It was like switching from clay tablets to papyrus.
The invention of Electronic Data Interchange (EDI) in the 1970s enabled businesses to take document exchange to a revolutionary level of speed, accuracy, and transparency.
As the term EDI indicates, this exchange happens electronically between one computer and another. Through this technology, a wide range of documents that used to be exchanged physically, such as sales orders, invoices, shipping status statements, and payments, can be transmitted electronically, without human intervention to input or interpret the data.
Take for example an invoice sent by fax or mail. It’s manually entered by the receiving company’s accounting team. If EDI sends the invoice, the company’s information system will receive it and process it automatically.
Any company exchanging a meaningful volume of documents, even a small, quickly growing firm, can benefit from using EDI with their suppliers, customers, banks, and other parties in their ecosystem.
5 Ways CFOs can Navigate Through Inflation with an ERP
CFOs everywhere are sitting in the hot seat.
Companies face price inflation that hasn’t been seen in four decades. Supply chains, still staggering from the pandemic, have been disrupted again by the Russia-Ukraine war.
Meanwhile, on Main Street, business shutdowns and openings due to COVID-19 have provoked tidal shifts in customer demand. Amid this turmoil, the labor force is experiencing a reset of expectations about work. As a result, the cost of hiring and keeping the best talent has gone up.
Mixed signals from the economy also keep turning up the heat on CFOs. Are we moving toward a genuine recession with higher unemployment, declining demand, and reduced profits? Or, will we have a soft landing as the inflation rate cools over the next six, twelve, or eighteen months?
How ERP Can Optimize Your Business' Batch Management
Running a business requires a lot of supervision. This is particularly true when you work with time-sensitive products such as food items, beverages, or pharmaceuticals. As with anything that humans ingest, you must be mindful of freshness and expiration dates, amongst many other factors. Batch management has been around for many years but, as production increases, so does the potential for human error. Using an ERP software for lot management maximizes your business’ control over day-to-day operations while allowing you to plan ahead efficiently.
Because food products have an important and direct impact on consumers' health, they are submitted to high safety requirements, which makes them prone to recalls. Recalls are not only costly, but they are also damaging to the growth and reputation of the affected company.
When it comes to choosing an ERP system, many companies and operation managers rely on big international brands. With large budgets, multinationals deploy powerful marketing and communication activities, giving them a very visible public profile.
5 Consumer Trends in the Food and Beverage Industry
Our food consumption habits evolve with time, scientific progress, the economic situation, and public health, among other things. The recent COVID-19 epidemic has accentuated many of these habits and brought new ones to light.