Global Trade Management solutions
International trade is a hugely complex system, with importers and exporters having to balance a wide range of compliance and security requirements, customs duties, trade restrictions and other regulations.
For large businesses, this can quickly become unmanageable. Therefore, in order to bring this back under control, the use of dedicated Global Trade Management solutions is a must.
What are Global Trade Management solutions?
Global trade management solutions are software services intended to bring all the tools you need to effectively manage your entire international trade operations into a single location. They aim to streamline the entire trade lifecycle, from initial orders through to shipping and logistics, as well as customs filings and other essential compliance activities.
These tools need to integrate with other critical business systems, including enterprise resource planning tools, purchasing software, supply chain suites and those of partner companies. By doing this, firms not only ensure they are compliant with complex and varying regulations around the world, but save time and money and boost their overall competitiveness.
The advantages of an effective Global Trade Management solution
A good Global Trade Management Solution should allow businesses to greatly increase their efficiency. Automation technologies for areas such as managing trade documents, filing declarations to the relevant authorities in each country, and ensuring compliance with regulations not only make these processes much faster, but reduce the risk of costly errors.
This has a number of advantages. As well as freeing up time for employees, it provides a much higher level of visibility into everything that is going on within their supply chain, enabling traceability and auditability of any goods.
What's included in a strong Global Trade Management tool?
Effective Global Trade Management tools should encompass a range of features to help give you full visibility and compliance over all aspects of your operations. Some of the most important include:
Customs filing tools automate and streamline the process of filing customs declarations across multiple countries and connect directly with government systems to make these essential processes easier and more accurate. This greatly reduces the risk of miscalculations that could result in you failing to declare items or not paying the correct excise duties or other tariffs.
Understanding the correct classification for goods is vital in ensuring the smooth import and export of items around the world. This can be a highly complex process, especially for items with many components, so being able to resolve any classification questions accurately makes life much simpler, especially when dealing with multiple countries that may have their own unique systems.
Determining whether goods may be liable for quotas, extra tariffs or preferential treatment under rules of origin can be another highly complex process, especially for items with many component parts. Being able to calculate this quickly and efficiently ensures businesses are able to take full advantage of arrangements such as free trade agreements and ensure they are paying the correct amounts of tax.
Ensuring you're complying with any restrictions and export controls is another critical aspect of a good Global Trade Management system. This may cover everything from the export of sensitive technologies or dual-use items to ensuring you're not doing business with sanctioned individuals, companies or countries.
There's more to an effective solution than compliance, however. Advanced data analytics are also a must for importers and exporters. This can provide critical insight into patterns, emerging trends, opportunities and potential problems in your supply chain. Having this available on-demand, in an easy-to-understand, visual format is therefore essential.
These are just some of the capabilities of a comprehensive Global Trade Management solution. With the right tools, you can do much more to take control over your entire trade lifecycle in a single location.