Current challenges and their impacts on global trade management
Thomson Reuters recently surveyed more than 200 global trade professionals to find out their biggest challenges, what they are doing to meet those challenges, and the role of global trade technology in their strategic plans.
Top business trade challenges
Interviews with executives around the world indicate that the top factors affecting global trade management business operations today are:
- New regulatory changes and agencies
- Tariffs and sanctions
- System changes
Retaliatory tariffs: U.S. companies suffer more
By a wide margin, companies in the United States are affected by retaliatory tariffs more than companies in other parts of the world.
Executives say they are looking for new hires with skills in these top five areas:
- Communication and leadership
- Legal, regulatory, and compliance
- Negotiation and problem solving
- Business acumen
- Information technology and automation
Impact 1: Filling the growing skills gap
More than 77% of respondents agreed that the rapidly evolving trade environment is making it harder for companies to find new talent with the skills necessary to excel in the profession.
Impact 2: Global trade technology adoption rate
Nearly half — 49% — of companies surveyed said they are either behind or still in the process of adopting global trade management technologies necessary to meet modern day challenges:
- Behind the curve: 12%
- Early stage: 37%
- Established: 31%
- Exploring emerging technologies: 20%
Impact 3: Investing in technology software
Technology software investment priorities can address these challenges.
- Data security
- Data sharing
- Automation
- Regulatory compliance
- Improving workflows
Of those surveyed, 81% of respondents agreed that the solution to rapidly changing customs environments lies in adopting more capable global trade technologies.
Download your copy of the Global Trade Report 2022 to discover what these shifts mean for global trade compliance leaders in today’s uncertain environment.
