Data Related Concepts

Electronic Data Interchange

The concept of businesses electronically communicating information that was traditionally communicated on paper, such as purchase orders and invoices is known as electronic data interchange (EDI). It involves more than just sending and receiving data. EDI systems enable the transfer of information quickly. Error rates have been decreased because manual data entry is not required. Using EDI, businesses can automate the transfer of data among software programs throughout a supply chain. According to The Insight Partners, the electronic data interchange (EDI) market was valued at $24.64 billion in 2019 and is projected to reach $ 49.21 billion by 2027, growing at a CAGR of 9.5%.