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• W28933700 abstract "Relatively few banks are heavily involved with electronic data interchange yet, but the stakes are high for ignoring it. Outsourcing may open the door for more, and so may the Internet Like the elephant in the fable, electronic commerce is a different thing to different observers, especially when they can't clearly see what they're dealing with. To some bankers, electronic commerce is supporting retail customers with home banking; to others, it's supporting merchants with secure payment systems; to others, supporting corporate customers with back-office processing. Of course, electronic commerce is all of these--and more yet to be revealed. But where the perceptions converge is that for banks, the big opportunities all center on ways of adding value to the flow of electronic transactions between banks, consumers, and corporate clients. Electronic data interchange (EDI) is a special kind of electronic commerce, referring to paperless business-to-business transactions untouched by human hands. It's estimated that today some 95% of all business transactions are still done on paper. Even when talking about computer-generated paper, we're talking labor-intensive data entry--slow, expensive, error-prone standalone outputs rather than a stream of financial information. The potential payoff is huge: RJR Nabisco estimated that it costs $70 to process a paper purchase order but only 93 cents using EDI. EDI is the business-to-business, computer-to-computer interchange of information in standard formats. When payments are involved, the process is called financial EDI, which lags several years behind nonfinancial exchanges. While tens of thousands of business and government agencies use EDI, only about 50 American banks are in those loops. That's mainly due to the high costs involved. Getting EDI-capable means major outlays for transactions-processing software and use of the private value-added networks (VANs) that carry the transactions from firm to firm to their banks. Just as daunting is the business-culture shock that inevitably accompanies the changeover. So EDI has been the domain of large players, each with thousands of suppliers. Less than a dozen large money-management banks handle EDI for these large customers. So smaller banks serving smaller corporate customers are pretty much out of the picture. Double standard Thirty or so years ago, when EDI concepts were new, companies and industries made up the standards as they went along. Later, under the aegis of the American National Standards Institute (ANSI), North American participants developed the X12 set of standards, which feature variable-length records and cross-industry application. Another standard covers international (originally European) transactions: EDIFACT (EDI For Administration, Commerce, and Transport.) There is much talk about fusing X12 into EDIFACT to facilitate global transactions. Naturally, international agreement on this is slow in coming. It may turn out that both standards will survive and translation software will take care of the differences. The importance of being Still in a prolonged adolescence, EDI focuses on improving management of the supply chain, with the strategic goal of reducing the number of suppliers. This, it's expected, will lead to a network of preferred suppliers working together with the precision of a Final-Four basketball team. In the near future, a would-be supplier who is not EDI-capable will have to get used to being snubbed by hub firms who prefer to deal electronically with their thousands of suppliers. To play in this league, a company needs enough trading partners to make the EDI investment worthwhile. And there's the rub. A recent survey found that hub firms were converting less than 5% of their trading partners and less than 30% of total transaction volumes to EDI--but they need 50% of their trading partners in order to use the technology efficiently. …" @default.
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• W28933700 title "EDI: Banker's Ticket to Electronic Commerce?" @default.
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