Corporate Global Trade Survey Report: Turbulence Tempered with Technology
The new report, 2022 State of the Global Trade Department, examines the trade compliance landscape, surveying industry professionals on the challenges and trends, talent and skills requirements, and technology use and priorities. As for the individual respondents, more than half the participants were upper-level executives or directors/managers responsible for procurement and/or trade logistics and supply chain management. More than a third of the companies represented have headquarters in the US, followed by companies with headquarters in Mexico, the UK, Germany, Australia, Brazil, Japan, and Singapore.
Rapidly evolving role and technology of global trade compliance
The survey found that supply shortages, tariffs, sanctions, and customs compliance that apply across the global marketplace have huge repercussions on global trade compliance teams. These factors have made global trade jobs more complex and important. Because of this requirement shift, companies are having trouble recruiting and developing enough new talent to fill the skills gaps that this expanding palette of responsibilities has created.
As global trade management technology and systems are becoming essential industry tools, virtually every multinational company involved in global trade is in the process of managing its own technological evolution. Roughly half of the companies responding to this survey are in the beginning and middle stages of their technological journey, while the other half are either content with the systems they have in place and/or are actively exploring the possibilities of new technologies such as AI and blockchain.
Download your complimentary copy of the State of Global Trade Department report to discover what these shifts mean to trade compliance leaders and why they may even be more important given today’s uncertain and immensely challenging environment.