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We’ve written a major research report into the true cost of payment inefficiencies, using independent data sourced from over 260 UK business leaders. We explore themes around operational efficiencies, collaboration and ultimately the impact on customer experience.
The findings are stark:
• Businesses are spending up to £2.1million per annum on the hard costs payments, but 62% of participants agree that the hidden cost of payment inefficiencies will at least double this number
• Customer experience is the biggest victim of these inefficiencies (38%), followed by interdepartmental coordination, competitor differentiation, brand reputation, business agility and team morale.
• Consensus shows that eliminating hidden inefficiencies can deliver on average a business performance improvement of 14%