Today’s fickle online shoppers are always on the hunt for the next new thing. To keep up with consumer demand and changing expectations, retailers need to constantly seek out new suppliers and get them up to speed in a hurry, a task that’s often easier said than done. Here’s a look at some of the most common supplier onboarding challenges and how to tackle them.
EDI (electronic data interchange) has been around for decades and remains a cornerstone for effective and standardized communication between all players in the supply chain. But as technology and business ecosystems continue to evolve, some traditional EDI tools have become too restrictive and inflexible to meet business demands during today’s fast-paced and turbulent times. To stay one step ahead, many companies are switching to cloud-based EDI.
What is traditional EDI?
Traditional on-site EDI, which relies on software and hardware, involves the exchange of business data using a standardized format. In today’s modern world, traditional EDI is also used for data governance, security, integration, partner relationships, customer service, and onboarding, as well as for monitoring and improving processes.
What is cloud-based EDI?
As partner and customer data requirements continue to expand, some companies are turning to a more modern and flexible EDI solution based in the cloud. This allows them to be more agile, rapidly adapting to new data challenges as they occur without having to deal with the heavy burden of deploying and managing software and hardware. Instead, they can administer their EDI processes from anywhere in the world through a centralized cloud integration platform.
Why are companies making the switch?
Cloud-based EDI solutions provide a number of benefits, from cost savings to advances in both technology and business processes, equipping companies with the tools they need to tackle the challenges of doing business in 2021 and beyond.
Keeping costs low
EDI requires a significant investment and bringing outdated EDI solutions up to speed can be even more costly. If a company is using their own software and hardware, they need to pay staff or consultants to do maintenance and repairs. Switching to the cloud allows companies to keep their EDI up to date for less.
Even though EDI is highly standardized, different industries can have different EDI requirements, which can cause major problems throughout the supply chain. What’s more, some companies may still be using outdated, self-designed, or one-off EDI solutions that cannot be scaled up as their business expands.
A traditional EDI is often too rigid to perform tasks beyond its original scope, no matter how much money or how many resources a company throws at it. Cloud-based EDI solutions, however, are inherently more elastic and capable of integrating new systems and applications to automate processes as needed over time, allowing companies to quickly adapt to the ever-changing business environment.
Keeping it simple
Whereas traditional EDI can be complex, error-prone, and sluggish when it comes to keeping up with changing demands, cloud-based EDI solutions are remarkably agile and well-positioned to keep pace with today’s constantly evolving business landscape.
Moving to a cloud-based EDI solution
InterTrade’s cloud-based EDI solution is a simple and cost-effective way to manage your data. All you need is a computer and an internet connection to become EDI compliant and improve communication throughout your supply chain. You can start exchanging product information, purchase orders, invoices, and other key data in a secure environment at the click of a button.
Learn how a cloud-based EDI solution can help you harness the power of EDI