In many of the companies I deal with, the Global Trade Management (GTM) function is placed in the hands of either a small, very qualified team or in the hands of a trusted trading partner: the freight forwarder.

These parties are typically highly qualified to deal in the labyrinth of global logistics. However, the placement and structure of these groups, their relationship to supply chain effectiveness, and the specialized technology tools with limited meaningful integration often don’t work in concert with the overall needs of right product, right place, right time, right cost.

For many firms, now is the right time to evaluate global trade capabilities and achieve a competitive edge. In some cases, upon evaluation, making use of existing capabilities with a re-engineered integration and visibility model is the correct path forward.

More frequently, when this evaluation is coupled with a review of current software solutions, a new platform for GTM is the more effective way to proceed.

Global trade management technology has come a long way in the last few years. Several stable and committed solution providers have delivered on a globally connected vision of the supply chain, offering robust applications that rein in control of the global supply chain and provide broad accessibility.

Their focus has been on meeting the demands of constantly evolving trade regulations while also maintaining a commitment to improving trade financial management and providing meaningful visibility.

Because many of the solutions have their roots in Software-as-a-Service (SaaS), their maturity in stabilizing a low cost of ownership and in handling broader systems integration needs is greater than most other areas of supply chain information technology.

Look for solutions that offer the following:

Export and Import Compliance

Export and Import Classification

Trade Document Generation

Lead Time Assessment and Reduction

Reduction in Duties Paid and Non-compliance

Landed Cost/Origin Management and What-if Assessment

Trade Finance

Supplier Collaboration

Robust Integration with Accounting, ERP and SCM systems

The barrier to deploying GTM solutions is being lowered every day, and the path that yields substantial results continues to become clearer. Read the latest paper from Tompkins (and co-authored by yours truly) on Global Trade Management Technology to explore this topic further, and, as always, I’m interested in your thoughts.

- Matt

Photo credit: Mishel Churkin

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