Like all companies, Loren Data is almost finished planning for 2023. I’m sure we will have it all complete by Feb – lol. As we continue to partner with service providers, suppliers, vendors, and hubs/buyers, our ecosystem and platforms will continue to be our focus.
ECGrid’s APIs and self-service management tools will continue to be refined to drive simple operations while reducing risk. One of the planning challenges is ensuring we are in sync with the industry. Our support and product teams are constantly soliciting feedback, putting surveys in the market, and interviewing our customers.
The next step is always to align that feedback to the market dynamics and trends. Tony, who leads our sales team, and Linda, our marketing leader, will help drive the future of Loren Data based on the future we see in the market. One thing we see is smart systems that leverage machine learning. To test our confidence and faith in AI and machine learning, we asked ChatGPT the following question: What is the future of electronic data interchange?
The response couldn’t be more aligned with what we believe and understand as the mission for folks like us in the Supply Chain Connectivity space:
Electronic data interchange (EDI) is a system that enables the electronic exchange of business documents between organizations. EDI has been in use for several decades and has proven to be a reliable and efficient way for organizations to exchange business-critical information. In the future, it is likely that EDI will continue to evolve and be used more widely as businesses increasingly rely on electronic systems for their operations.
One of the main drivers for the future of EDI is the increasing reliance on digital systems in business. As more organizations adopt digital systems, the need for reliable and efficient ways to exchange data between these systems will likely increase. This will likely lead to continued growth and development of EDI systems, as well as the adoption of new technologies and standards to improve their performance and functionality.
Another factor likely to shape the future of EDI is the increasing demand for real-time data exchange. As businesses become more data-driven, there is a need for more timely and accurate information to support decision-making and operations. This will likely drive the development of more advanced EDI systems that can support real-time data exchange, as well as the integration of EDI with other technologies such as artificial intelligence and the internet of things.
Overall, the future of electronic data interchange looks bright, with the continued evolution and development of EDI systems likely to support the growing digital needs of businesses in the coming years.
What do you think?
Todd Gould, CEO
Loren Data Corp.