Did you know that over 50% of information exchanged between business partners still travels by fax, email, or phone? The other half is exchanged via structured, automated methods and is increasingly gaining ground. If 2018 predictions are correct, I believe we are now at an inflection point and the window of opportunity for small to medium-sized businesses (SMBs) to leap ahead of the competition with digitization, versus just playing catch-up, is rapidly closing.
As large companies continue to mature their B2B integration strategies, SMBs are feeling the pressure to connect digitally as well. Increasingly, large businesses prefer to do business with trading partners who can connect digitally. Why the pressure? Digital connectivity makes B2B communications easy and secure. Companies who have embraced B2B integration tend to have automated processes too, resulting in less manual entry, fewer errors, faster response times, and overall greater customer satisfaction. Increasingly, large companies even mandate EDI connectivity as a requirement of doing business with them.
Ok, so where do you start if you do not yet participate in electronic data exchange (EDI), if you do not have a dedicated IT department or if your team is too small to support an EDI program? What is EDI, anyway?
EDI is a standard electronic format used to exchange documents between businesses. If you are a small business or a medium sized business, you are probably looking for an affordable, easy solution to digitization that doesn’t require a whole lot of specialized IT or EDI training to manage.
Designed with SMBs in mind, OpenText™ Freeway can get you up to speed with EDI connectivity quickly, automating manual processes and removing paper based transactions. Freeway can add real value to your business, with many industry specific trading partner modules available for retail, automotive, building, pharmaceutical and wholesalers and the ability integrate to over 200 different back-office systems such as accounting packages and ERP systems.
Freeway has been available in the UK for many years, but 2018 marks an exciting year for small and medium businesses as our support of Freeway Cloud is set to expand into other countries.
For more information on Freeway, please visit our website where you can also contact our team of experts who will be ready to assist with your query.