In today’s global marketplace, foreign trade has become a common denominator that keeps us all searching for ways to improve and enhance sourcing, importing, exporting, buying, and selling processes. Whether it be trade with China, or another country of choice, business both large and small continue to find new strategies to manage and control efficiency. As a result, businesses are turning to technology and specialized systems in order to wade through the sometimes complicated world of trade compliance, importation regulations, and administration oversight. |
As quoted in an article produced by the World Commerce Review, “Whether you are a large multi-national or a small or midsize enterprise (SME), finding efficient ways to manage global trade operations can be a challenge. One thing is consistent regardless of company size - relying solely on manual processes to manage global trade compliance is no longer an option.”
The evolution of global trade management has allowed buyers and sellers the ability to better handle common challenges. Today, electronic global trade management systems retain a number of great capabilities, such as import and export license determinations, the ability to create and file international trade documents, systems for evaluating multimodal carrier options and transit times, as well as embargo checks and parties screenings. Addressing key components, such as trade financing, regulatory compliance, transportation procurement, and contract management, users can personalize their systems to fit their unique needs.
Notably, global trade management systems can help business to determine their true total landed cost, which is a figure that many organizations fail to calculate correctly. Taking into account transport, expected duties, and various fees can prove critical in achieving the correct calculations. Yet, business often leaves out highly critical elements such as stop-off fees, an increase in fuel cost, or freight accessories, among other items. This is yet another reason why utilizing a global trade management system can make a huge difference in a company’s bottom line. While no system is foolproof, these electronic systems provide a much higher rate of accuracy, resulting in enhanced productivity and lower costs.
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