Electronic Data Interchange (EDI) is the electronic transmission of
information such as invoices, billing, electronic payments, proof of
delivery, product order, and a variety of other task. It plays a major
part in the modern worldwide e-commerce market that we find
ourselves in. The Global Electronic Data Interchange Market
accounted for over $4 million last year and is projected to continue to
grow by millions in the next several years. However, some of the main
factors hindering implementation of EDI would be cost, security, lack
of third-party network support, and lack of control and transaction
auditing. By a company utilizing EDI, it could create a lack of an audit
trail; such as signatures for authorizing transactions, data integrity,
fear of losing data, and lack hard copies of documents. One solution
to some of these concerns would be Image processing systems.
Image processing systems are how paper documents are converted to
digital files. This allows documents to be stored so that the image can
be quickly and easily retrieved.
At my current job we used computer program to create invoices and
utilize Image processing (scanners) to connect records of delivery as
well as authorization of payments. By utilizing both of the these tools
it creates an quick and efficient way of doing business and allows
proper documentation for internal controls and audits.
"Electronic Data Interchange Market Research Report - Global
Forecast to 2026 - Cumulative Impact of COVID-19." Plus Company
Updates 25 Nov. 2021: NA. Business Insights: Global. Web. 13 Sept.
2022.
https://www.reportlinker.com/p06169005/?utm_source=GNW
Angeles, R. & Corritore, C.L. & Basu,S.C. & Nath, R. (2001), Success
factors for domestic and international electronic data interchange
(EDI) implementation for US firms. International Journal of
Information Management, Volume 21, Issue 5, October 2001.
