B2B Data Integration and Transformation Blog

Electronic Data Interchange (EDI) invoicing transforms how businesses manage their invoicing processes. Although digital innovation is reshaping industries, many businesses still rely on manual invoicing methods. Consider these statistics from the Accounts Payable Metrics That Matter in 2024 report:

Key Takeaways: 

• Improve efficiency with automation: Smart contracts can streamline EDI transactions via automation of previously manual processes.
• Trust and Security: The decentralized nature of blockchain technology makes it virtually tamper-proof which increases trust between participants and reduces the risk of fraud.
• Competitive Advantage: Organizations that integrate smart contracts in EDI transactions enjoy a strategic advantage over their competitors.

Key Takeaways

• Move beyond traditional EDI limitations by integrating EDI into your organization’s workflows. This will allow you to achieve improved operational efficiency and result in cost savings.

The world’s ever-increasing demand for electrification and other power systems mean that the energy sector, already critical, will only become more so in coming years. For seamless operations, the industry has had to prioritize the integration of cutting-edge technologies. Enter Electronic Data Interchange, a transformative solution that will help the energy industry overcome numerous coming hurdles.

In the coming years and decades, the business landscape is likely to see technological advancements improve EDI in the supply chain.