What are the benefits of EDI?Įlectronic Data Interchange software and services hold many benefits for those organizations that get it right. EDI technology also allows for secure file sharing – including Managed File Transfer – that can help departments such as engineering to exchange large CAD or Product Lifecycle Management (PLM) files. In addition, EDI goes beyond the exchange of structured data to allow organizations to benefit from EDI transactions across their supply chain. And, it’s within EDI payments and EDI invoicing that the technology developed to include EDI shipping documents for instance, and help give insight into global shipping transactions, warehouses and distribution centers. For example, EDI payments and EDI invoices, rather than the paper variety, allow companies to process order information faster and more accurately.
One of the reasons for the continued prominence of EDI technology is its ability to span business documents from several key business processes.
In the healthcare industry alone, the most recent estimates suggest the EDI market will be worth $5.9 billion by 2025 – an annual growth rate of 9.4%. Since its widespread adoption in business in the 1980s, EDI has become a core part of the IT infrastructure for businesses across a wide range of industry sectors. In addition, the best EDI software and services can integrate into back-end systems such as ERP and accounting platforms to enable the end-to-end processing of key business documents. EDI transactions are processed much faster and with less human intervention. By moving from a paper-based exchange of business documents to EDI documents, businesses enjoy major benefits such as reduced cost, increased processing speed, reduced errors and improved relationships with business partners. So what is EDI? The most accurate EDI definition is the computer-to-computer exchange of business documents in a standard EDI document format between business partners. EDI documents deliver a formal structure for the delivery of information to allow the data to be exchanged effectively. Put simply, EDI systems automate and simplify the process of exchanging key business documents – such as invoices, purchase orders and shipping notices – principally with partners, suppliers and customers. In fact, it can be traced all the way back to the Berlin Airlift in 1948. As a concept, EDI (Electronic Data Interchange) isn’t a new one.
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