Industry insights

Global Trade Management systems: The strategic benefits to your company

June 12th, 2019, Posted in News, UK & Europe

A company that uses a global trade management software system can reduce the costs, risks and delays associated with manual compliance and tracking efforts.

If your company imports or exports physical goods or digital products, or conducts global e-commerce, there is a strong chance that you will need some form of global trade management (GTM) system. Despite this being an essential requirement, companies of all sizes still try to manage their global trade and logistics manually, with employees having to resort to dealing with the arduous task of analysing spreadsheets packed full of data.

How do you know if your full list of customers and vendors have been screened and are not sanctioned under a government trade Watch List? What happens when the small component that you have incorporated into a new assembly was accidentally sourced from a vendor which requires an unforeseen export control licence requirement?  

With the ever-increasing complexity of supply chain management, a lack of automation leaves room for human error and interpretation that can result in severe consequences.

Global trade is evolving, and the constant legal updates mean that companies working with manual process also require employees to keep up to date with regulatory changes. This is a near impossible task that comes with a high level of risk for human error, which can not only cost your company financially but also can have a significantly damaging effect on business reputation.

Streamlining your processes

The principal objective of any GTM package is to manage import and export functions and automate trade activities. It achieves this by seamlessly performing denied party screenings and embargo checks; assigning export and import licenses; creating and filing trade documents and communicating electronically with customs authorities. It can also facilitate product classification, manage customs processes and transit procedures, and determine preferential trade eligibility.

A tailored GTM solution can also provide an excellent level of visibility into landed costs.Organisations that lack a GTM system will have to calculate these costs manually, which is a time-intensive process that is prone to errors such as overlooking preferential trade opportunities that reduce duties and taxes. A transparent landed cost strategy plays a significant role in sustainable and lucrative supply chains and improves the organisation's ability to make effective business decisions and identify cost-saving opportunities.

Integration is easier than you think

Many of the stumbling blocks that surround implementing a new GTM system lie with incorporating it into existing systems and getting them to work together seamlessly.  However, the ideal system can be easy to plug-and-play directly with your existing enterprise resource planning (ERP) systems. With a greater level of integration of a GTM Solution, the less of a burden compliance can be on your already busy day-to-day activities. What you can achieve through automation allows you to free up time to focus on more meaningful decisions and tasks within your organisation, and give not just you, but your upper management, potential insights that may help to streamline your strategic planning of the supply chain

Benefits of a Global Trade Management System

Adding a layer of digital discipline to international trade can unlock the potential for revenue growth whilst aiding your business to get ready for the audit process. Some of the most evident benefits of GTM for import and export businesses are as follows:

How OCR can help

Our GTM solution consists of a range of scalable modules that support global trade.  As the foremost experts on Governance, Risk and Compliance for international trade we have been trusted by Fortune 500 multi-national corporations, government agencies and small businesses worldwide, to ensure compliance for cross border transactions through a comprehensive solution that improves operations, complies with government regulations, saves money and provides a competitive advantage

Export and Import with EASE: EASE Suite of Solutions

EASE is a suite of scalable and configurable solutions designed to help clients automate and simplify their cross-border trading operations and address ever-changing international regulations.

EASE modules are easily integrated with each other and third-party solutions. The platform supports sharing of data and documents automatically and seamlessly.

EASE rules engines are powered by Global Trade Control Data from over 180 countries.

EASE software can be installed behind a firewall or implemented as a hosted service. Our Software as a Service (SaaS) platform operates in secure global data centres which are SSAE Certified with redundant failover and high availability bandwidth with full data encryption.

 

Contact us to find out more