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How do you assess the impact of your EDI community?

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Electronic data interchange (EDI) is a system of exchanging standardized business documents between different organizations. EDI can improve efficiency, accuracy, and speed of transactions, as well as reduce costs and errors. But how do you measure the impact of your EDI community, which consists of your trading partners, service providers, and networks that enable your EDI transactions? In this article, we will discuss some methods and metrics to assess the value and performance of your EDI community.

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Mukesh P.

Senior Business Analyst at eviCore healthcare

1 Define your goals and expectations

Before you can evaluate your EDI community, it's important to have a clear idea of the goals and expectations you want to achieve with EDI. These could include increasing the volume and diversity of EDI transactions, reducing manual data entry and paper-based processes, improving data quality and compliance, enhancing customer service and satisfaction, streamlining workflows and operations, and saving time and money. Additionally, you should consider the specific requirements and standards of your industry, as well as the best practices and benchmarks of your peers and competitors.

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2 Collect and analyze data

Once you have defined your goals and expectations, you need to collect and analyze data that can help you measure your progress and performance. This data can come from your EDI software or platform, trading partners, service providers, and internal systems. Additionally, you should use data analysis tools to visualize and interpret the data, such as charts, graphs, tables, and statistics. This will enable you to identify trends, patterns, gaps, and opportunities. Reports can provide information on volume, frequency, type, status, errors, exceptions; while feedback from partners and providers can give insight into their experience and satisfaction with your EDI processes. Internal systems can show how EDI has affected key performance indicators such as order fulfillment, inventory management, invoicing, payment and customer service.

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3 Evaluate your trading partners and service providers

Your EDI community's strength depends on its members, so you need to evaluate how well your trading partners and service providers are meeting your expectations and supporting your goals. Think about their level of EDI integration and automation, the quality and reliability of their data and communication, the compliance and security of their EDI processes and systems, the responsiveness and flexibility of their support and service, as well as the alignment and compatibility of their EDI standards and formats. Additionally, it's important to communicate regularly with your trading partners and service providers, setting up clear agreements, expectations, and feedback mechanisms that benefit everyone.

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Mukesh P.

Senior Business Analyst at eviCore healthcare
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You can only be as successful as your partner is. This means, if your trading partners or your service provider’s haven’t invested in right people, right tools and softwares, regardless of having a greatest technologies and great talent will still put you on the oath of failure.

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4 Benchmark your performance and value

In order to assess the impact of your EDI community, you must compare your performance and value with relevant benchmarks and standards. You should look at your own historical data and trends to see how your EDI community has progressed over time as well as industry norms and best practices to understand how your EDI community stacks up against others in your sector. Additionally, you should assess your competitors and peers to gain insight into how your EDI community differs from or matches their EDI capabilities and strategies. Furthermore, you should utilize metrics and indicators that can quantify and demonstrate the value and benefits of your EDI community, such as cost savings, revenue growth, customer retention, and competitive advantage.

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5 Implement and monitor improvements

To maximize the impact of your EDI community, you should implement and monitor improvements based on your assessment and feedback. This could involve adding or changing trading partners, upgrading EDI software, adapting new EDI standards, resolving EDI errors, and training staff. It's important to track and measure the results of your improvements and adjust or refine them as needed.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you assess the impact of your EDI community?

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1 Define your goals and expectations

2 Collect and analyze data

3 Evaluate your trading partners and service providers

4 Benchmark your performance and value

5 Implement and monitor improvements

6 Here’s what else to consider

Electronic Data Interchange (EDI)

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