EDI Full Form in Banking | What is the Full Form of EDI
EDI Full Form - Electronic Data Interchange
Full Form of EDI
- EDI stands for Electronic Data Interchange. ( full form of edi )
- It's a computer-to-computer exchange of data or information like business documents between companies.
- It involves the use of a uniform format that permits companies send information or documents to a different companies electronically without human intervention.
- EDI is in use for more than 30 years. There are many EDI standards like X12, ANSI, EDIFACT, ODETTE.
- For using EDI, the computer systems of two companies must be ready to communicate directly with one another.
- Furthermore, as there's no human intervention, the businesses must follow an equivalent standard format to enable computer systems understand one another and information flowing between them.
- Generally, the companies that do business together use EDI for fast, accurate and reliable exchange of data.
Benefits of EDI ( full form of edi )
- Speed :
- The data and information are exchanged in a matter of seconds rather than days or weeks.
- Time-Saving :
- It eliminates the time-consuming activities like printing, handling, filing and delivering the documents.
- Accuracy :
- The human intervention is reduced in EDI that reduces human errors like illegible handwriting, document mishandling etc.
- Low Cost :
- It helps companies save money because the expenses associated with producing and delivering documents are eliminated.
- CRM :
- It helps manage relationship with customers by enabling companies respond faster to changing customer need.
- Real-time transactions :
- Information is exchanged in real-time that permits faster and better decision-making.