In a multiple regression analysis, a financial analyst is investigating the relationship between a company's revenue (dependent variable) and several independent variables: advertising expenditure, research and development (R&D) expenses, and sales staff expenses. After conducting the regression, the analyst discovers high variance inflation factors (VIFs) for advertising expenditure and R&D expenses, indicating possible multicollinearity.

Which of the following statements best describes the impact of multicollinearity in this context?