"Time is Money." This phrase is about as timeless as the movement of goods from Point A to Point B (or additional points if it’s the service supply chain). And it’s especially true for Global Trade Management, a topic of growing importance that companies need to become more familiar with today.
As our new Global Trade Management Technology (GTM) white paper suggests, "Speed at a competitive cost is the goal for the flow of goods through the global supply chain."
The benefits of using GTM and Supply Chain Event Management (SCEM) applications are clear – they improve global companies’ abilities to handle regulatory complexities, increase visibility and flexibility, manage finance, and optimize the use of technology and supply chain software.
As the paper notes, robust GTM applications provide three key capabilities to the supply chain:
1. Compliance – Automating customs and regulatory compliance activities:
a. Import/export licenses;
b. Proper product classification;
c. Restricted party screening; and
d. Automate customs filings;
2. Content – Regulatory, duty/tax, and classification information for each pertinent country to comply with trade regulations and prevent any delays in customs.
3. Connectivity – Linking all trading partners and external parties (customs, brokers, freight forwarders, financial institutions, etc.) together to complete a transaction.
Without a way to connect internally and externally, your company may be operating blind. And with the current high levels of global trade, supply chain visibility for all partners is essential.
GTM and SCEM technologies help provide real-time information through a single source. As your supply chain becomes more complex, isn’t it time that you simplified your processes?
Lean more about how these technologies can help you same time and money by reading the recent white paper, Global Trade Management Technology, Lowering the Barrier to Gain Control of Your Supply Chain.
From Supply Chain Brain: Closing Talent Gaps for Global Supply Chain Management
Read and Subscribe to the China Business Blog and Podcast from Technomic Asia
The Global Supply Chain Podcast