Best EDI Transactions for Every Partner

Best EDI Transactions for Every Partner

The era of digitization has seen a tremendous change in almost all the business platforms and especially in supply chain. The shift from heavy paper documentation to the paper-less work is one of the major reasons to accelerate the rate of transaction growth between various business partners and partner systems.

The emergence of Electronic Data Exchange (EDI), has been eased up the exchange and a communication of data between various stakeholders.

With the use of codes and transaction sets, organizations are now having various options to deal with the partners and stay ahead in the competition. The security and diligence by which the data is shared are unmatched. With no leakages, one can ensure that the business is not hampered at any point of time.

In this article, we would like to shed some light on different transactions and transaction sets that are implemented frequently to achieve the desired EDI goals. In short, there is a different EDI transaction defined for every business partner.

EDI Transactions

When there is an opportunity to expand and reach far, the business never ceases to grow. Every new relationship in a business is seen as a chance to generate profit and earn better satisfaction.

With a large number of the transaction sets covering all the stakeholders, industries, and business types, EDI is in fact offering the same business dynamics. Based on the standard framework to decide how each of the messages should operate, EDI has also achieved sophistication in business dealings.

The following are the various types of EDI transactions for trading partners, that are best and fruitful to be adopted by the enterprises, small or large organizations.

Order Series

When the transactions are related to both order and payment, this particular transaction set is beneficial for both distributor and the supplier. It helps to generate the notifications of order management, tracking, creation of the bills, item maintenance, and inquiry by the buyer, agreement drafting, etc.

With the predefined set of codes, this transaction is quite crucial when it comes to the perspective of expansion and daily business running. Some of the prime codes used here are:

  • 180 Return Merchandise Authorization and Notification
  • 810 Invoice
  • 816 Organizational Relationships
  • 832 Price/Sales Catalog
  • 846 Inventory Inquiry/Advice
  • 850 Purchase Order
  • 857 Shipment and Billing Notice

Transportation Series

To reach the world faster, a well-established channel of communication and transportation is a must. This particular set of quotes is used by the logistics and transportation partners when the transportation takes place via air, sea, rail, or road.

With the information about the logistics channel and the status of booking, theses codes intimate the trading partners about the exact situation of the package, booking status, general condition, and other related services. Some of the codes here are:

  • 104 Air Shipment Information
  • 106 Motor Carrier Rate Proposal
  • 110 Air Freight Details and Invoice
  • 214 Transportation Carrier Shipment Status Message
  • 240 Motor Carrier Package Status
  • 250 Purchase Order Shipment Management Document
  • 920 Loss or Damage Claim – General Commodities
  • 109 Vessel Content Details
  • 301 Confirmation
  • 313 Shipment Status Inquiry (Ocean)
  • 161 Train Sheet
  • 422 Shipper’s Car Order
  • 466 Rate Request

Financial Series

The invoicing, account maintenance, billing, payable and receivables maintenance, and extracting the sales report, is crucial for the sales and revenue department in any business. These sets of codes assist to achieve a clear analysis of the financial position of the enterprises. Some of the common codes here are:

  • 248 Account Assignment/Inquiry and Service/Status
  • 810 Invoice
  • 811 Consolidated Service Invoice/Statement
  • 812 Credit/Debit Adjustment
  • 818 Commission of Sales Report
  • 819 Operating Expense Statement
  • 822 Account Analysis
  • 827 Financial Return Notice
  • 828 Debit Authorization
  • 829 Payment Cancellation Request

Warehousing Series (WAR)

A bulk of the stock is always stored in the warehouses and is extracted when required. The need to keep pace with the stock available to know the ordering status and future requirements is a must for the smooth business progress. The codes that are used here by the business units are basically related to warehousing team:

  • 883 Market Development Fund Allocation
  • 884 Market Development Fund Settlement
  • 886 Customer Call Reporting
  • 891 Deduction Research Report
  • 940 Warehouse Shipping Order
  • 945 Warehouse Shipping Advice
  • 990 Response to a Load Tender

In addition to theses series, there are various series for other stakeholders like government, quality, mortgage, and many more, that are used by the business for their swift operations.

Conclusion

The growing business and the never ending need for advanced as well as best method of documentation and communication is always a challenger factor. CloudGen’s SmartEDI has emerged as a powerful tool to serve all the purposes at one place with assured success rate.

Our product standardizes the communication process and enables seamless exchange of information, keeping pace with the fast-changing world. The ease of documentation and archival is now on fingertips with SmartEDI.

Significant challenges (1)

What is Enterprise DevOps?

Modern enterprises deliver business services using Information Technology. They have to satisfy the customers to stay profitable and competitive. But the IT services, software, and systems also require maintenance and upgrades. Earlier, the companies would separate software development from IT operations. But contemporary needs led to the creation of DevOps philosophy, tools, and practices.

DevOps brings a company’s build and services teams together. In large enterprises, there will be thousands of employees and multiple IT groups. The Enterprise DevOps culture can put them on the same page to ensure business continuity. The products, best practices, and approaches get enlarged or scaled up to eliminate blind spots and deliver results within a time frame.

Significant challenges

A multi-national or retail giant enterprise deals with billions of dollars and huge daily inventories. Such an enterprise relies on agile techniques, end-to-end automation, and team collaboration. But there is a constant tussle between product and services groups. Yes, they use tools like Puppet, SaltStack, Chef, and Ansible to manage modules, configurations, and servers. 

The fast releases, insightful feedback, and continuous delivery and testing are helpful. But, introducing new features with a high level of service standards is very challenging.

  • Incident Control

New releases have to get carefully controlled to prevent problems and incidents. A modular process with a single channel can be helpful to manage every minute change. ITSM solutions like BMC remedy are useful for network services and application support teams. But the continuous deployment group may not be very happy.

  • Approval Process

On-demand development with self-service deployments is enticing. But in large companies, the application teams have to go through advisory boards, approval, and governance gates.

  • Lack of Automation

Heavy-duty software works in tandem with massive environments to ensure service reliability. Yes, the cloud infrastructure holds a lot of promise. But planning, preparing, and approving a new environment is a complex process.

  • Orchestration

Large enterprises have to release new builds into multiple departments simultaneously. But such large-scale deployment requires orchestrating multiple, disparate teams to ensure efficiency. Also, robust policies and transparent standards are essential to enforcing full compliance along the existing or new chain of command.

Viable Solutions

Enterprise DevOps will succeed if there are standardization and automation of collaborative approaches. The work culture also has to get transformed through friendly, informal practices. Infusing AI technologies into both service and process management is also a viable strategy.

Data analytics and efficient communications are also necessary to achieve digital transformation. They assist in overcoming the organizational challenges through innovation and predictability:

1. Strategic Shifts

In traditional DevOps, the application development teams use tools like Puppet and Chef. They achieve exemplary configuration and deliver before the deadline. Besides, they raise the bar of automated builds by addressing the IT team requirements. The co-ordination activities, however, get handled with proficiency and promptness by the release managers.

Gradually, a systematic thinking practice emerges to reduce adverse effects. There will be a higher level of understanding of resilient product deployment and business continuity. Superior standardization in the automation of tools and approaches also comes forth. The disconnect due to individual pipelines and subjective DevOps interpretations gets further reduced.

2. Change Management

The business priorities, consumer market tastes, and technologies keep changing. If a business wishes to scale up to the level of Enterprise DevOps, change has to get efficiently managed. The requests, build, and release processes have to be transparent. They have to comply with the policy and adhere to all inter-departmental formalities. The old and new requirements have to get bridged dynamically.

The change also has to factor in innovative capabilities such as integrated tools, hybrid environments, and cloud infrastructure. Unlike DevOps, enterprise-level scaling maintains the developer and operation team interfaces. It just minimizes process-heavy interactions to speed up software delivery and release.

3. Risk Reduction

The Enterprise DevOps approach reduces various risks associated with large-scale releases. The teams adhere to common standards and make deadline predictions very accurate. The operations teams get entrusted with sophisticated tools to set-up complex environments and automation for everyone’s benefit. 

They can supply a standard set of virtual machines (VMs) for the build. Also, the central IT team writes baseline scripts in Puppet and Chef. The application developers rely on them to speed-up software development for a specific server environment. They also ensure continuity to testing and staging while operation groups take the automation forward to the production environment. Thus, boundaries get crossed without compromising the overall control.  

Promise and Challenges

Cyber Monday: Promise and Challenges

Cyber Monday encourages Thanksgiving holiday shopping on the internet and even the recent reports stated that this big day has surpassed the sales of Black Friday and retail giant Amazon’s 2-day special sales events in the last few years. The shoppers bought US$7.9 and US$9.4 billion worth of products in 2018 and 2019, respectively. 

But did all the web stores profit and had a booming sales day? No! Many of them faced the following challenges:

  • Online searches failed to satisfy close to 40% of the customers.
  • Technical glitches prevented 13.4% of consumers from placing an order.
  • More than 38% did not receive their orders on time.
  • And 48% of buyers were not satisfied with the fulfillment options.

But these challenges should not deter the upcoming retail web stores. They can still carve out a niche by understanding these contemporary promises and challenges:

Online Presence

Even large businesses with a big market presence failed to capitalize on Cyber Monday. The lack of online visibility hindered them. These companies had multiple physical stores in various locations. But they did not have a proper and functioning web store or E-commerce site.

Even small companies did not rise to the occasion. They lacked the resolve to start a competent digital marketplace. Yes, some businesses tried to set up a makeshift retail store for online shoppers. But they lacked scalability options to handle the peak hour sales volumes.

Thankfully, there are viable, low-cost solutions to tackle these obstacles:

  • Start a full-fledged retail store with product catalogs and shopping carts. 
  • Facilitate easy payments, convenient browsing, and user-friendly features. Also, personalization, customization, and cloud-based storage and processing can help the business to flourish.
  • Modern, tech-savvy customers seek an efficient website to do their shopping. The store has to provide product data and descriptions. 
  • Product information management (PIM) software can enhance content discovery, item searches, order placements, and post-sale chats.

Impactful Marketing

You can create a website with sophisticated SaaS and EDI technologies. You can also deliver superior services and fast delivery times. But these investments do not bear fruit unless the store creates a buzz on the internet. And it would help if you had effective digital marketing and sales strategies to succeed:

  • Upgrade and fine-tune the store for a superior look, feel, and functionality. Deliver a memorable customer experience with a captivating site design.
  • Improve the number of organic searches through SEO and SEM. Achieve higher profits through backlinks, sales funnels, blogging, embedded links, and site maps.
  • Design and deploy a smartphone-friendly website with flexible features. It should have responsive design features with an optimized screen resolution, menu, navigation, and more.
  • Use banners to highlight special offers, discount alerts, and new product arrivals. Segment the products and set-up category pages with inbound links to engage the paying customers.
  • Rely on prompt email communications to create a loyal customer base. Offer discount coupons or send a reminder mail to those who abandon shopping carts. 

Successful Logistics

Retail store’s reputation depends on fast and accurate deliveries. But manual order processing and inventory management is a big drawback. The challenge gets exacerbated by an inability to handle large sales volumes. Also, shipping and packing delays can result from labor shortages in the store.

These obstacles can be overcome by automating the fulfillment process. Supply chain and shipping software can help reduce redundancy and human errors. Besides, the retailers can always partner with reputed wholesalers and distributors. They can also provide options for last-mile deliveries, curbside collection, and physical store pick-ups.

SWOT Analysis

Finally, analytics and artificial intelligence are at the next level. Cyber Monday sellers can capitalize on these technologies in diverse ways. They can set-up multiple channels to manage online sales, marketing, and management issues. More efficient customer services are possible by thoroughly analyzing their strengths, weaknesses, opportunities, and threats.

  • Customer data can get processed to deliver real-time product messages (ads).
  • Relevant communications via email, social media, web site, etc.
  • It is essential to offer secure payment options to ensure the buyer’s privacy.
  • Easy returns policy can get implemented by integrating physical and online stores.
  • Business can be expanded by partnering with like-minded retailers.
  • Innovative retail models help to keep the overall overheads low.
  • A comprehensive platform with predictive analytics can increase sales by 35% to 40%.

It is imperative to pick the right set of solutions and strategies to suit your target audience, mission, and budget.

Importance of Agile Project Management (1)

Importance of Agile Project Management

Modern software development is a complex and sophisticated activity. The agile techniques have emerged and evolved to support the industry. They facilitate efficient project management through various principles, tools, approaches, and cultural values. Let us have an in-depth look into them:

The Approach

The agile approach assists the development phase and the entire project lifecycle. It emphasizes iteration, adaptability, and responsiveness in product builds. The developers take a non-linear path to allocate fixed resources for a limited time. They also deliver the products using successive cycles of development. In contrast, the waterfall approach relies on the scope as a driver to evaluate the costs and time consequences.

Agile lacks a specific structure, and the managers get propelled by these four central values:

  1. People are prioritized over processes and tools in the project work
  2. Contracts take the back seat to produce client-centric outcomes
  3. Flexibility and responsiveness to signals are preferred over rigidity
  4. Problem-solving gets priority over record creation and maintenance

5 Key Components

These five primary components of the agile approach give pre-eminence to people. They make investors, managers, data architects, users, and other stakeholders crucial in the cycle.

1. User Stories

Analysts write short and simple descriptions from the client’s standpoint. They outline the quantum of work and the final product’s look.

2. Sprints

The products and services get improved in short bursts of 1 to 3 weeks. Iterations are useful to make improvements and upgrades.

3. Agile Board

Whiteboards and software visualization tools are essential for reporting team progress. They improve efficiency, commitment to work, and deadlines.

4. Scrum Meetings

These are short, daily conversations between project teams. Each member stands for 10 minutes and quickly talks about their assigned modules to others.

5. Backlogs

Unresolved tasks get assigned during sprint planning to the developers. This product backlog lists features, team activities, infrastructure changes, and bug-fixes.

Basic Principles

There is an excellent range of agile project management tools with features like real-time visualization, report generation, tracking capabilities, record maintenance, templates, and interfaces. They automate various vital processes and ensure smarter and faster team collaboration. 

All these software options, however, draw inspiration from the fundamental principles. Yes, agile has a manifesto developed by software professionals to teach values. It also gives direction to various stakeholders through these important principles:

  1. Assure customer satisfaction by consistently delivering value in real-time.
  2. Be open to change during any stage of the development to benefit clients.
  3. Focus on frequent deliveries by emphasizing the need for faster completion.
  4. Customer interactions and daily team collaborations are mandatory.
  5. Motivate the developers by creating an environment of trust and timely support.
  6. Implement persuasive communication techniques like face-to-face interactions.
  7. The final product or working software should be a measure of success.
  8. Teams have to work in tandem for motivation and sustained development.
  9. Stress on agility without losing track of design goals and technical acumen.
  10. Extract maximum productivity from the least effort by keeping it simple.
  11. Self-organized teams can come up with significant architecture to attain the goals.
  12. Encourage behavioral adjustments through frequent introspection and feedback. 

Common Steps

The agile approach has no uniformity, and there are multiple methodologies. The most popular ones are Scrum, Kanban, and Lean. Scrum focuses on daily activities by including the Scrum master, product owner, and team members. 

Kanban achieves task-orientation using visual displays and boards, while the Lean method focuses on waste reduction, a clutter-free system, and value addition. There are other methodologies, too, like Scrumban, DSDM, Crystal, Extreme Programming, and even agile agnostic frameworks.

Despite the differences, there are some common and much necessary agile steps. They are project planning, product map creation, daily stand-ups, and sprint reviews. These steps encompass the teams, tools, daily targets, roadmaps, timelines, and SWOT analyses.

Conclusion: Excellent Benefits

Agile productivity managers note that the approach empowers people and their interactions. They also say that the methodology consistently delivers value to the enterprise in a short span:

  • Client and end-user touchpoints get strengthened to build engagement.
  • Facilitates a light-weight framework to reduce wastage of resources.
  • Provides the management with greater control by offering flexibility.
  • Incidents and issues get discovered early, and they get quickly resolved.
  • It is easier to promote diverse viewpoints, idea sharing, and higher accountability.

CloudGen’s Project Management approach is an end-to-end solution that includes a vision definition, a strategy roadmap, project planning, and management, requirements, and uses case definition, system design, development, test, deployment, and evaluation. We assure quality control during the entire process.

Efficient-Packaging-1

Supply Chain And The Best Sustainability Practices To Know

Businesses have to manufacture and distribute their products and services at a reasonable cost and low error margin. Their managers rely on supply chain networks to achieve this goal. But the complex process involves dynamic variables like people, political factors, demand, and resources. Sustaining this activity for the modern age has become a very big challenge. Pollution and new laws are the latest problem areas in this genre.

Thankfully, creative strategies, information technology, and effective designs are coming to the rescue. Also, automated workflows help in streamlining and sustaining these business transactions. 

Let us find out the best supply chain sustainable practices that can benefit every business transaction.

Software Competence

The order processing methods involve too much paper documentation, redundant manual-intensive tasks, and high-error prone calculations. This old-fashioned way is now obsolete, and automation helps to simplify this step. Computers, printers, email tools, tracking systems, inventory management, and other software are some of the multiple tools that help to create simplified billing and fulfillment processes.

Likewise, the digitized workflows are not only fast but also scalable and error-free. Electronic files help to store and handle sales orders and inventory details. Invoices and shipping manifests can also get transmitted and received online. And an integrated electronic data interchange (EDI) system can manage multiple trading partners while enforcing superior technical standards.

Efficient Packaging

Products have to be packaged, labeled, and shipped to far-away destinations. This process involves a lot of plastic and hazardous materials. Recyclable materials can replace such inept items to enhance sustainability. The right type of boxes, shipment method, and other means help to avoid heavy packing.

Specifically, using Shelf-ready casings and automatic techniques can reduce wastage. The management software can help assess the storage capacity to avoid over-stocking, prolonged transportation, and other inefficiencies. Selecting the right size and shape box for a package can save money, energy, and space. Material usage can get minimized by reducing layers and accurately calculating the parcel’s mass and volume.

Optimal Deliveries

Managing and tracking shipments is a big challenge in the supply chain. If the cargo can get consolidated, then the transportation costs come down drastically. The order requests can get combined to deliver the products in fewer trucks by choosing an optimal route. Consolidating the items also facilitates accurate last-mile deliveries. Fuel costs can reduce by using geofencing, GPS, automatic routing, etc.

Responsible Suppliers

The supply chain efficiency is not completely under a company’s control. The business has to deal with a variety of suppliers and distributors. Choosing such trading partners wisely can go a long way in enforcing sustainable transactions. Make sure the supplier sources the raw materials in an eco-friendly way. Select your partners based on their reputation, social responsibility indicators, and responsible behavior. You can take the help of NGOs and rating agencies to choose the best.

Enhanced Inventory

Implementing environment-friendly measures within the company is not sufficient. You have to partner with other tech-savvy traders too. For example, inventory processes can get automated to reduce wastage. Your vendor managed inventory or VMI system can help you achieve high standards.

The technology improves visibility and optimizes restocking efforts through superior scheduling. It can also satisfy location or regional demands faster. Also, manufacturing and distribution processes become cost-effective. You will not have to dispose of unused materials or even spend more on transportation and fuel expenses.

Analytical Support

Supply chain management is a continuous learning process, and data can be a powerful tool to ensure higher performance. You can rely on insightful analytics to identify the weak processes. Such an integrated software system can deliver timely reports to assist in decision-making.

The process managers can operate a streamlined business at a low cost with this data. They can positively identify the growth drivers and remove or modify the inefficient workflows. Regular analyses are also vital for a more holistic understanding as well as business expansion efforts.

Circular Models

In the traditional supply chain, production materials and supplier wastage were not concomitant. But with a cyclic or circular model, no item will get carelessly discarded. This non-linear scheme facilitates open access and creates more value. 

The unwanted materials get recycled, reused, repurposed, and returned. In particular, plastic is reused in imaginative ways to reduce pollution of air, water, agricultural, and forested lands. Only reputed and eco-friendly producers and suppliers actively recycle and repair the pallets, cardboard boxes, cartons, and other packaging materials.

CloudGen

COVID 19…How Are We Rising High In Terms Of Technology Advancements

The COVID 19 pandemic has taken the world by a surprising storm. It took some time, but nations are settling down back into a healthy routine. Yes, the lockdowns and quarantine requirements continue. But people and societies are getting back on their feet with renewed vigor and a newly found normalcy.

Digital technologies are playing a pivotal role in helping restore global normalcy. They include robotics, blockchain, digital payments, and e-learning. Telemedicine, remote work, online learning, and 3D printing are also contributing and picking up the pace. These tech advances are ushering in a new outlook and lifestyle choices. And experts predict that these innovative trends will become a norm in the future.

Top Tech Trends

Distance Learning

Billions of students around the globe are lagging in their curriculum because of the pandemic. The abrupt closure of schools and lockdown measures put a stop to formal education in physical classrooms. But at the same time, online tutoring is bringing the middle ground. Schools, as well as private companies, began to offer distance learning courses.

They use Artificial Intelligence-enabled robots as replacements for teachers. Also, e-learning systems, augmented, and Virtual Reality technologies are currently setting the stage for a future realistic virtual education. 3D Printing is honing the students’ creative skills. However, the pressure on parents both in terms of time and monetary resources is very high. 

Remote Work

A large number of companies shifted to work from home model. The employees find it flexible and convenient. Employers find it productive and cost-efficient. But security and privacy issues are also cropping up now and then. Thankfully, the right kind of technology can help in overcoming these hurdles.

Some of the enablers include virtual private networks (VPN), cloud storage, video conferencing tools, and collaboration tools. Facial recognition, data encryption, Voice over Internet Protocols (VoIP) are helping to improve workforce productivity by enhancing data security. 

Autonomous Deliveries

The internet and mobile devices have become ubiquitous in recent years. They are ideal tools for online retail shopping. E-commerce sites, web stores, drop shippers, and online marketplaces are flourishing during this pandemic. You can browse products, make orders, and complete the payments online.

The top sellers have also gone hi-tech with their shipping services to ensure package safety and social distancing. They rely on robots and drones to facilitate contactless deliveries. Although not yet in the market, many major players, including Amazon, are in the pursuit of creating man-less delivery systems via autonomous trucks, drones, AI-assisted delivery systems, and so on. 

Cashless Transactions

Cash and banknotes are becoming virus-spreading sources. Consequently, cashless transactions are finding widespread favor among consumers. Both central banks and private companies are assisting in these digital payment modes.

Customers can easily order and pay during the online shopping session. Besides, funds transfers and bill payments have also become convenient. The cards and e-wallets are playing a pivotal role in curtailing the spread of the coronavirus. Mobile apps and online portals make it easier to pay anything from utilities to simple transactions between friends.

Telehealth

Tech literate people are warming up towards telehealth services. Yes, insurance and service costs are high. But they are willing to rely on Chatbots for initial diagnosis. Personalized, wearable IoT devices are also crowding the market for preventive and diagnostics treatments. They promptly record the vital signs and share data with the healthcare provider.

Online Recreation

Cloud concerts and online event streaming are becoming very popular. They ensure social distancing, but also entertain the consumers in large numbers. Films are getting released online to attract modern movie watchers. Museums and heritage sites offer virtual tours, while online gaming is seeing a sharp surge in recent times. 

Supply Chain 4.0

Big Data, cloud computing, IoT, and blockchain are gearing for the next industrial revolution. The supply chain systems are getting overhauled to usher in modern, digitized processes. The automation ensures data accuracy, faster workflows, and increased profits.  

5G Networks

Without the internet, none of the above changes are possible. For example, if telehealth should become normalcy, the healthcare provider must be able to access patient data in real-time and without any delay. The 5G networks are faster, extensive, and more efficiently connected. Once 5G becomes market-ready, virtual reality, AI, and IoT device connectivity will reach a new revolution.

Conclusion

To sum up, COVID has copious amounts of disadvantages but also acted as a catalyst for innovative changes. Modern technologies, driven by digital control and communications, are at the forefront. Nations that show foresight and digital preparedness will prosper. Their IT infrastructure gives them a competitive edge in business and social affairs. Besides, they can also administer their populace through effective e-governance. Unfortunately, there is also a flipside that requires adequate attention. As per ILO, more than 400 million jobs disappeared in the 2nd quarter of 2020. More innovation might bring in new jobs, but not without eliminating more blue-collar jobs

SmartEdi

Short-term and Long-term Cost Savings with EDI

The digital footprint enhances the business transformation these days, eases up the communication, and allows a better flow of information and is facilitated by the stunning technological advancement – EDI.

The productive and efficient collaboration between the supplier and distributor at all stages removes the unwanted data movements. The perfect and seamless integration of the large and small suppliers enable their EDI operations to be more simple and smooth.

But, the crucial and the most important factor to consider her is about the cost savings and how implementing EDI in the right way enables us to do so.

Our article helps to get a clear picture of short and long term cost savings with EDI..

Short Term Cost Savings with EDI

The benefits that EDI offers are unmatched with any of the other business implementation strategies especially in supply chain. The cost reduction attained is partly due to reduced expenses. With the elimination of unnecessary toll and errors, the running cost or the working capital cost decreases.

The amount of time invested in reconciling the manual errors can be reduced to a great extent by employing digitization. The charges related to data tracking and transmission also decreases drastically. Also, the reduced storage needs, the area required to keep the paper-based documents intact, can be minimized, which in turn provides space for stocking and expansion.

With the significant cost-saving, one can expect to grow and enhance the business in the manifold and with ease. The space that the vocation need today for expansion and to get the same at the minimal cost and without additional investment, the best option is to opt for EDI.

Long Term Cost Savings with EDI

The long term benefits of installing EDI for the business are:

Advance Shipping Notices

With a significant reduction in time, the cost of manually storing the data related to the shipping and logistics for the long run can be reduced. An approximated reduction of around 2 percent per order is a huge benefit for the business in the long term.

Easy and Quick Order Processing

There is a tremendous increase in customer satisfaction because of easy and quick order processing procedure through EDI.

Transaction Cost Saving

A business process is indulged in a variety of transactions. Right from the preparation of the invoice to the generation of receipt, there is cost involved at all stages. The more the number of transactions, the higher will be the returns or cost investments for the business. The various transactions involved in business whose cost is reduced are as follows:

  • Time invested in the transit of the communication
  • Time spent on the manual reconciliation of accounts
  • Money spent on manual errors
  • Cost related to archiving and storing invoices
  • Reduced cost of labor for value-added work (like of data entry).

Chargeback

The most expensive and costly segment for any organization is a chargeback. The penalties levied for non-compliance is a huge loss for the business. With everything digitized, the instances of the chargeback related to early/late delivery, ASN/EDI violation, improper labels, purchase order violation, and shortage of products can be reduced to a great extent.

New Integration

With real-time integration, on-boarding of new partner at any point of time is easy and quick. Without the need to implement any new structure, one can easily add to the existing model without any additional expense. The standardized format of communication ensures a smooth and steady communication channel without any hassle and disturbance.

Storage Cost

Accurate and brief ordering blended with reduced paperwork cuts down the need for space to store and keeps the data. It, in turn, brings down the cost of sorting and handling the data. With the idea of go green, as you decrease the storage needs at one end, the space for the business expansion, on the other hand, is released.

Conclusion

With the global connectivity and digital mode of communication, the interaction between the various trading and business partners has been streamlined a lot. The speed and efficiency is everything for small organizations and strategy of managed business is the key for large organizations.

The best and the most effective implementation of the EDI lead to a sophisticated and well implemented channel of communication. The high EDI standards help in easy implementation and adaption of business.

EDI is an absolute game-changer for decades. The EDI is proven to be the best, creating long-term associations with various stakeholders, evolving new products and services, and initiating new marketplaces, and ensuring the eco-friendly working culture.

CloudGen’s SmartEDI, a Cloud-Enabled EDI solution is completely meant to cut-down the complexity as well as the costs associated with EDI implementation. SmartEDI is designed to add true business value to the core B2B transactions with world-class visibility.

EDI Business Advantages

EDI Business Advantages…Supplier or Distributor…You are Always at the Advantage End

Electronic Data Interchange or EDI is the most advanced way to interchange the data between the business partners. The exchange of data between buyer and supplier, usually consist of purchase orders, invoices, shipping documents, payment receipts, and other related documents.

With the advanced facility of EDI, the ease of virtual connectivity between the businesses has grown in manifolds. With no hassle and quick communication, the EDI offers a series of benefits to the suppliers and distributors.

The EDI has ensured the seamless flow of information, and advanced technology, it has opened up doors to various benefits that are listed here for you.

Business Advantages to Suppliers or Distributors

The EDI has developed a lot in the past few years. With the foundation of automated processing and hassle-free management, it improves the overall trading partners’ relationship and enhances overall productivity. With a multitude of benefits to suppliers and distributors, this has emerged as a proven means to better supply chain predictability. With this, let us have a look at the benefits EDI offers.

Reduced Paper Usage

The furthermost benefit of EDI is reduced paperwork. With the facility to process all the transactions online, the need for printing is quite minimal. Additional to minimized paper usage, it also leads to a reduction in the expenses related to storage, print, postage, mailing, and recycling.

Better Data Quality

Manual data entry is slow, and the chances of the clerical errors are high. With the usage of EDI, there is a proven reduction in data entry errors. The management of accounts receivables and payables also gets a lot streamlined. With the accurate data fed, the forecasting about the business prospects and trends can also be done.

Improved Timelines

With the real-time processing and data transfer, the timeline of communication and processing enhances too. With the elimination of the manual transfer and order processing, the time-lag of dealing shortens. The smooth dealing between the various trading partners involved in the business helps to open up new doors for better and profitable business opportunities.

Inventory Management

The use of EDI shifted to offering better visibility of inventory. With everything available at one place and digitally accessible, it is quite easy to access the stock available at any point in time. With the quick and correct analysis of inventory, one can easily ensure that there is no instance where you have surplus or markdowns. With EDI automation, the check on the backorders can be ticked timely.

Reduced Turnaround Time

The businesses are considered to best when the request and order turnaround time is least. With the better business cycle and quick processing of records, the time lapses are reduced significantly. Compared to the time invested in manual processing, processing through the EDI automation, the time required reduces to just half. Time is the essence of business and order processing, which is taken due care in EDI automation.

Secured Transaction

With less paper usage and all data kept intact in digital mode, the security of the data transmitted increases. With the secured data sharing protocol and high-security standards, the digital movement of data between trading partners ensures the application of secured communication protocol to reduce data leakage and loss.

Operational Efficiency

With a bunch of benefits and enhanced business practices under the EDI automation, the time taken by the staff to create and process the invoices manually is optimized a lot. Quick and efficient processing leads to better operational processes and efficiency.

Go Green

Less of paper and more of efficiency is the concept on which EDI automation operates. With the migration from the paper-based to electronic mode of transactions, that reduces CO2 emissions and promotes corporate social responsibility, which is the need for today.

The Advantageous End

To stay on the peak in any business, it is a must to keep pace with the advances and technological up gradations that come in between. With the changing business environment, the need for a smoother and quicker communication cycle has also increased a lot. The most common benefits include:

  • Exchange of business documents like invoices and receipts
  • Transmission of data
  • Better management of inventory and stock
  • Error-free documentation
  • Refined logistics information
  • Self-populating order fulfillment

Modern EDI solutions are cloud-based, and with the open computing system, the simple and affordable implementation is sure to help you a great deal. Businesses with EDI implementation enjoy the benefits of better lead time, profitability, accuracy, and seamless processing. These are the utmost advantage to distributors or suppliers with added cost-savings.

Conclusion

With tremendous ways to increase the business and a bunch of benefits to suppliers or distributors; EDI has emerged as a boon for all the business units. With smooth processing and quick response channel, managing vendor relationship and customer service have benefited a lot.

In this regard, our CloudGen’s SmartEDI solution helps the customers to overcome many complex scenarios by reducing the implementation time, simplifying the setup task and enhancing the ease of use. We offer:

  • Easy and Quick rollout of EDI project
  • Fast track partner on-boarding
  • Minimizes failed transactions
  • Maximizes efficiency
  • Reduces time required for manual setup and mapping
  • Increases operational efficiency and cost savings
  • Reduces EDI implementation time
  • Elimination of manual errors
  • Supports multiple standards

A well-established communication channel and seamless sharing of transactions and documents, EDI has emerged as a powerful tool with rich features for distributors and suppliers. Adopting it in business will act as a turnaround point, surely.

Supply Chain and EDI

Supply Chain and EDI

The Never-Ending Bonding

Combining EDI with the supply chain can transform a company’s productivity and visibility. Contemporary global commerce gets driven by their bonding. Trading partners who rely on electronic communication need proper techniques. Electronic Data Interchange (EDI) ensures standardization in this regard, while supply chain automation creates a reliable ecosystem for business productivity. These two critical processes of any commercial organization are brought together by innovative technological trends.

Benefits of EDI-Supply Chain Integration

Many companies cannot let go of their legacy IT systems. They struggle to integrate supply chain workflows with EDI. But once they do so, the benefits far outweigh the initial costs of automation and electronic integration. Primarily, their B2B data exchange becomes much more reliable.

The company’s procurement and cash order processes become efficient. Its shipping and logistic services perform much better. The company communicates effectively with trading partners and customers. It can also optimize deliveries and reduce expenses associated with compliance rules.

The business achieves service level metrics and satisfies the partners. Not only do the liabilities go down, but contracts get honored accurately and promptly. Digitization will also integrate applications and ensure reliable end-to-end data processing.

Positive Technology Trends

Emerging and established technologies are becoming more and more reliable. Their functionality and accuracy also deliver the required performance metrics. As a result, B2B data exchange and supply chain workflows become more efficient and productive. These following trends eliminate silo mentality and strengthen the bonds that create a productive business ecosystem.

Bringing together API and EDI

In the world of B2B communications, API and EDI were once the leading adversaries. APIs are lightweight and connect easily with databases, applications, and other systems. Whereas, EDI plays a significant role in achieving integration with external B2B systems of trading partners.

Modern companies changed track and chose complementarities. Yes, they treat EDI and API as equally significant technologies. They leverage the power and functional appeal of both to evolve superior communications. Businesses that seek expansion and growth follow this policy to the tee.

Integrating the two technologies ensures multiple advantages for a company. It can leverage the power of both without compromising data quality. Moreover, it can follow flexible approaches for integrating cloud storage platforms and legacy systems.

Consequently, there will be support for diverse applications in the ecosystem. These include cloud-based models like SaaS, AaaS, PaaS, etc. Moreover, scalability can also get factored into the solution at an early planning stage of the integration process. Scalability is an area where every business faces a series of challenges. In this demand-motivated market, the company’s ability to change its capacity regarding the demand is paramount.

Cloud expertise

Enterprise-level systems require robust IT infrastructure and consummate professionals. But the experts are not easy to come by. Thankfully, the emphasis on cloud computing solutions and EDI integration has been extreme and encouraging.

Skilled specialists who can handle emerging technologies are increasing in number. The IT pros can also handle legacy system integration. Moreover, these well-trained professionals can carry out business analysis and EDI data mapping.

They can design cloud-based solutions to generate superior business intelligence. They can also factor in partner requirements and analyze the latest trends, and they help the company achieve its targets by improving productivity and key performance metrics.

EDI modernization

EDI is revolving over the years into a refined and standard technology. It is not just about the digitization of invoices and purchase orders. The modern features do not stop with standardized data formats, either. They deliver secure, reliable, and conveniently governable data flows.

The data interchange and supply chain integration bond is also strengthening. Partner relationship management and business process consistency are becoming more efficient. There is support for ad hoc data flows and non-EDI to allow a degree of freedom and flexibility.

Today’s EDI can easily support mobile and web-based communications. It also offers diverse approaches, including VAN, FTP, Point-to-Point, or Direct data exchange. The B2B system is also optimizing to speed up logistic timelines. Moreover, it eliminates redundancy and non-compliance.

An example: Top-Class Online Marketplaces

Without a doubt, Amazon is the market leader in tech innovation. It evolved disruptive solutions and revolutionized the e-commerce business by combining EDI into the supply chain. Retail or online shopping experiences have also become more memorable. Amazon, in particular, transformed logistics, distribution, and supplier demands. Customer experience, competitive pricing, and reliable shipping have become paramount. And the trends suggest that real-time tracking and mobile support are here to stay. 

Conclusion

In summary, every modern company requires EDI- supply chain bonding. It requires a viable strategy to optimize business operations. But the integration process has to be secure, scalable, and reliable. Yes, marrying a legacy system to cloud service is not very easy for the project team.

But modern technologies are facilitating and speeding up this integration process. These developments augur well as data integrity gets enhanced. Besides, the complex workflows and business processes are becoming more streamlined, standardized, and even simplified to a certain extent.

Retail Industry and The Facts to Remember

Unknown facts of Retail Industry…know where to invest and How

A small shop at the corner of the colony or the big stores offering you everything from pin to electronic gadgets, the retail industry has changed a lot. With the customer-centric approach and better services, many retail stores are experiencing the real boom in their business.

With the advent of the e-commerce, and linkage to the digitization of the retail industry; especially in the area of online order and home delivery, the consumers are now getting inclined towards businesses that offer easy shopping ways.

The need to scrutinize every moment in the shopping experience right from the start of the moment customers enter the store to after-sale services is a must to meet the level of competition. But what makes the Retail Industry as a strong competitor to other industries? Ever checked with the facts? We help you to know few…

Facts of the Retail Industry

With the ample opportunities and options, the retail industry has scope and space for a lot of people to enter. The savvy retailers know very well that the information is key to success. With the perfect vision and updated system, analyzing and transforming it into the application, focusing on targeted market communication, product descriptions, pricing, and promotion, is the solution to the best retail business.

The facts that one needs to be aware of the retail industry before planning to invest in it are listed below.

Customer Experience

Customer is king- this is the basic idea on which any retail business sticks on. Knowing about the customer’s needs and expectations, and fulfilling them is must, to grow and reach the peaks. With the customer-centric approach and reaching the highest level of customer expectation, the retail industry aims to bridge the gap between demand and supply.

Digitization – the need of today

In the current fast-paced world, the time has shrunk to the least. Ordering all the prime consumer durable goods at the comfort of home is more preferred. With the online ordering method and home delivery, the businesses are fast shifting their model to an e-commerce portal. With the ease of tracking and opportunities to get feedback, the retail industry has shifted in recent years.

Bottle-necked Competition

The entry of the foreign direct investment and opening of the giant retail stores, the competition for the small local retail vendors, has increased a lot. With the opportunity to check and buy, compare and contrast, the products at the mega-stores, a paradigm shift has been seen. Consumers feel it better to buy when satisfied with the product features which are offered by all multi-brand stores around the globe.

Inventory Movement

Managing inventory is crucial for any business. Excess or short of inventory hampers a lot. Also, the focus on the trends, the market demands, customers’ preference, and brand value needs to be focused while buying the stock to arrange on the shelf. The products preferred by the majority are sure to get a positive response.

Human Touch

The businesses are considered to best when the staff and owner communicate with the customers to know their needs better. The speed, convenience, knowledgeable help, positive attitude, need-based understanding, and friendly service are the most crucial elements of positive customer experience. A positive attitude reflected towards the customers is sure to go a long way.

Secured Transaction

There are so many available options to transact and pay where the customer-experience has been always smooth and better. The online payment modes, payment via cards, and cash have given the options. With no need to run to ATM every minute you go to market, the satisfaction level of customers has increased in manifolds.

Invest in Retail Industry

Retailers face several key issues. The major ones are poor economic conditions, increased regulation and competition, and channel disruption. To stay on the peak in any business, it is a must to keep pace with the trends and advances as well. The investors who look forward to investing in the retail industry focus on the four R.

The need to quantify the returns is the prime concern for all the investors. To understand the business metrics, to better understand profitability and financial health, the prime analysis points are listed for you.

  • Return on Revenue: The cornerstone of all the retail operations that guide on the revenue made in the form of the gross profit on the inventory and investment.
  • Return On Invested Capital: The amount of the profit generated based on the initial investment is arrived by using this.
  • Return on Total Assets: The total value of the operating profit generated from the assets invested in the business is ROA.
  • Return On Capital Employed: The efficiency by which the capital is utilized and the net earnings before tax arrives, is obtained here

Understanding these R’s, one can move ahead with the plan to invest and get benefits from the retail industry. With so much scope, the best sector to invest in retail in consumer durable goods. With the least investment and stock management, one can get higher returns and profits.

Conclusion

The tremendous business opportunities in the retail industry and the basic knowledge of the trends, one can move ahead with investing in the retail industry. The use of available data and focusing on the key customers is prime factor of success mantra. The booming retail industry filled with savvy investors always outperforms the broader market.

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