Systems Integration and Electronic Data Interchange (EDI) What is EDI: Electronic Data Interchange? EDI is a process of exchanging business data between companies electronically. It eliminates the need for paper-based methods like faxing or emailing purchase orders, invoices, and other documents. Instead, EDI allows companies to communicate with each other directly through an electronic network….
In the realm of today’s sophisticated technological climate, Electronic Data Interchange (EDI), provides transformative solutions to solve complex business-to-business (B2B) exchanges. EDI acts as the digital language used for businesses to communicate and exchange documents such as invoices, purchase orders, shipping notices and many more. It’s crucial role has reshaped business operations, accelerating the speed of transactions, reducing the occurrence for errors and driving efficiency.
EDI operates by transmitting electronic business messages between computer systems of two trading partners. The different types of EDI include direct EDI, EDI via VANs, web EDI and EDI outsourcing. There are a multitude of merits when it comes to incorporating EDI in your business operations; from real-time visibility into transactions, to lowering operational costs by reducing manual data entry to enhancing relationships with business partners by providing reliable exchanges.
The statistics speak volumes when it comes to EDI’s validity. According to a study conducted by Forrester, the average cost of processing a paper-based order can be up to $70, but with EDI, it can be as low as $1. Staggering, right? A survey conducted by GS1 UK showcased that businesses, irrespective of their scale, saved approximately £1m each year merely by adopting EDI.
The shift towards digitalisation has always been in the pipeline but the recent world events fast-forwarded the prominence of digital platforms like EDI. Presently, as per the EDI Market Research Report, the global Electronic Data Interchange (EDI) market size will increase to 3160 million US$ by 2025, growing at a CAGR of 5.1% during the forecast period.
If you’re endeavouring to streamline your business operations, making EDI an integral part of your infrastructure can prove to be a sound long-term investment. The key is to align yourself with an experienced, savvy and innovative software, app and web development solution provider who can tailor an unparalleled bespoke EDI system which advances your unique enterprise vision.
Sink deeper into the prolific world of EDI with our dedicated EDI blog section and explore a myriad of related topics that fine-tune your understanding and appreciation for this remarkable technology. Our main blog area offers an expansive array of subjects that empower businesses in the contemporary digital landscape. Our team at Bradford Apps anxiously awaits the opportunity to facilitate your business progression. If you want to discuss anything or have any queries, please feel free to contact us.