EDI, or electronic data interchange, may not seem like the hotbed for innovation these days, but for brands and trading partners alike, there are a number of trends and advancements worth keeping an eye on as we head into 2024.
Cloud-based EDI solutions continue to gain ground, offering greater flexibility, scalability and accessibility. This trend will allow businesses to streamline operations and reduce infrastructure costs while improving supplier-trading partner collaboration.
EDI systems are increasingly relying on APIs to drive data exchange between client suppliers and trading partners as well as for integrations. API-powered integrations facilitate real-time data exchange, improving the speed, efficiency and accuracy of EDI transactions. This also allows EDI systems to talk to other systems up and down the supply chain – from ERPs and WMSs to accounting systems.
Blockchain for Enhanced Security
A small but growing group of suppliers and trading partners have begun exploring the use of blockchain technology to enhance the security and integrity of EDI transactions. At a high and very broad level, blockchain technology provides a decentralized and tamper-resistant ledger, ensuring the authenticity of transactions. That sort of application to a transaction-heavy workflow like EDI makes sense.
Advanced Analytics and Reporting
EDI systems are evolving to provide more advanced analytics and reporting capabilities, giving brands deeper insights into their supply chains and operational performance. And while more analytics and more reporting are generally good things, the EDI platforms that will deliver the most value to brands and suppliers are the ones with the expertise to answer the question, “So what?”
EDI doesn’t just happen from a desk these days, just like it doesn’t happen much from a fax machine. EDI platforms are ramping up their mobile accessibility, making it easier for users to manage and monitor EDI transactions from anywhere, anytime.
Compliance with Industry Standards
As technology continues to have an impact on EDI, compliance will matter even more to ensure that suppliers and trading partners are meeting industry standards and regulations. Integrations and automations are great, but that doesn’t mean us humans can set EDI on autopilot. Partnering with an EDI provider that values compliance can be a game changer.
Innovations in EDI can unlock revenue, improve data accuracy, cut costs and more. Talk to your EDI provider to find out what’s cooking. If the answer’s “nothing,” call us.