Case study
Streamlining Semiconductor Trade Compliance
Discover how a leading semiconductor supplier achieved seamless global trade compliance with ONESOURCE, overcoming delayed deliveries and non-compliance risks.
Introduction
Our customer is a leading supplier of hardware, software and services to companies that manufacture semiconductor chips worldwide. Being a large contributor to the $2tn electronics market meant they needed to streamline their operations to avoid global supply chain issues.
Automated data entry
Streamlined global trade compliance
Millions saved in duty fees
Challenge
The Head of Trade Compliance identified major gaps in the company’s internal compliance program and advised to the executive team that these needed to be proactively addressed. The top three problems were:
- Accuracy and consolidation of data: The team was consolidating and validating data for thousands of transactions from a variety of different sources using Excel spreadsheets, adding extra burden on the team and causing errors as operations expanded.
- Global trade visibility and process: It was difficult to manage oversight into their trading activities across international offices and compile a uniform view of compliance control procedures. Staff overhead was high, and several compliance issues were identified.
- Confidence in management reporting: It was impossible to report and proactively identify regulatory risks with confidence to senior management. Seeing major risks on their supply chain, the company’s Trade Compliance Head recommended senior management consider a trade compliance solution to overhaul their trade compliance processes.
“Why they chose Thomson Reuters:
- Enabling the company to implement changes at scale
- Extensive workshops to create a suite of customizable and easy to use solutions
- Strong coverage of the company’s target countries and worldwide customer support.
- High degree of precision down to the most granular level, including zip code”
Greater control with a Global Trade management platform
ONESOURCE Global Trade platform met all the key requirements of the Trade Compliance team and executive team. Within the first few months of using the solution, ONESOURCE streamlined the company’s trade lifecycle - across order, logistics, and settlement. The solution was first implemented at company’s headquarters, followed by roll out in Asia and Americas.
- The Global Classification and Global Trade Content solution ensured that products are in the correct tariff slot and that only the most up-to-date trade data is being used, increasing the overall compliance capabilities.
- The Export and Import Management solution managed changes across the entire export-import procedures, facilitating faster customs clearance.
- The Denied Party screening tool provided post-entry Audit enabling automatic screening of all shipment data to ensure that exports to sanctioned countries were legal and error-free.
- The Global Trade Visibility solution helped ensure centralized access to the company’s import-export data.
The platform helped the semiconductor giant achieve complete visibility over all its trade data giving them a ‘single source of truth’, elevating the speed and accuracy of all compliance-related decisions.
In fact, it enabled all import-export data to be automatically processed through its single integration point before being shared with the brokers. This facilitated massive improvements in its supply chain reliability.
Even during trade issues between the US and China, the company was able to hedge its risks and plan for worse case scenarios giving them more certainty and confidence. The platform has enabled it to navigate trade lanes and supply chains seamlessly.
Importance of choosing the right partner for future success
Even though the company had a strong relationship with Thomson Reuters before, a host of other factors also contributed to the company’s decision to forge the partnership:
- Enabling the company to implement changes at scale
- Extensive workshops to create a suite of customizable and easy to use solutions
- Strong coverage of the company’s target countries and worldwide customer support
- High degree of precision down to the most granular level, including zip code
At a glance
Industry
Manufacturing
Solutions
ONESOURCE Global Trade Management
Streamline financial process with Thomson Reuters ONESOURCE
Learn how Thomson Reuters ONESOURCE can automate compliance workflows, improve visibility across countries and entities, and reduce reporting cycle time while minimizing risk.
