In today’s uncertain times, one thing remains certain: There will always be changing global trade rules and technologies. The following are 10 of the top ways we believe companies can ensure they are being as efficient, safe and cost-conscious as possible in the short run while building a sound infrastructure for future needs.
With the goals to reduce cost and risk in the supply chain, automation and working closely with partners are the two most practical areas of opportunity.
Below are the abbreviated 10 ways to reduce cost and risk in global trade management. For the full version, visit the Journal of Commerce website
1. Companies must validate more things.
2. Importers and exporters have more direct accountability.
3. Electronic submission is required.
4. Savings opportunities can be realized by having proactive plans.
5. Enabling scalability so companies can expand their trade management capabilities gracefully.
6. Build a virtual network of partners, vendors, agencies, etc.
7. SaaS-based systems are cheaper and easier to work with.
8. Supply chain security is critical.
9. Keeping the entire trade picture in view.
10. Part of corporate social responsibility reporting.
Managing global trade will continue to be laden with complexities and changes from all sides of the puzzle: governments, trading partners, service providers and related partners, nongovernmental interest groups and consumers. As such, importers and exporters are challenged to provide global trade processes that incorporate all the collaborating parties, changing laws, new and historical data and accomplished work from the virtual network. Utilizing automation and partners is more necessary than ever to streamline processes while ensuring the highest levels of safety and compliance.
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