Avoiding supply chain disruption with analytics and proactive global trade planning
Changing trade relationships, the COVID-19 pandemic, political instability, and regulatory uncertainty have all contributed to the sudden and dramatic reconfiguring of sourcing, production, and supplier networks. How do supply chain and regional global trade managers navigate documentation, compliance, and risk exposure amid the chaos? How do they evaluate sourcing and supplier options?
Supply chain complexity and market volatility have raised the stakes for companies engaged in global trade. Reliable trade compliance data is a growing priority among global companies as supply chains become more complex, extended across multiple markets from raw materials to final sale. Complete, up-to-date knowledge of commodity classifications, duty schedules, quotas, country-of-origin rules, inspection regimes, and free trade agreements (FTAs) is widely understood to be essential in defensively managing compliance risk – from sourcing to final sale.
The use of global trade management software opens a window into the supply chain that generates important data and insights about broader operations. You’re tracking the provenance of goods, running cost and risk analyses, weighing strategic options, and measuring supply chain performance. The objective is the same for compliance and for planning and design – to monitor operations in real-time and tease out patterns from the data that identify new opportunities or areas for improvement.
Real-time visibility, advanced data analytics, and automation of processes to keep trade moving are fast becoming the industry standard. With the addition of advanced analytics, global trade management software has gained importance as an end-to-end planning tool to make sourcing and routing decisions that raise overall productivity, shorten procure-to-pay cycles, and lower the total landed cost of finished products.
- Why companies should automate high-volume, repetitive back-office workflows to boost trade compliance performance
- What companies can do to manage and mitigate supply chain disruptions related to Brexit and beyond
- How to leverage global trade management software solutions for proactive planning, risk management, and strategic sourcing decisions