Purchase Solution

Electronic Data Exchange and Fund Transfers

Not what you're looking for?

Ask Custom Question

Electronic Data Exchange (EDI) and Electronic Funds Exchange (EFT) have been active in larger firms for more than ten years. These tools have allowed firms to greatly improve the speed of business activities and provide greater efficiency to operations. It has reduced costs and provided effective supply side management in the distribution chain.

Discuss examples from your research and knowledge where the above tools have greatly improved business efficiency.

Purchase this Solution
Solution Summary

This solution discusses EDI and EFT and how they improve efficiency. The solution is approximately 450 words and has one citation.

Solution Preview

Collaborative commerce had its beginnings in the 1980s with both electronic data interchange (EDI) and Procter & Gamble and Wal-Mart's 'collaborative replenishment' project. This was when Duane Weeks, a Procter & Gamble brand manager, led a team that prototyped 'continuous replenishment'. What this meant was that Proctor & Gamble would automatically ship Pampers to the warehouses of Schnucks, without the grocer needing to place orders. The prototype was broadened by P&G vice president of customer services, when after rejected by K-Mart, approached Wal-Mart the concept in 1988. Today, P&G software and process design is the industry standard (May, 2003).
By implementing this system it eliminated time-consuming and it improved service, reduced inventory and both sides formed a ...

Purchase this Solution
Free BrainMass Quizzes
Managing the Older Worker

This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce

Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

Organizational Behavior (OB)

The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.

Operations Management

This quiz tests a student's knowledge about Operations Management

Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.

View More Free Quizzes
Related BrainMass Solutions

  • Information Technology and Logistics

    Electronic commerce including electronic data interchange, e-mail, electronic fund transfers, electronic publishing, image processing, electronic bulletin boards, shared databases and magnetic/optical data capture enables companies a to automate the

  • Risks in EFT Systems

    Consumer EFTs are governed by the EFTA (Electronic Fund transfer Act) of 1978. Commercial fund transfers are governed by Article 4A of the UCC. The UCC regulates the laws and the regulations regarding EFTs and fund transfers between banks.

  • Gov and NPO Accounting

    Revenue is defined as increases in fund financial resources other than from interfund transfers and debt issue proceeds. Other Financing Sources are increases in fund financial resources from interfund transfers and debt issue proceeds. 2.

  • Controlling Cash - multiple choice question

    Using electronic funds transfers B. Using bank accounts C. Using a petty cash fund D. Performing surprise cash counts Hi there, The correct answer would have to be C.

  • Define the following terms

    This can be transferred in three different ways: direct transfers, indirect transfers through investment bankers, and indirect transfers though a financial intermediary. 4.

  • Which industries were the first to establish standard EDI transaction sets? Do you feel these industries felt it was important/benefical to implement these procedures?

    Shipping receipts are sent electronically from the GM plant to an Electronic Data System (EDS is subsidiary of GM) computer center where they are matched against electronic invoices and purchase orders.

  • Counterfeit Access Device and Computer Fraud and Abuse Act

    This covers the consumer rights with regard to electronic fund transfers to and from any bank account. It also prohibits unauthorized electronic removal of funds.

  • Governmental and Nonprofit Accounting

    Interfund transfers and debt issue proceeds received by the General Fund would be recorded as other financing sources. 4. All purchases of goods and services by a General Fund and all interfund transfers are recorded as Expenditures. 5.

  • Budgetary Entries

    Anticipated revenues are $10 million; anticipated transfers from other funds are 1.3 million; anticipated expenditures and encumbrances are $9.8 million; anticipated transfers to other funds are $1.2 million d.

View More Related Solutions