4 Ways EDI Saves You Money
Your partner relationships are part of a wider supply chain, and that chain needs to run efficiently in order for you to maximize your profits. Thankfully, electronic data interchange is a simple way to bring your supply chain to the new millennium. By promoting faster, accurate data exchanges, EDI software can help your enterprise save time and money, while maintaining strong relationships with your trading partners and providing superior services to your customers.
Cutting Paper Expenses
If you're still using paper forms to process transactions between partners, you're probably spending a great deal of money printing, processing, copying, transmitting and storing these forms. EDI reduces many of the expenses that are associated with paper forms, allowing seamless transactions with lower overhead costs. This also helps to promote sustainability, a bonus for your company's brand.
Inaccurate orders can ruin entire shipments of products. Illegible faxes and other paper forms can make it hard to understand an order, and if the information is wrong it can damage your brand and lose you some customers. It can even lead to returns, which no one wants to deal with. Implementing EDI transactions reduces human error, so you won't lose time or business due to any mistaken orders.
"EDI transactions reduce human error, so you won't lose time or business over mistaken orders."
Entering New Markets
Growing businesses are always seeking out new opportunities for profit and developing new product ideas to meet them. Using the many EDI standards for B2B data interchange, it's easier than ever to onboard new vendors and enter new markets. Connecting with new partners are entering different regions traditionally take significant investments, but EDI standardization helps to reduce these hurdles.
Speeding Up Order Processing
Orders that can take hours or even days to complete manually can be processed in minutes by EDI software. This can make your team more agile and help you get products to market faster. The real-time information also allows you to react quicker to changes in your industry and new developments in your supply chain. This can be a game-changer for companies that still rely on archaic spreadsheets and paper formats.
Saving Employee Time
Your team has better things to do than fill out the same forms again and again. EDI can automate many of these tasks, saving workers time so they can focus on matters that need their direct attention, like serving customers and developing new products. As the saying goes, time is money, and EDI lets you and your team spend time and money more effectively.