Global Trade Management: Time is Money

April 27, 2010
"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 ...

"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.

Jim
Tompkins Associates

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About the Author

Jim Tompkins | CEO

Dr. James A. Tompkins is an international authority on leadership, logistics, material handling, outsourcing, and supply chain best practices. As the founder and CEO of Tompkins International, he provides leadership for Tompkins globally.

His 30-plus years as CEO of a consulting / integration firm and his focus on helping companies achieve profitable growth give him an insider’s view into what makes great companies even better. Listen to an interview of Jim Tompkins on the Business Leader Radio show.

As a high-level business advisor, his unique perspective prepares corporations and executives for the future.

To share his knowledge and provide up-to-date information on supply chain and business trends, he developed the GoGoGo! Blogand Global Supply Chain Podcast.

He has written or contributed to more than 30 books and eBooks, including Caught Between the Tiger and the Dragon, Bold Leadership, Logistics and Manufacturing Outsourcing, The Supply Chain Handbook, andNo Boundaries. Jim has been quoted in hundreds of business and industry magazines such as The Journal of Commerce, Supply & Demand Chain Executive, and FORTUNE, and he has spoken at more than 4,000 international engagements.

Jim has served as President of the Institute of Industrial Engineers, the Materials Management Society, and the College-Industry Council on Material Handling Education, and Purdue has named him a Distinguished Engineering Alum. He has also received more than 50 awards for his service to his profession.

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