Introduction to EDI in Finance In this new era of digitalization, the growth of international trade has created opportunities for trade between buyers and suppliers across the globe, resulting in the globalization of the financial supply chain. It involves many different processes to exchange information such as differences in currencies, accounting regulations, and other financial […]
What is Dropshipping? Dropshipping or DTC (Direct to consumer) is a fulfillment method where a retailer sells the product to its consumers via its online e-commerce store but does not keep the products in stock. Instead, the retailer sends the order information to its supplier and asks them to fulfill the order for its customer […]
What is 3PL? A 3PL provider is a third-party logistics company serving as links in outsourced distribution and fulfillment stages of the supply chain. 3PL companies provide full-scale logistics services such as transportation, warehousing, customs clearance, and other logistics-related activities. Basically, 3PL helps outsource a part of or a full logistics operation to a logistics […]
Introduction UN/EDIFACT (United Nations/Electronic Data Interchange for Administration, Commerce, and Transport is the international standard that was developed by the United Nations). Comprise a set of internationally agreed standards, directories, and guidelines for the electronic interchange of structured data, between independent computerized information systems. The work of maintenance and further development of this standard is […]
Define EDI Translation EDI translation means converting data from enterprise-specific and irregular formats into standardized and organized structures that are compliant with EDI standards. It is commonly used in business-to-business transactions to exchange documents such as purchase orders, invoices, and shipping notices. The process involves mapping data elements from one format to another, ensuring that […]