89 percent of manufacturing businesses struggling with integration issues
A new report from Cleo reveals that B2B integration is a major problem, with 99 percent of manufacturers reporting issues in the last 18 months and 89 percent still struggling with them.
What's more this is costing money, with 42 percent losing over $500,000 in 2020 and 18 percent losing more than $1 million in revenue last year.
"Challenges with onboarding new partners, insufficient business process visibility, and revenue losses due to poor integration technology are all hampering manufacturing companies today," says Tushar Patel, chief marketing officer with Cleo. "Our latest survey of more than 200 C-level and integration experts shows that B2B integration is broken across the manufacturing supply chain, prompting companies to reevaluate their digital transformation strategy and adopt a more modern integration approach as they adjust to today's volatile market conditions."
Manufacturing leaders see clear benefits from an ecosystem integration approach, these include: faster order processing (56 percent), happier customers (51 percent), greater process automation (46 percent), cost savings (45 percent), and eCommerce enablement (40 percent).
Cleo is hosting a free, virtual conference featuring industry experts discussing the modern integration challenges businesses have overcome. It will be on Thursday, July 15, 2021, from 11:00 am to 4:00 pm US Central Time. You can view the agenda and register here.
There's an infographic overview of the study findings below.