Electronic Data Interchange (EDI) Solutions Market: Innovation – a Key Survival Strategy
Amid the routine chaos of handling an extensive trading network, monitoring transactions, and communicating through multiple media, electronic data interchange (EDI) solutions emerge as a digital panacea to the ineffectual manual process for enterprises of all scales. As technology-enabled businesses are keen on acquiring the early slice of innovation, electronic data interchange solution providers entail a movement towards converging applications of Blockchain with EDI to integrate security in core business processes.
With high expenditures on R&D activities, future-pervasive technologies – Internet of Things (IoT), Artificial Intelligence, and Machine Learning – are likely to offer new tangents to the existing course of EDI. As the ‘need for automation’ becomes the need of the hour for businesses, digital business models will become more pervasive and demand EDI solutions to facilitate paperless communication in the future.
Sensing the incremental growth opportunity for the electronic data interchange solutions market, Transparency Market Research (TMR), in its latest study, brings actionable intelligence to the fore, so as to equip decision-makers with reliable insights and aid them in making their next successful business moves.
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Tracing the Evolution of the EDI Solutions Market
Similar to numerous information technologies, electronic data interchange solutions trace their advent for addressing the needs of military logistics to the early 1950s. However, through the journey – from nascent to mature – electronic data interchange solutions underwent transmutation in terms of adapting to specific entrepreneurial needs to simplify the information exchange process by blurring physical borders.
In 2018, the sales of electronic data interchange solutions recorded a value of ~ US$ 22.9 Bn, and are likely to spectate lucrative growth opportunities through to 2027. In recent times, as consumers think digital to suit their shopping needs, effective communication becomes integral for achieving a streamlined distribution network with the ease of supply chain management. The emergence of cloud-based EDI solutions further erases the physical boundaries, and offers access to thousands of suppliers, retailers, warehousing managers, and distributors operating on a global level.
Service providers scramble towards the development of web-based, Blockchain-integrated, and cloud-based EDIs that outweigh traditional EDIs that lack collaboration, workflow, and search engine features. The ease of handling every level of business communication at a single stop has been gaining ground in the logistics industry. As business success significantly relies on e-Commerce channels, the retail, healthcare, and automotive sectors are likely to remain at the forefront of the adoption of EDI solutions in the future.
Large Enterprises – A Key Segment to Focus on
With the perpetual rise in the online shopping behavior of consumers, logistics service providers are making headway towards next-day or same-day delivery of products to hold on to a distinguished position in their domain. However, numerous shipments and distribution points add up to the complexity level, which steers the shift towards effective communication solutions such as EDI.
The retail industry bears a majority of brunt of demanding consumers, which incites their quest for EDI solutions to reduce operational costs and drive a high grade of process efficiency. However, the automotive industry has also been an early adopter of EDI solutions for achieving uninterrupted exchange of business documents across various levels, ranging from car manufacturers to suppliers and end users. Owing to the global nature of the automotive landscape, the penetration of EDI tools is high in large as well as mid- and small-sized enterprises.
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EDI Solutions Market – Key Winning Strategies for the Long Run
Broaden Cloud-based EDI Solution Offerings
As enterprises are keen on reducing process complexity and decreasing the downtime of processes, the adoption of cloud-based solutions remains a key trend. As service providers raise their development bars, cutting-edge cloud-based EDI solutions are surfacing, which have been offering significant opportunities to the supply chain market. When cloud-based EDI solutions are combined with other technologies, the security, reliability, and simplicity of processes increases, while their deployment cost reduces as compared to a typical EDI project. Service providers can intensify the development of electronic data interchange solutions to achieve better shots at closing business deals.
Integrate EDI Solutions with Novel Technologies
The EDI solutions market is at a mature stage, where typical solutions are already a part of legacy infrastructure and innovation has become a growth synonym. Service providers can expend their efforts in the integration of EDI solutions with existing and surfacing technologies such as SAP, artificial intelligence, machine learning, and Blockchain to unlock new meadows of application.
Prioritize Solutions for Retail Industry
One key industry that service providers can focus on to raise their revenue bars is the retail industry. Consumer choices have been gradually evolving and their demand for instant services have been growing more than ever before. Service providers can leverage the potential of the retail industry by developing segment-centric solutions to scramble towards a high market share.