, and 32% think it can improve supplier satisfaction.

Nearly 80% of companies use blockchain, artificial intelligence (AI) systems, dynamic terms, or vendor portals obtained from external vendors. Many more are considering doing so, with 86% intending to obtain one of these technologies from external vendors within the next five years.

Seventy-nine percent of companies use third-party platforms to optimize their working capital. Large companies that do so mostly report benefiting from increased transparency, while medium-sized companies report benefiting more from increased automation and reduced credit risk.

Accelerate Time to Revenue January 2022 - Find out how companies are leveraging automation to increase working capital and reduce credit riskThese are just a few of the ways U.S. and Canadian companies believe that outsourcing technology innovation to third-party vendors can help bring new products to market faster and improve their bottom line. Accelerating the Time to Realized Revenue: Tapping Third-Party Platforms provides a first-hand account of how US and Canadian companies are using third-party vendors to support their innovation strategies.

To learn more about the full range of ways outsourcing can help U.S. and Canadian companies achieve their innovation agendas, To download the playbook.

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