3 Best EDI Software with Buyers Guide
Intelligent flexible & scalable platform quickly Easily unites everything & everyone Digital ecosystem Channels Devices Platforms Cloud-native platform Easy to start by Log in Scale reliably & securely
EDI Power Reader
Convert HIPAA EDI files to Excel-compatible spreadsheets or tab-delimited text files. Filter Sort Arrange Format Export records Increase successful claims Revenues & Profits
Next-generation integration platform Easily Automates processes Thousands of applications Allows quickly Build Manage Handoff complex integrations at scale, Fewer IT resources required Lower TCO
EDI (electronic data interchange) software is a tool that provides businesses with exchange data and information helping in trading partners in a structured, standardized, and paperless format. The data is in the form of documents like Buying orders, Requests for quotes (RFQs), Business proposals, Invoices and bills. Every document type has been given a standardized layout and content which crystal clearly displays the information and is easily understandable by all the involved stakeholders.
Advantages of EDI Software
EDI software provides businesses transmit standardized and structured data between various ends, without any manual intervention.
Here are few of the top advantages of using the software:
Streamlines processes: EDI software helps in automating the process of exchanging resources and documents between key stakeholders which leads to facilitating faster delivery and information processing. This helps in saving a lot of time that would have been otherwise wasted on manually editing, auditing and sharing resources and documents.
Improves the information flow: Offers to send and receive data in a systematic and structured format for eliminating manual data entry, inaccurate data, and document damage or loss.
Digitizes files and storage: Every transactions on the software are electronic, that removes the costs of archiving, printing, reproduction, storing, filing, and postage. EDI software saves businesses from the big penalties which are imposed when they lose a important paper document.
Characteristics of EDI Software
AS2 capability: Transmitting data between two servers over the internet using digital certificates and encrypting techniques to securing the data.
Data format translation: Translating coded EDI formats into workable formats that users can edit.
Multiple messaging formats: Communicating messages in multiple formats, having industry-specific standards like EDIFACT, HL7, and X12.
Alerts/notifications: Setting alerts for key milestones and activities, and getting instantly notified via text message or email.
Database support: Supporting data transfer and extracting various databases like MySQL and Oracle.
Document archiving: Compressing and storing documents in a repository for future reference.
Exception management: Creating rule-based workflows for handling non-compliant EDI transactions.
Third-party integration: Connecting the application with existing third-party tools for improving data exchange.
Price of EDI Software
Most products in the market are priced on a “per year” basis, and can be divided into three pricing tiers based on the starting price. A premium product, is priced higher and have additional features such as advanced support, EDI validation, and acknowledgment tools.
Points to Ponder while Buying EDI Software
In-house versus outsourced EDI: EDI software becomes expensive because it needs a dedicated IT staff for operating it effectively and efficiently. Outsourced or managed EDI is a recent and emerging concept in the era. A managed EDI service provider needs a basic initial fee and charges very nominal price based on the number of documents to be shared. This model helps in suiting small businesses for sharing just a few documents every day. We are recommending to evaluate the current and future EDI demands before you decide whether to outsource the resource to a third party.
Level of integration: EDI software requires to interact with other software to import or export data. Check with the seller to ensure that the solution coordinates and integrates with the company’s and business partners’ systems. The solution should be flexible to integrate with the future applications you plan to use.
Data security standards: EDI software is used to transfer sensitive documents among between various businesses. Therefore, it’s crucial for evaluating the vendor’s security standards. Ensuring that the software adheres to the latest security standards is very much important. it must provide encrypting of data during transit and at rest.
EDI Software Trends
Demand for EDI to grow in small businesses: Til few years back, small businesses were struggling to implement costly EDI tools to meet the needs of the enterprise partners. But with SaaS-based EDI software, small and midsize businesses are offered to get their data exchange needs to be fulfilled at a lower cost. The software also provides various benefits like lower infrastructure investment and 24/7 data backup. Businesses report enhanced quality and reliability in data exchange with lower cost after migrating the in-house EDI software to the SaaS model.