With the introduction of standardized electronic exchange of data, the energy market is rapidly progressing. It helps in quick supply as per the demands as well as the accumulation of resources for higher profits and ROI. FortySeven Software Professionals has deep expertise that can share with you and help to move your business forward.
European Federation of Energy Traders (EFET) largely emphasizes the use of IT for the standardization of electronic data exchange within the energy market.
Electronic data exchange has appeared to be faster, efficient, and quite cost-effective for businesses operating in the energy sector. In this fast-paced, electronic world, the exchange of data within and among businesses is an important business need and requirement.
Electronic Data Interchange (EDI) is the electronic transfer of documents between companies. Commonly known as electronic data exchange, it is the exchange of business documents from computer to computer. The electronic format used in EDI is the standard set by EFET.
EDI has proved to be largely valuable for businesses. It is cost-effective, speedy, accurate, and business efficient. It increases visibility by reducing the cost you need to spend on manual document exchange.
With several EDI benefits, you should know that EDI comes in different forms. As per standardized electronic data exchange, there are various tools and applications that you can deploy, such as:
Static data involves the transfer of the information regarding the product's characteristics, features, specifications such as expiration dates. This data cannot be altered or edited.
Position matching is another important aspect of energy trading and needs to be done quite often. With ePM, the process becomes speedy and reliable.
For settlement matching, eSM has proved to be a very innovative solution under EFET standards. It allows automation of invoicing and matching financial statements.
eCredit Matrix ensures the provision of accurate data of energy trading as per EFET standards. It helps in timely transactions and the collection of financial data.
eCM comes handy when confirmation matching needs to be done between EFET partners. As transaction volume is high, eCM is a potential solution.
Some other forms of electronic data exchange include Communications Standard and Certification Testing, both of which are highly significant for energy trading in Europe.
Overall, the implementation and use of EDI as required by EFET add a lot to the business value. As business processes get automated, the employees need not spend time, effort, and resources on manual data exchange. When employees focus on other important niches, business value greatly improves.
Electronic transfer of data ensures real-time visibility. This does not only offers timely exchange but faster decision making and enhanced responsiveness. The businesses can integrate and coordinate well and, thus, stay up-to-date with market trends.
EDI offers sustainability and helps fulfill another important goal of EFET i.e., low carbon emissions. With the help of EDI, the use of paper and other such resources is eliminated. Using electronic transfer as an alternative to paper-based exchange, better sustainability is achieved.
By eliminating the cost of paper, printing, postage and document retrieval, etc. EDI has come to be highly cost-effective. With EDI, a single order process costs $1.35 only while the manual process takes $38.
With 30 to 40% elimination of human errors, data quality is improved, and thus, more accurate data is collected. Moreover, EDI increased business efficiency as business cycles improve its speed by 61%.
Mobile apps have revolutionized the mobile world, getting much more power in the hands of customers and more business in the pockets of entrepreneurs. In the dynamic technology sector, the mobile application development market is at its peak. It is the need of the hour and the last fruitful trend of the company. FortySeven Software…Learn More
We at FortySeven Software Professionals, have a very well-coordinated and dynamic delivery team who can perfectly harmonize the advanced, scalable solutions to make your business stand apart from the crowd. Starting from building the digital establishment for your business to incorporating the best engineering productivity tools and practices into your software platform – we do…Learn More
DevOps is a combination of cultural practices, philosophies, and tools that enhance an organization’s ability to provide high-speed applications and services. Our experienced IT specialists will help you to organize and build your software by simplifying IT and applying more automated processes. We offer DevOps Services as a part of software development process as well…Learn More
Data in itself isn’t a new invention. People are generating it everyday in huge amounts. Though Big Data is changing the way people used to live and run business. Big Data is what companies do with the data that matters. The amount of it is going to increase, while analytics technology will become more advanced.…Learn More
The businesses are turning to Robotic Process Automation (RPA) to revolutionize the way enterprises previously used to work. It mainly targets at streamline day-to-day operations and reduces overall cost. FortySeven Software Professionals will help you to implement RPA and streamline your business. Home RPA Trends The businesses are turning to Robotic Process Automation (RPA) to…Learn More
Machine learning is the science of getting computers to act without external programming. In the past decade, Machine Learning gave us self-driving cars, practical speech recognition, accurate web searches, and new discoveries of the human genome. You have probably used this ubiquitous technology in your daily life without even knowing it. FortySeven Software Professionals is…Learn More
FortySeven Software Professionals has a wide spectrum of ERP solutions implementations for global companies around the world: from small businesses to enterprise-level customers. We are an ERP software integrator and can offer various customization opportunities for your needs. Home Bring People and Process Together with Our ERP Software Development Services If you have a business,…Learn More
eCommerce industry is growing rapidly, nowadays it has become an essential part of the business. One of the main advantages of business is a convenience for their customers. We know how to best apply new technologies and trends into your business. FortySeven Software Professionals e-commerce web development services offer various eCommerce solutions to business worldwide.…Learn More
ETRM Software allows improved and efficient business processes, and that’s the key reason why energy companies are increasingly concerned about ETRM. IT experts such as FortySeven Software Professionals are providing ETRM as an innovative way to deal with trading and risk management for the energy sector. Home Key Aspectsof ETRM Energy Trading and Risk Management…Learn More
Our development process is the natural evolution of a software process to support today’s changing business environment. We believe that every project should be dealt with a fresh approach. Our industry knowledge allows us to deliver solutions that solve business challenges in 40+ industries. Working closely with you, we define your needs and devise effective automation tool concepts, knowing how to implement these concepts and integrate them according to your specific needs.
We have defined each framework with one sincere belief that an engagement model is what that defines a successful collaboration between you and us. Nevertheless of chosen model, you will have the total control, transparency and flexibility over delivery and the budget during the whole development process.
This approach doesn't give the flexibility to you, but it can be used by government or other companies, corporations, individuals if the requirements are clearly defined and all the specifications of the project are known in advance. The involvement of the customer is limited. During the development process, the requirements can’t be changed, any changes will lead to additional fees and make the price of the project not fixed anymore.
This model is based on the rapidly evolving business and technology world. You are able to make changes on the go and pay for the time the development team spends actually working on your product. We will provide you with pre discussed amount of software engineers and IT specialists required for realization of your project of any size. Each iteration is planned together with you before its implementation, that gives you total control over the deliverables and the budget.
This cooperation model allows companies, corporations or individuals to augment their software development capacities. You get the access to human resources like software engineering specialists, devops, QA engineers, technical writers, designers, project managers etc. who will work on your project using your software tools and selected methodology. Our IT specialists can work in synergy with your existing IT department.
At FortySeven Software Professionals, our goal is to solve global energy related challenges. We help to improve approaches towards energy efficiency and renewable. To make the world a better place, we support energy conservation and energy efficient security measures worldwide. We are providing services to manage your energy spending. Home Solutions for Energy Industry Our…Learn More
Fin Tech / Fintech / Financial Technology is the latest and innovative technology that aims to deliver excellent financial services. Using smartphones for investing services, mobile banking, and cryptocurrency are some examples of how technology is making financial services more available. FortySeven Software Professionals has a deep expertise providing Fintech Services, including covering all the…Learn More
To help healthcare let go of traditional practices, FortySeven Software Professionals offers all the different forms of technologies that medical organizations and institutions can implement. Home Key Aspects of Medical Industry The field of medical is experiencing innovation and modernization in this technologically advanced world more than ever before. With the introduction of newer and…Learn More