The Electronic Data Interchange (EDI) market is set for significant growth, estimated to reach $49,213.1 million by 2027.
EDI has helped businesses of all sizes, from small to large corporations, grow their operations and increase efficiencies.It has proven to be a useful tool during the challenging 2020 year, where many businesses had to pivot operations to the eCommerce market.
EDI can unlock efficiencies across your supply chain and help you to focus your attention in the right areas. You can create stronger relationships with your suppliers, save time on manual processes, and adjust easily to changing global trends. Here’s how EDI works in different industries.
¿What industries are using EDI?
Manufacturing
Both the manufacturing and automotive industries rely on rapid processing in order to meet global demands. One of the most vital elements for manufacturers around the world is to integrate new suppliers into their current supply chain. This allows them to provide consistently high standards around the world.
On this global scale, it is vital that supplies can exchange documents with ease, and implementing a straightforward EDI solution will mean that both small and large suppliers can continue to meet your industry needs.
Financial Services
The financial services industry requires a great deal of regulation, especially as sensitive data is handled regularly for a range of clients. One of the most popular uses of EDI is to electronically receive and make payments on invoices.
Many businesses aren’t aware of just how costly paper-based services can be. To safely print and store this financial information is an expense that many companies could do without. By eliminating this cost and switching to a secure EDI solution instead, you can cut costs and keep client data more secure.
Manual processing often results in a number of errors. By moving your business to an EDI system instead, you will eliminate the potential for error. Another added benefit is consistency in the formats used. With the variety of file formats and systems around the globe, it can be challenging to create consistent documentation within the financial services industry. EDI makes this process easier, enabling you to implement file format standardisation around the world.
Technology
Organisations within the technology sector are often better positioned to adapt to change. They have a greater understanding of digital processes, but you may find that the supply chain structure in high tech companies is the most complex.
Given the continually changing trends within the technology industry, it is important for businesses to adapt quickly to demand. The right EDI solution can do this, taking into account seasonal fluctuations, new product launches, and global trends. Businesses can ensure that their products are meeting the demands of their customers.
How YFOS EDI Can Help Your Industry?
You can increase efficiency, ensure accurate stock-taking, and build strong relationships with suppliers on a global scale. EDI by YFOS is one of the most effective methods for businesses seeking to grow and increase profitability.
If you have questions about EDI, or you’d like to discuss which EDI services might be right for you, get in touch. Our intelligent process automation experts are available to answer your questions.
