EDI for Small Business
Commport’s Small Business EDI Solutions Will Help You Succeed
The acronym EDI stands for Electronic Data Interchange, which refers to the way that businesses exchange information electronically. These days, most companies use EDI to send invoices, purchase orders, and other documents between each other.
EDI makes it easier for companies to communicate with each other, and it saves money by eliminating paper forms and manual processing and increases efficiency.
Why Do Small Business Need an EDI Solution?
An EDI solution allows businesses to exchange data between themselves using computers instead of paper forms. These solutions are often referred to as “electronic data interchange” (EDI) because they were originally designed to facilitate business transactions. However, these days, EDI solutions are also being used to automate processes within organizations.
Small businesses face many challenges to implement an EDI solution to automate and improve business operational efficiency. Some of the challenges include high costs, limited resources, and a lack of knowledge on how to use EDI. But for those who want to scale and improve their trading partner relationships with big retailers should consider incorporating EDI into their current IT infrastructure.
Also, many large retailers often force small businesses to be EDI compliant to do business with them. Which makes it mandatory for small businesses to start implementing and using EDI to exchange data electronically.
So which type of EDI solutions should be used by small businesses?
There are several different types of EDI solutions available today.
Each type has its own advantages and disadvantages.
Here are some of the most common types of EDI solutions used by small businesses:
- Cloud-Based EDI Solution
With Cloud EDI you only need internet and a computer to start exchanging EDI documents with your trading partners. You don’t have to install any software, require any prior EDI knowledge, or hire any EDI specialists. Also, with Cloud EDI you can easily scale your business by adding new trading partners easily and start exchanging EDI documents from anywhere in the world. Commport Communications offers the most affordable and best Cloud EDI solution with world-class customer support. Get started today!
- EDI Outsourcing or Managed EDI Services
With EDI outsourcing a 3rd party EDI provider like Commport Communications will manage all the EDI aspects for you. You don’t have to install software or invest in a cloud EDI solution, your 3rd party EDI provider will have all the latest technology, infrastructure, and resources to make your business EDI compliant.
Some of the advantages of EDI outsourcing services are,
- Easy to add new trading partners and help scale your business growth. Your 3rd party EDI provider may have existing relationships with all the major retailers and make it easy for you to connect
- You don’t have to invest in an EDI infrastructure and technology and no need to hire any additional resources which saves time and money.
- Your 3rd party provider will always have the latest technology. Which makes your business EDI complaint and EDI ready which your competitors may lack.
- Most EDI outsourcing providers offer you flexible pay as your payment options.
How Can I Implement an EDI Solution?
If you’re looking for ways to implement an EDI solution, there are a few things you need to keep in mind.
First, you will need to determine whether you need an EDI solution or not. You might think that you do, but you might find that you don’t need one.
Second, you will need to decide how much money you want to spend on implementing an EDI solution.
Third, you will need to choose a vendor who offers the right type of EDI solution for your business needs.
9 Reasons Why Small Business Must Have a EDI Solution
Save Time & Money.
One of the biggest reasons why small businesses should consider implementing an EDI solution is because it will save them time and money. A study conducted by the U.S. Small Business Administration found that small businesses spend $1.5 billion annually on paper documents. That means that every year, small businesses waste more than $100 million just to send out invoices, receipts, and other paperwork.
Another reason why small businesses need an EDI solution is so that they can reduce errors. In fact, according to the National Association for Accountancy & Technology (NAAT), there are approximately 1.2 million errors made each day in the United States alone. This translates into nearly $50 billion dollars lost each year due to mistakes. With an EDI solution, small businesses can eliminate these errors and save time.
An EDI solution can help your business become more efficient by reducing errors and increasing productivity. According to NAAT, “EDI solutions provide a means to automate processes, improve accuracy, and streamline workflow.”
Boost Customer Service.
A good customer service system will make your customers feel valued and appreciated. It will also allow them to contact you with any questions or concerns they might have. This will give you the opportunity to resolve issues before they escalate into larger problems.
If you’re looking for ways to save money while improving efficiency, then an EDI solution is perfect for you. An EDI solution allows you to automate processes so that you can spend more time doing things that matter instead of spending time on tasks that aren’t as important.
They're Easy to Implement.
In fact, implementing EDI solutions is easy. You just need to make sure that your company has the right hardware and software installed. Once you do, you'll be able to start using EDI with ease. Also, small businesses can opt-in for cloud-based EDI solutions or EDI outsourcing services for cheaper and affordable options.
They Can Help You Grow.
If you’re interested in growing your company, then you should consider using EDI solutions. These programs allow you to automate tasks, streamline workflows, and make data easier to access.
They Can Help You Scale.
EDI solutions help companies scale by automating repetitive tasks, improving efficiency, and reducing costs. In fact, some studies show that EDI implementations can reduce labor costs by as much as 30%.
They Can Help You Meet Compliance Requirements.
Most major retailers require a business to be EDI compliant to do business with them and implementing an effective EDI solution makes your business EDI complaint and opens up your business opportunities.
Ready to find out more about Commport EDI Solutions?
Drop us a line today for a free quote!