Amid the routine chaos of handling an extensive trading network, monitoring transactions, and communicating through multiple media, electronic data interchange (EDI) solutions emerge as a digital panacea to the ineffectual manual process for enterprises of all scales. As technology-enabled businesses are keen on acquiring the early slice of innovation, electronic data interchange solution providers entail a movement towards converging applications of Blockchain with EDI to integrate security in core business processes.
With high expenditures on R&D activities, future-pervasive technologies – Internet of Things (IoT), Artificial Intelligence, and Machine Learning – are likely to offer new tangents to the existing course of EDI. As the ‘need for automation’ becomes the need of the hour for businesses, digital business models will become more pervasive and demand EDI solutions to facilitate paperless communication in the future.
Sensing the incremental growth opportunity for the electronic data interchange solutions market, Transparency Market Research (TMR), in its latest study, brings actionable intelligence to the fore, so as to equip decision-makers with reliable insights and aid them in making their next successful business moves.
Large Enterprises – A Key Segment to Focus on
With the perpetual rise in the online shopping behavior of consumers, logistics service providers are making headway towards next-day or same-day delivery of products to hold on to a distinguished position in their domain. However, numerous shipments and distribution points add up to the complexity level, which steers the shift towards effective communication solutions such as EDI.
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The retail industry bears a majority of brunt of demanding consumers, which incites their quest for EDI solutions to reduce operational costs and drive a high grade of process efficiency. However, the automotive industry has also been an early adopter of EDI solutions for achieving uninterrupted exchange of business documents across various levels, ranging from car manufacturers to suppliers and end users. Owing to the global nature of the automotive landscape, the penetration of EDI tools is high in large as well as mid- and small-sized enterprises.
Large enterprises remain at the forefront of the adoption of electronic data interchange solutions, as they capitalize on opportunities to enhance the efficiency of their business processes and reduce overhead costs. However, mid- and small-sized enterprises are gradually showing a risk appetite to exhibit an endurance to wait for a long payback period for their high investments.
Though the EDI solutions market stands at a mature stage, a shift away from paper is still an uphill climb for numerous companies. Additionally, the initial deployment cost makes these solutions unattractive for adoption, and lack of competent staff further demands a training budget, which sums up to a high initial cost.