However, implementing EDI traditionally requires resource heavy data mapping, translation mechanics and implementation project management of each of the trading partners. To some, this may sound similar to standardised Electronic Data Interchange (EDI). A SMART network between businesses (for example between a buyer and their supply chain) translates the information between the financial systems so that they work in an inter-operable manner, in real-time, with 100% accuracy. What is important when multiple businesses begin exchanging data with each other, is that systems are fully inter-operable to “talk” to each other as they are unlikely to be the same. This is where the concept of SMART networks comes into consideration. In the world of computerised financial systems, every time a document is created we immediately generate a problem to the next person in line that tries to use that data effectively. The fundamental problem here is the creation of the document (such as: invoices, POs, shipping notices etc.). We receive POs which then need to be keyed into financial systems paper or email invoices are received and require to be keyed into the financial systems (whether emailed or posted). Further to this, in the world of electronic billing, AP and Enterprise Resource Planning (ERP) systems, we are sending and creating documents to drive the financial processes. ![]() ![]() In order to automate financial systems, one fundamental issue should be addressed.įor nearly three thousand years we have been exchanging information in self contained packages called documents. We already highlighted the importance of quality and its impact to the downstream payables process, but let’s take a step back and re-think where document to data conversion processes are coming from.
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