30/11/2023

Enhancing supplier-customer relationships: The competitive edge of EDI

Strong relationships between suppliers and customers are more than a business strategy—it's key to success. Electronic Data Interchange (EDI) is a powerful tool that allows businesses around the world to seamlessly interact and collaborate. Have a look at how to use EDI to gain a competitive advantage in your industry by enhancing supplier-customer relationships.

Streamline communication for clear understanding

Clear communication forms the foundation of any successful relationship. EDI eliminates communication barriers by automating the exchange of crucial information. From order details to shipping updates, EDI ensures both suppliers and customers have access to accurate data. With message types like purchase order responses (POR), suppliers can let their customers know if orders can be fulfilled or need to be updated. With advanced shipping notices (ASN), suppliers can also give their customers a heads up of what they’re sending in a delivery so they can better prepare their warehouse.

Ensuring precision in order processing

Inaccurate orders are a major pain point for customers and suppliers alike. EDI eliminates manual inputting errors by automating the order process. Suppliers can receive orders directly into their systems, reducing the likelihood of mistakes. Customers receive exactly what they ordered, enhancing satisfaction in suppliers’ reliability.

Boosting trust and issue resolution

Transparency builds trust. EDI provides a transparent view of the entire supply chain, from order placement to delivery. Customers can track their orders, ensuring visibility and peace of mind. This transparency not only enhances trust but also demonstrates suppliers’ commitment to customer satisfaction. No business relationship is without challenges. EDI equips suppliers with immediate access to transaction records. In case of discrepancies or issues, suppliers can swiftly track an order and address any issues. The ability to resolve problems promptly builds customer confidence and loyalty.

In the competitive markets of Australia and New Zealand especially, supplier-customer relationships aren’t just transactional; they're partnerships built on trust, understanding, and mutual benefit. EDI, with its ability to streamline communication, ensure order precision, boost transparency, enable proactive issue resolution, and promote adaptability, is not just a technology—it's the linchpin of these vital relationships.Want to learn more about how MessageXchange can help with your data integration needs? Ask our experts by getting in touch below.

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EDIRetailersSuppliers

27/09/2023

Getting the most out of your onboarding for eInvoicing

Onboarding your suppliers to eInvoicing can be a challenge – there’s often little knowledge about it, suppliers are time-poor and it’s just not high on their priority list. Some of our customers have been hugely successful, achieving and even exceeding their onboarding goals, so we know that being prepared for your onboarding project is critical.

Segment your suppliers

We often suggest staging your onboarding. Businesses often start with their larger-volume suppliers, or if they know who, those who are already eInvoicing enabled. This is often a quick win and can provide insights to improve the process with your other suppliers. For example, stage 1 could be those already eInvoicing enabled and setting a timeline of up to three months.

Find out more about your suppliers’ eInvoicing capability

It pays to find out what software your suppliers are using. By finding this out you can learn if the software they’re using is eInvoicing capable already. There are a few ways you can do this:
  1. Take a look at the emails they use to send you PDF invoices today
  2. Survey your suppliers
  3. Search for you supplier’s ABN or NZBN in the Peppol directory.

Prepare your communications

You’ve segmented your suppliers now it’s time to get in touch with them. It’s important to use different channels and focus on educating your suppliers and giving them time to prepare. So in your communications you should include a few things:
  • what eInvoicing is and what the benefits are
  • explain how they can get started, mention what software is eInvoicing enabled and don’t forget we provide a free service, Colladium
  • be clear about what you need them to do like the date you want them to start sending eInvoices and the fields they need to include
  • stick to simple terminology
  • promote incentives that you can offer suppliers to entice them to implement eInvoicing.

Now, start writing

There are a few types of communications that you need to put together. You have a communication for each of these stages:
  • First email describing what eInvoicing is and the benefits and what’s next in the eInvoicing implementation.
  • Another email about when you’re ready to onboard a supplier
  • When a supplier hasn’t started sending eInvoices

Go beyond just email communications

Get help from others

Determine the touch points of your suppliers within your business – your procurement team, your finance team, account managers or someone else. Educate these people so they know what eInvoicing is, its benefits to your suppliers and any other important information, so they can reiterate the message when speaking with suppliers. Not only does this help with creating more transparency of the process internally but also helps get more insights from those who are dealing with suppliers on a day to day.

Use various communication methods

Think about using communications methods such as:
  • Webinars to teach suppliers what eInvoicing is, its benefits and how to get started. It could be worth even going through the process for those who use the major accounting packages, so they can see just how easy it is.
  • Create an email signature that reminds suppliers to send eInvoices.
  • Adding a note to your purchase orders, like a banner in the PDF and/or a message in the email you send, is a good way to get the message across to the right person.
  • Add a page on your website about eInvoicing.

Consider your business-as-usual plan

You’ll need to consider your business-as-usual plan, or your plan for onboarding new suppliers. Make sure to include that eInvoices are used so this is clearly communicated to new suppliers.Want to learn more about onboarding suppliers to eInvoicing? Get in touch with our team below or download the our whitepaper here.

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E-invoicingRetailersSuppliers

25/09/2023

EDI and APIs: Is it one or the other?

In the ever-expanding digital landscape, two powerful tools, Electronic Data Interchange (EDI) and Application Programming Interfaces (APIs), are pivotal in shaping how data is exchanged in the business world. While these technologies serve distinct purposes and have unique characteristics, they also share common goals.

Understanding EDI

Electronic Data Interchange (EDI) is a well-established message standard for exchanging structured business documents between trading partners. EDI has been a trusted format for decades and is often used in supply chain management, particularly in industries like retail, manufacturing, and healthcare. Here's a brief overview of EDI:

  • Structured format: EDI uses structured data formats, such as EDIFACT or X12, which define the layout and content of documents.
  • Legacy system integration: EDI excels at integrating with legacy systems, making it valuable for industries with established practices.

EDI messages can be sent and received over any protocol (including APIs) in real-time and in batch.

Understanding APIs

Application Programming Interfaces (APIs), in contrast, haven’t been around quite as long as EDI. APIs are sets of rules and protocols that enable different software applications to communicate with each other in real-time. APIs have opened the possibility of industries of all types to start connecting business systems and data.

Finding common ground

Now that we've explored the key differences between EDI and APIs, we should recognise their shared objectives:

  • Data exchange: Both EDI and APIs are used for exchanging data efficiently and accurately between systems and organizations.
  • Efficiency: They aim to streamline processes, reduce manual data entry, and minimise errors, ultimately improving operational efficiency.
  • Business integration: Both technologies promote business integration, allowing different systems to work harmoniously together.
  • Enhanced communication: Whether through structured formats (EDI) or other connections (APIs), both solutions enhance communication between systems and trading partners.

In the world of data exchange, EDI and APIs are two formidable players, each with its unique strengths and capabilities. Often they are both pitted against each other but the reality is that both can be utilised together. APIs can be used with EDI and we are seeing more and more business take advantage of this. We frequently connect to customers' ERP systems via APIs to exchange EDI messages in real-time. Our Gateway solution has the flexibility to work with all types of connection protocols whether it’s API or another. Some of the key positives of a MessageXchange gateway, include:

  • One central connection between systems, mediating between systems, connection protocols, file formats and trading partners/businesses.
  • Having full visibility of data exchange activity
  • Ability to transform and manipulate data
  • Ability to see errors and act, or build in escalation processes.

Want to learn more about how MessageXchange can help with your data integration needs? Ask our experts by getting in touch below.

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EDIRetailersSuppliers

30/08/2023

Ensuring Secure eInvoicing: Safeguarding Your Financial Data

In today's digital world, eInvoicing has emerged as a cutting edge technology for businesses in Australia and New Zealand. Streamlining the invoicing process, it offers numerous benefits such as faster payments, reduced errors, and improved efficiency. However, with the growing adoption of eInvoicing, ensuring the security and privacy of financial data has become more crucial than ever.

In this article, we’ll delve into the significance of security and data privacy in eInvoicing, shedding light on the measures businesses should take to safeguard their financial information and build trust in this transformative invoicing method.

The importance of data security in eInvoicing

In an era of advanced cyber threats and data breaches, prioritising the security of sensitive financial data is paramount. eInvoicing involves the electronic exchange of confidential financial information between buyers and suppliers. But the Peppol network, which is governed by the ATO and MBIE here in Australia and New Zealand, govern the eInvoicing network and have measures in place that each Access Point must adhere to.

At MessageXchange, we take security even further to maintain the integrity of your business and protect your stakeholders' trust.

Encryption: the first line of defence

One of the fundamental security measures in eInvoicing is encryption. This process involves encoding the data during transmission, ensuring that only authorised parties can decipher the information. Implementing robust encryption protocols helps prevent unauthorised access and eavesdropping during data transfer, safeguarding your financial data from potential breaches.

Secure data storage

Beyond secure transmission, it’s equally important to focus on secure data storage. Access Points in particular should adopt secure servers and data centres that comply with industry standards for safeguarding data. Regular backups and stringent access controls must be in place to minimise the risk of data loss or unauthorised access. All MessageXchange data is securely stored in Australia and regularly backed up by our Australian-based team.

Compliance with data protection laws

Compliance with data protection laws, such as the Australian Privacy Act and the New Zealand Privacy Act, is non-negotiable. Businesses engaged in eInvoicing must understand and adhere to the legal obligations regarding the collection, storage, and use of personal and financial data. Being compliant not only ensures data security but also enhances your reputation as a responsible entity.

Multi-factor authentication (MFA)

Implementing multi-factor authentication (MFA) is a powerful way to enhance the security of your eInvoicing system. By requiring users to provide two or more forms of identification before accessing the system, MFA adds an extra layer of protection against unauthorised access attempts. MessageXchange uses MFA, giving more security to our customers’ accounts.

Selecting trusted eInvoicing partners

When choosing an eInvoicing Access Point, it is crucial to conduct due diligence. Look for reputable companies with a proven track record in data security and compliance. Seek out providers, like MessageXchange, that adhere to industry standards and certifications, such as ISO 27001, to ensure the highest level of protection for your financial data.Want to learn more about eInvoicing for you business? Ask our experts by getting in touch below.

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E-invoicingRetailersSuppliers

30/08/2023

Choosing the Right EDI Service Provider: Factors to Consider

Electronic Data Interchange (EDI) enables seamless data exchange and facilitates efficient supply chain management. As businesses in Australia and New Zealand continue to embrace EDI, selecting the right EDI service provider becomes a critical decision. The market offers a few providers, and making the right choice can significantly impact a company's success. In this blog, we will explore the essential factors to consider when choosing an EDI service provider in the ANZ region.

Industry expertise

One of the most critical factors to consider is whether the EDI service provider has expertise in your specific industry. Different industries have unique requirements and compliance standards. An EDI provider with experience in your industry will understand these nuances, ensuring a smooth implementation process and providing tailored solutions that align with your business needs. MessageXchange has been helping businesses in retail, supply chain, manufacturing and more, excel with EDI for more than 20 years.

Scalability and flexibility

As your business grows, your EDI requirements may evolve as well. It is crucial to choose a provider that offers scalable solutions, capable of accommodating increasing transaction volumes and expanding business needs. A flexible EDI service provider can adapt to your changing requirements, saving you the hassle of switching providers down the line.

Integration capabilities

The EDI service provider should be able to seamlessly integrate with your existing systems, such as Enterprise Resource Planning (ERP) software, Warehouse Management Systems (WMS), and other business applications. Integration simplifies data exchange, reduces manual intervention, and enhances operational efficiency across your organisation. Check with your prospective EDI provider what they support for you both now, and as your business grows.

Compliance and security

EDI involves the exchange of sensitive business data. Therefore, data security and compliance are all important factors. Ensure that the EDI service provider adheres to industry-standard security practices and complies with data privacy regulations. Like MessageXchange, look for certifications such as ISO 27001 to confirm their commitment to data security.

Customer support and reliability

Prompt and reliable customer support is crucial when dealing with EDI. Like MessageXchange, look for providers with locally based support teams for fast acting support. Check customer reviews and testimonials to gauge the reliability and responsiveness of the EDI service provider.

Customer support and reliability

Prompt and reliable customer support is crucial when dealing with EDI. Like MessageXchange, look for providers with locally based support teams for fast acting support. Check customer reviews and testimonials to gauge the reliability and responsiveness of the EDI service provider.

Cost and pricing model

Evaluate the pricing model of the EDI service provider. Some providers charge per transaction, while others offer subscription-based pricing. Consider the cost implications based on your transaction volume and choose a pricing model that aligns with your budget and business strategy. Be aware of any hidden fees or additional costs that may apply.

Interoperability with trading partners

In the interconnected world of EDI, the ability to collaborate with multiple trading partners is crucial. Ensure that the EDI service provider has a robust network of trading partners across Australia and New Zealand, as well as globally. Compatibility with various EDI standards, such as EDIFACT and XML, is essential for seamless data exchange.

Implementation and onboarding process

The onboarding process should be well-structured and efficient. A reputable EDI service provider will have a clear implementation plan and dedicated support to guide you through the setup phase. Avoid providers that promise quick setup without proper planning, as this may lead to complications later on.Want to learn more about how MessageXchange can help with your EDI needs? Ask our experts by getting in touch below.

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EDIRetailersSuppliers

27/07/2023

The role of access points in eInvoicing

eInvoicing has emerged as a game-changer in streamlining invoicing processes around the world. One key element facilitating the adoption of Peppol eInvoicing is the presence of service providers, or Access Points. Read on to see what they are and why they’re important.

Facilitating connectivity

Access Points act as intermediaries, connecting businesses to the eInvoicing network. They provide the technical infrastructure and expertise to integrate with the Peppol network and exchange eInvoices between trading partners.

Ensuring compliance

Access Points play a vital role in ensuring compliance with Peppol eInvoicing standards set by the OpenPeppol and the local Peppol authorities, the Australian Taxation Office (ATO) and the Ministry of Business, Innovation and Employment (MBIE). This ensures that eInvoices exchanged between you and your customers and suppliers meet the required standards, including data structure, formatting and security protocols.

Data validation and enrichment

Some Access Points offer features that enhance the quality and accuracy of eInvoices. Through automated validation, they can check invoice data for accuracy, ensuring that it meets the necessary requirements and is error-free. Access Points may also offer enrichment capabilities, such as automatically populating missing information or validating invoice line items against relevant catalogues, improving efficiency and reducing manual efforts.

Integration with existing systems

Integrating eInvoicing with existing accounting and enterprise resource planning (ERP) systems can be seen as a challenge. Service providers understand this challenge and offer solutions that seamlessly integrate with businesses' existing software infrastructure. This integration enables businesses to generate eInvoices directly from their existing accounting systems, eliminating the need for manual data entry or switching between multiple platforms.

Supplier onboarding and support

Service providers assist businesses in onboarding their suppliers onto the eInvoicing network. They offer guidance and support, helping suppliers understand the benefits of eInvoicing and providing tools for seamless onboarding. We offer our customers and their suppliers a free eInvoicing portal, Colladium, so suppliers can easily create and send eInvoices from a web browser. MessageXchange also use dedicated customer support teams based in Australia to address any technical issues or queries that businesses or their trading partners may encounter during their eInvoicing journey.

Access Point providers are crucial enablers in the successful adoption of eInvoicing in Australia and New Zealand. Their expertise, infrastructure, and support facilitate connectivity, ensure compliance, enhance data quality, enable system integration, and provide assistance throughout the onboarding process. By partnering with a reliable Access Point, businesses can accelerate their eInvoicing implementation, reduce costs, improve efficiency, and strengthen relationships with trading partners.

Why choose MessageXchange?

  • Experience
    Over 20 years' experience in eInvoicing and EDI, providing automation services for some of Australia's largest companies.
  • Onboarding solutions
    We offer Colladium for free so you can easily onboard your suppliers and customers to send and receive e-invoices.
  • Based in Australia
    Local support, account management and technical teams.

Getting started

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Check your software

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Our team connects you to the Peppol eInvoicing network

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Go live!

Ready to implement eInvoicing in your business or want to learn more? Ask our experts by getting in touch below.

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E-invoicingRetailersSuppliers

26/07/2023

Getting started with EDI as a supplier: a step-by-step guide

Electronic Data Interchange (EDI) has emerged as a transformative technology for streamlining supply chain operations, enhancing efficiency, and improving communication between trading partners. As a supplier, adopting EDI can offer numerous benefits, from reducing manual processes to increasing order accuracy. Have a read through this step-by-step guide, to walk you through the process of getting started with EDI.

Step 1: Understand the benefits and requirements of EDI

Before diving into EDI integration, it is crucial to familiarise yourself with the benefits and requirements of this technology. Have a look into the advantages EDI offers, such as improved efficiency, reduced errors, and improved visibility of your supply chain. Gain insights into the specific EDI requirements and standards prevalent in the Australian market, including formats like EDIFACT and XML, as well as communication protocols like SFTP and AS2.

Step 2: Assess your business needs and objectives

Evaluate your business needs and objectives to determine how EDI can align with your overall strategy. Identify pain points in your current processes, such as manual data entry or lengthy order fulfillment cycles. Establish goals you wish to achieve through EDI integration, such as faster order processing or improved customer satisfaction. This assessment will help you tailor your EDI implementation to address specific challenges. You may initially be looking for compliance with your customer’s request, but also think about how to make it work for you.

Step 3: Research and select an EDI solution

Do some research to find the most suitable EDI solution for your business. Look for reputable EDI service providers that offer robust features, scalability, and compatibility with Australian trading partners. Consider factors such as ease of implementation, customer support, and cost-effectiveness. MessageXchange provide options for suppliers to meet their EDI requirements.[vc_column_inner width="1/2" css=".vc_custom_1565317545162{padding-top: 0px !important;background-color: #00b7f1 !important;}"]

EDI Webforms

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EDI Gateway

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Exchange EDI messages from an easy-to-use web portal

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Exchange EDI messages directly from your software

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Fully comply with over 20 retailers’ EDI requirements

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Comply with your customers’ EDI requirements, or onboard your suppliers to electronic trade

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Generate SSCC labels that can be printed on an office printer

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Remove double handling

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Have traceability and history of orders

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Generate custom reports

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Receive email notifications when a new order arrives

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Add your own business process management and validation

Check out our blog on what EDI solution is best for your business.

Step 4: Engage with your retailer partners

Normally your retailer partners will specify their requirements like EDI formats, document types, and communication protocols. They’re also likely to have a roadmap for onboarding to EDI with them, including a testing process. It’s important to keep open communication with retailer partners ensures a smooth transition to EDI and helps foster strong relationships built during the transition to EDI.

Step 5: Plan and prepare for integration

Create an integration plan that outlines the steps, timeline, and resources required for successful EDI implementation. Identify the internal stakeholders involved in the process, such as IT, operations, and customer service teams. Collaborate with your EDI solution provider to map your existing business processes to EDI workflows, including order processing, invoicing, and inventory management. Define roles and responsibilities, establish testing procedures, and set realistic milestones for each phase of the integration.

Step 6: Test, validate and refine

Testing and validation are crucial to ensure a seamless EDI integration. Collaborate with your retailer partners to conduct testing, including the exchange of sample documents. Validate the accuracy and reliability of data transmission and interpretation. Identify and resolve any issues or discrepancies encountered during testing. Continuous refinement based on feedback and results will help fine-tune your EDI processes and improve overall efficiency.

Step 7: Train your team and monitor performance

Provide comprehensive training to your team members involved in EDI processes. Educate them on EDI protocols, and best practices. Familiarise them with the EDI solution and its functionalities. Encourage ongoing learning to ensure your team stays updated with industry trends and advancements in EDI technology. Additionally, implement monitoring and performance tracking mechanisms to assess the effectiveness of your EDI integration and identify areas for further optimisation. Want to learn more about how MessageXchange can help with your EDI needs? Ask our experts by getting in touch below.Want to learn more about how EDI could help solve your business issues? Ask our experts by getting in touch below.

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EDIRetailers

29/06/2023

Understanding the eInvoicing Framework in Australia and New Zealand

Being introduced to any new form of technology can be confusing. It can sometimes seem like a magical sphere where things just happen. So, let’s learn about the eInvoicing framework used here in Australia and New Zealand.

How eInvoicing works

eInvoicing enables organisations to send and receive invoices electronically, directly to and from their software. It removes the need for unnecessary data entry and inaccurate OCR scanning. eInvoicing in Australia and New Zealand is provided through a network of interoperable Access Points, like MessageXchange, conforming to the Peppol standard that has been adopted around the world. More on that later. eInvoicing happens through a four-corner model, where corners one and four are the supplier and customer, and corners two and three are Access Points. Access Points connect to each other to exchange eInvoices. You can think of it like a telephone network – your phone and your friend’s phone are corners one and four, and your network provider (like Telstra, Optus or Vodafone) are corners two and three.

How eInvoicing works

There are a few different parties involved in eInvoicing in Australia and New Zealand, so it helps to know what each does.

Peppol/OpenPeppol

Peppol is the international framework for eProcurement developed by a not-for-profit association, OpenPeppol. Think the four-corner model described above. The framework describes the file format that will be exchanged between Access Points (UBL) and the way that access points will connect to each other (AS4). It also outlines finer details, like how the SML and SMPs are used in the process. These are databases that are looked up to determine where to send the invoice to. The Peppol framework is used in Europe, North America and the Asia Pacific. In 2019, the Australian Government adopted the Peppol framework.

Australian Taxation Office (ATO)

The ATO acts as the regulatory body responsible for overseeing the implementation and compliance of eInvoicing practices. The ATO has worked closely with industry stakeholders and government agencies to establish standards and guidelines for eInvoicing.

Ministry of Business, Innovation and Employment (MBIE)

MBIE in New Zealand plays a significant role in promoting and facilitating the adoption of eInvoicing. MBIE is responsible for developing policies and regulations related to eInvoicing. It operates in a similar way to the ATO in Australia.

Software providers

Software providers, in this case those who handle invoices, can develop and update their software to integrate with the Peppol network, enabling businesses to generate, send, and receive eInvoices seamlessly. These software providers often work in collaboration with the ATO and Access Points to ensure compliance and interoperability. Want to learn more about eInvoicing basics? Check out our whitepaper.Ready to implement eInvoicing in your business or want to learn more? Ask our experts by getting in touch below.

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E-invoicingRetailersSuppliers

23/06/2023

Getting the most out of your EDI (not just retailer compliance)

EDI often is seen as just the requirement retailers’ pass onto you as a supplier, but it can be so much more. By leveraging EDI to its full potential, suppliers can improve operations, enhance collaboration, and gain a competitive edge in today's dynamic marketplace. Here’s how you can take EDI further than just compliance.

Get updates from your supply chain

Data enables more proactive decision-making, and ultimately improves customer satisfaction. Using certain EDI message types can give more visibility into your supply chain. Want to know if a supplier can fulfill an order? You can use purchase order responses (PORs) to get suppliers to tell you if they can complete an order. Suppliers can also let you know when an order is coming your way and what is being sent, using an advanced shipping notice (ASNs).

Streamlined order processing through automation

Suppliers can integrate their EDI systems with their internal order processing systems. This integration eliminates manual data entry, reduces errors, and speeds up order fulfillment. Automatic order processing enhances efficiency, reduces administrative costs, and enables suppliers to meet customer demands with greater agility. EDI can even help streamline and automate logistics processes, such as:
  • receiving and stocking goods
  • managing inventory
  • managing of warehouse movements
  • expediting shipments
  • processing refunds
  • repackaging processes (co-packing).

Greater data for reporting and performance monitoring

By harnessing the power of EDI data, suppliers can unlock valuable insights into their business operations. Suppliers can identify patterns, trends, and opportunities. This data helps suppliers to make informed decisions about market trends and more driving competitive advantage.

Scalability and growth

Our EDI gateways are highly scalable, allowing you to accommodate the growing demands of your business. Without EDI, as your orders go up so does your manual processing and costs. But this isn’t the case with the automation of EDI.Want to learn more about how EDI could help solve your business issues? Ask our experts by getting in touch below.

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EDIRetailers

30/05/2023

eInvoicing benefits

Electronic innovation is becoming more and more prominent in recent times as we see businesses look for ways to reduce costs and improve efficiency. One of the innovations with prominence at the moment is eInvoicing. Here's how eInvoicing works: It involves sending and receiving invoices electronically, directly to and from their software. It removes the need for unnecessary data entry and inaccurate OCR scanning.

Benefits for buyers

Most businesses think eInvoicing only benefits the seller, but that’s not true. There’s a lot of good stuff for buyers too:
  • Time and cost savings eInvoicing eliminates the need for manual data entry because invoices pop straight into your software. This also reduces the likelihood of errors, which can lead to further costs and delays.
  • Improved accuracy eInvoicing helps ensure invoices are accurate and complete , reducing the likelihood of disputes between buyers and suppliers. How? Well, eInvoices go straight into your software, so there’s no need to manually enter them in. Not only is it harder to make errors, you reduce the risk of fraudulent invoices too! Anyone who sends an eInvoice via the Peppol network needs to be registered.
  • Increased visibility eInvoicing makes it easier for businesses to keep track of invoices and reduces the chance of losing invoices, which can delay payment and impact your supplier relationships . This is because your software keeps your invoice activity and purchase orders all in the one place.
  • Reduced environmental impact eInvoicing reduces paper usage and helps to lower carbon emissions associated with paper-based invoicing, which can be important for buyers looking to reduce their environmental impact.

Benefits for sellers

In the current economic climate, efficiency is key so here are some of the main benefits eInvoicing can bring:
  • Faster payment processing eInvoicing allows sellers to send invoices to their customers quickly and easily, which can lead to faster payment processing and improved cash flow.
  • Reduced manual processing eInvoicing reduces a lot of manual processing by using your software to create and instantly send invoices to your buyers. No need to create invoices in your software then download a PDF and then put together an email. The other good thing is that eInvoicing shows the status of an invoice so the need for your customers to follow up with you is reduced.
  • Increased visibility eInvoicing provides sellers with real-time access to invoice status and payment information, like when an invoice has been approved and when it has been paid.

Steps to get started

  1. Find out if your existing software is eInvoicing-capable
  2. If not, talk to an eInvoicing service provider like MessageXchange
    • Fill in a form with your business details and choose which products works best for you
    • Get connected to MessageXchange
    • Start exchanging eInvoices
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E-invoicingRetailersSuppliers

26/05/2023

EDI for small business

It’s common for people to think electronic data interchange (EDI) is used by big businesses only. But small business can actually benefit from EDI without heavy investment too.

The benefits of EDI to small businesses

Let’s get down to brass tacks. There are a few things you can get out of EDI as a small business. Here are just a few:

  • Cost savings
    The cost to process a paper invoice is estimated to be $30.87, $27.67 to process a PDF invoice, and only $9.18 to process an electronic invoice.
  • Shortened procure-to-pay cycle
    EDI can speed up your business cycles by 61%. EDI can reduce the order-to-cash cycle time by more than 20%.
  • Better data accuracy
    EDI improves data quality, delivering at least a 30-40% reduction in transactions with errors by eliminating manual data entry errors.
  • Less manual handling
    75% of businesses are confident they can process most inbound EDI/XML connections without a human touch.
  • Better visibility into your supply chain
    A study showed that 63% of businesses surveyed reported increased collaboration and visibility with suppliers after implementing EDI.
  • Better customer service
    60% of businesses say data integration has improved their customer service levels.
  • Increase your potential business with EDI ready organisations
    EDI ready businesses are more willing to work with each knowing they can benefit from their existing EDI setup.
  • Reduce paper use and digitise your business operations
    According to research, implementing EDI can lead to a 75% reduction in paper usage for transactional documents.

How does it work?

As the orders coming in increases, so does your business. But so does manual data entry, increasing workload and the risk of mistakes and errors. By using a EDI with your suppliers, you can raise orders and other messages as usual and they would be sent directly to your supplier’s software or EDI portal.

There, they respond to the order with a purchase order response, to let you know what they can supply, and can even let you know if your prices are incorrect, when they estimate the delivery to arrive and more. This information can be input into your software so your team can plan ahead. And if your software doesn’t support this data, you could take a hybrid approach and view this information in an EDI portal, like Colladium.

Your supplier can also issue you advanced shipping notices, which tell you exactly how the goods are being packed. Your supplier can even give you information like the best before or expiry dates, the batch numbers of the goods and more. This is especially useful if you have stock management or warehousing software. Again, once your supplier sends the information, it goes directly into your software – no need to re-key it. It also ensures your team have full visibility of the supply chain.

And finally, your accounts payable team will be happy about this – supplier invoices go directly into your software. There’s no receiving invoices attached to shipments, which your team need to enter, and no OCR scanning PDFs. The right data gets into your invoicing software straight away, where you may be able to automate the approval and payment of the invoice.

So what if your partners don’t use EDI? Easy, our web portal solution, Colladium, allows your suppliers and logistics provider to send you EDI messages directly to your software. Did I mention it’s free for them to use?!

Process for implementing EDI

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Let us know what you want to achieve and we'll suggest the best solution

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Start our partnership

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Connect to MessageXchange and test connectivity and messaging

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Go live!

Want to learn more about how EDI could help solve your business issues? Ask our experts by getting in touch below.

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EDIRetailers

20/04/2023

Five issues EDI helps overcome

It’s an interesting, and let’s be honest, difficult time for businesses right now. From higher costs to supply chain issues and increasing labour wages, businesses are feeling the heat from all directions. If electronic data interchange, or EDI, is something you’ve been thinking about for a while, or even if it’s something you’re just starting to look at, take a look at these five ways it can help overcome the issues businesses are facing in 2023.

1. Lack of supply chain visibility

It’s often difficult for businesses to be aware of what’s happening in their supply chains. For example, knowing when an order is being sent and exactly what is being sent by the supplier. Using EDI, you can request an advanced shipping notice (ASN) from your suppliers that gives you all of this information. Suppliers can also add serial shipping container code (SSCC) labels to your ASNs, which tell you what’s in an individual packing unit. All this can improve visibility, reduce warehouse costs, reduce manual labour and improve customer service.

2. Non-fulfilment of orders

There’s arguably no worse issue than a supplier not being able to fulfill an order and not knowing about until it’s too late. It can batter your reputation and really weaken your relationship with the supplier, not to mention your customers. But what if your supplier could confirm whether or not they can fulfill a purchase you send to them? EDI can do this using a purchase order response (POR). The supplier can send the POR back to you with information about whether they can complete the order fully, partially or none of it.

3. Payment of incorrect/fraudulent invoices

Paying invoices incorrectly, or worse, paying fake invoices is costly to a business. These days the number of fraudulent emails and activity is only increasing. It’s affecting a lot businesses not just in Australia but around the world. EDI can help with this in a few ways. EDI helps is by reducing errors that occur from manual inputting. This makes it harder for invoices to come back to the buyer with errors. And some EDI providers, like MessageXchange, can build in processes to match and invoice with a corresponding PO number to confirm its validity.

4. Staff burnout from all the manual processing

A big issue for business now is keeping costs and processes streamlined and that’s no easy task. As a business grows, processes increase and if they’re manual, costs inevitably increase too. This becomes difficult to address without automation. That’s were EDI helps, you don’t need to be inputting data into multiple software, you don’t need to create PDFs or emails to send trade documents. It’s all input directly into your software so staff don’t have to enter it, and don’t need to fix OCR scanning errors.

5. Improving sustainability

Businesses are looking at become more sustainable and reducing their impact on the environment. One way businesses are doing this is going paperless by using EDI. Everything is done through your software, so there’s no more printing out documents. Want to learn more about how EDI could help solve your business issues? Ask our experts by getting in touch below.

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EDIRetailersSuppliers