Companies must be able to exchange and analyze data as soon as it becomes available, as business is moving faster than ever before. Historically, data processing has been largely completed through EDI (Electronic Data Interchange) batch integration, which is not instantaneous. However, a newer, real-time approach to communicating with trading partners and customers has recently gained traction. This is known as real-time integration.
Furthermore, it strengthens relationships by enabling better expectation management than ever before.
Advantages of Real-Time Integration?
Real-time integration offers numerous advantages to businesses, including:
Data that is more relevant and accurate
Users are always shown the most accurate and up-to-date information available because real-time integration allows information in a digital ecosystem to be updated with fresh data almost instantly. This prevents users from analyzing, employing, and referencing irrelevant data, allowing them to confidently draw conclusions based on the best available data.
Improved Expectation Management
Given all of the foregoing, companies that use real-time integration have an advantage over those that do not, particularly when it comes to strengthening business relationships with key customers, suppliers, trading partners, or logistics organizations. The ability to see data faster, analyze situations in real time, and solve problems quickly leads to greater mutual appreciation among the players in any given ecosystem.
Improved Visibility and Agility
Businesses gain greater visibility into their operations with real-time data integration. Companies can increase agility and respond to incoming information faster with increased visibility, allowing for greater business continuity, stronger relationships with trading partners, increased profits, end-to-end visibility, and scalability.
Better and faster communication
Because communication occurs in real-time without delays—rather than waiting for a human to respond to a message or relying on batch integration—customer service frequently improves with the addition of APIs and real-time data integration. This reduces response times, increases processing efficiency, and reduces delays, errors, and supply chain disruptions.
Process Improvement
Businesses can analyze real-time data to influence better decision-making, create strategies, and optimize processes with access to more relevant and accurate information, as well as greater visibility in processes. Companies can delve into various areas of their supply chains to identify areas of weakness that can be improved, as well as high-performing areas. Process optimization entails reducing errors and disruptions while increasing efficiencies.
Regular and prompt updates
Finally, API and real-time integration enable critical updates to be delivered to various integrated parties. API integration, for example, allows 3PLs and logistics companies to send real-time updates to customers and manufacturers about estimated delivery times and shipment locations, while manufacturers can send real-time notifications to customers when a specific product is back in stock.
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