Electronic data interchange (EDI) has been an essential part of B2B communications for years, steadily increasing efficiency every day. EDI software and management systems have allowed businesses to improve supply chain efficiency worldwide, from multi-billion-dollar corporations to small businesses just dipping their toes into computerized transactions. It’s no doubt that EDI technology will only continue to expand in 2023, so keep an eye out for these five EDI trends as your business prepares for the new year.
Small Businesses Take On EDI
Small- and mid-sized businesses are looking at EDI to transform their B2B transactions as the technology becomes cheaper and more inclusive to all businesses. Although some larger companies are moving to in-house EDI systems, third-party EDI services remain the most affordable option for small businesses to enter the EDI realm. EDI software provides access solutions that previously only large corporations could afford at a small percentage of the original price.
Some professionals say that APIs are replacing EDI, while others say that’s simply not true: APIs are working with EDI to improve supply chain productivity. Both technologies are involved in data transfer and can work together to streamline B2B communications even as the industry rapidly shifts.
Increased IT Demand
EDI technology is wholly ingrained in business worldwide, with the global EDI market in healthcare alone projected to be worth over $9 billion by 2030. This means an increasingly high demand for software engineers that are familiar with EDI. However, these professionals are becoming rare, making it more difficult for businesses to do EDI operations in-house. As demand skyrockets, enterprises are turning to EDI service providers to achieve their daily B2B transactions.
When it comes to EDI trends, this is one to really keep an eye on. PEPPOL is an international network originally developed as an EU standard, meaning the majority of businesses registered with the network are European. However, others in countries such as the United States, Canada, and New Zealand are starting to implement the PEPPOL standard. Businesses that work together under this standard find their operations to be easier and cheaper.
EDI Continues to Grow
Although EDI technology has been around since the 1960s, it continues to evolve and transform every year with new EDI trends emerging on a regular basis. New developments in EDI have allowed international businesses to work and communicate with each other, expanding the world market and supply chains. Enhanced data provides the opportunity for companies to predict demand and adjust production accordingly. EDI technology and services will only grow in 2023 and the coming years, revealing even more efficient solutions in the business world.
The growth of EDI means that your business needs to keep up with the rapidly changing business environment. Make sure your business transactions are as efficient as they can be with eVantage Direct. We commit to assisting our clients, DSD distributors, manufacturers, and corporate warehouse facilities to ensure their goods reach consumers as rapidly and efficiently as possible. Check out our services to keep your business on top of EDI technology.