Electronic Data Interchange (EDI) is a business technology that helps your company exchange data with trading partners quickly, efficiently, and securely. It automates and integrates B2B transactions into standard formats that help your business operate more productively.
Businesses are moving towards adopting digital solutions for its capability to improve speed and security, and to integrate with other digital business technology that uses EDI. Without EDI capabilities, your business has limited potential to manage your supply chain digitally—a direction your competitors are leveraging to add gain competitive advantages.
Before selecting the right solution, 3 factors are needed to be considered seriously:
Supports Trading Partners
Consider how many trading partners with whom you’ll need to exchange EDI, the types of transactions required, and the frequency. These will drive the mapping, translation, and communications requirements best for your business.
Integration with Back-Office Systems
To ultimately realize the full benefits of EDI, integration with your business systems is critical. Ensure the EDI you choose can receive and share information with these systems.
Resources and Commitment
Depending on the team, resources, and time available to deploy and manage EDI, you may consider a range of options including web-based, managed services, installed software, or cloud-based. Cloud tends to be the best option for companies looking for flexibility and
control without the IT overhead.
Innovations in data exchange solutions operating in the digital economy can help organizations embrace constant change through better monitoring of data drift, including use of machine learning and artificial intelligence to detect and predict changes so that they can be ahead of failures.
Order Processing Without EDI
Order Processing With EDI
Cost Savings:
•Automating the flow in information
•Reducing human manual work
•Savings on overhead, printing and paper, data entry errors, inventory, penalties and chargebacks
Partner Collaboration:
•Data sent via EDI is never “touched”, greatly reducing the likelihood of errors
•Promotes stronger relationships with trading partners
•Valuable partner info is visible faster and easier
Improved efficiency:
•Sending information via EDI takes seconds or minutes
•Partners can act on the data immediately, with less manual work and greater efficiency
Greater Security:
Information exchange becomes more secure using encryption and security protocols
“ I used to spend a ton of time trying to find the data to dispute chargebacks, but now it’s so easy to locate the data and extract the right information. "
Lori Julius, Vendor Compliance Manager | Lifetime Brands
With this system in place, you'll reap significant benefit in your business. Epicor EDI has focused on solving EDI business challenges while empowering our customers to be more productive, efficient, accurate and confident in their EDI solution. Over the years, we have supported leading companies in multiple industries to identify, analyze and implement the Epicor EDI solution best tailored to meet their unique needs, resulting in a significant impact on service levels and bottom-line performances. This experience positions us well to guide your decision-making process and ensure you find the best EDI solution for your needs. Want to know more about Epicor EDI?
Contact Finsoft for more information and let us be your trusted digital transformation partner!