What is electronic data interchange?What it's benefits?
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Answer:
There are many benefits of EDI:
It’s fast – streamlined business processes mean that documents can be exchanged in minutes
It’s accurate – manual data entry errors are eliminated
It’s secure – you receive confirmation that your documents have arrived safely
It cuts costs – of printing, copying, filing, storage and postage, and of repetitive, labour intensive tasks, administration and disputes caused by data entry errors
It happens in real-time – informing and speeding up business decisions and response times
It’s great for business – you’re part of a connected trading community and can build more productive relationships with suppliers and customers alike
It’s great for cash flow – payment schedules are shorter and more reliable
It’s flexible – you can integrate your EDI system with your back office accounts, warehouse or ERP systems for more business efficiencies
It’s liberating! – you’re free to concentrate on high value tasks, like customer service, sales and marketing and product development.
For smaller businesses, EDI is all about speed and efficiency. Replacing, slow, labour-intensive, repetitive, paper-based processes with a fast, accurate electronic system speeds up payments and means that entrepreneurs can redeploy precious resources for more valuable, business-building activities.
Free from the administrative burden, agile firms can focus on what they do best, building long-term relationships with customers, developing new products and services and opening up new markets. EDI is a real game-changer.
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