5 STRATEGIES FOR SUCCEEDING IN A VOLATILE GLOBAL TRADE ENVIRONMENT
Global research from companies worldwide has revealed the 5 areas global trade professionals need to focus on to become highly effective
Today's global trade professionals are facing unprecedented levels of disruption and uncertainty. Still, many companies are finding ways to adapt and succeed.
Here's how:
STRATEGIC PRIORITIZATION
To be sustainable and resilient, businesses that trade globally focus on preparing for future risks, including inflation, depleting resources, price fluctuations, demand, technology advances, updated regulations, international disputes, and more. According to the 2023 Global Trade Survey, 33% of surveyed companies listed the increasing cost of goods and delivery services as their main priority in the coming year.
UPGRADED TECHNOLOGY
To navigate turbulent times, top companies invest in global trade technologies that use cloud-based, networked systems and software to gain more visibility and control over the supply chain. 49% of surveyed businesses are in the early stages of adopting global trade management technology.
SKILLED RECRUITING/RESOURCING
Finding qualified candidates for jobs in global trade has become difficult. This is especially true for companies with more than $100 million in revenue, regardless of their budget. In fact, a survey revealed that a third of companies have understaffed global trade departments. To be successful in global trade jobs, you need strong technical skills, trade experience, legal knowledge, and business acumen. This is in short supply.
ESG AWARENESS
Companies that choose not to comply with Environmental, Social, and Governance (ESG) reporting requirements risk alienating investors and customers, damaging the company's reputation, and potentially limiting the markets in which they can operate. That's why more than two-thirds (68%) of surveyed businesses say ESG considerations are important when they are choosing suppliers.
INTEGRATED AUTOMATION
Automating key trade functions improves accuracy and efficiency, as well as provides a single source of truth for product authentication, quality control, inventory management, compliance, and supply-chain visibility. However, less than half (49%) of surveyed companies have the cloud-based, integrated systems necessary for them to take full advantage of the benefits of automation.
To learn more, download the report.
Thomson Reuters 2023 Corporate Global Trade Survey Report | Thomson Reuters
