The benefits associated with the use of EDI, such as cost reductions and reduced time of transactions, have improved the healthcare market. In a recent report on Healthcare Informatics, the EDI healthcare market is expected to grow at a CAGR of 13.7 percent from 2013 to 2018. And the total value of the EDI market, inclusive of healthcare, is expected to be $1.68 billion by 2018.
So why are there still companies "holding" out on investing in their EDI and integration technology?
When companies have a budget, they tend to do a variety of other objectives before investing in their EDI and integration programs, such as:
- pay down debt
- strengthen balance sheets
- hold cash...recently at record levels
- buy back stock
- stop investments due to market, regulation, or ROI uncertainties
Having heard the points above, recent studies and reports, and our very own experience with clients citing the ROI in EDI, we believe investing in EDI is a worthy cause. Most industries have experienced massive productivity enhancements since the 1990s due to Information Technology solutions, and it has been reported the same enhancements were realized during the recent Great Recession.
This is not an incredibly original idea I realize, but a good question to pose when your company holds a lot of cash, your integration project projects a great ROI, and your project is denied because “it is not in the budget”.
