There are some straight forward benefits of global trade management software and transportation management software(tms). The company that deploys global trade management software at their end reaps rich rewards in the form of reduced cost, risk and delays, which are otherwise non-negotiable in the case of manual compliance and tracking effort. When you are working on international shipments, global trade management software can help your trading partner to be on the same page.
In a constant endeavor to run a profitable global supply chain operation, technology plays a critical role and is just as important as human resource. According to a survey conducted by the Global Trade Management Report that surveyed at least 80 companies, found in their study that global trade management software is indispensable for operating global supply chain in a profitable way. When the respondent were asked what initiatives they have taken or are planning to take to improve their global shipping performance, 74 percent of them said they are implementing technology solution. Ironically the same correspondents also emphasized on the need for well trained staffs.
Fortunately for organizations, whose business stretches across borders, have wide array of options available when it comes to implementing global trade management (GTM) technology to help them improve every aspects of their supply chain. But because of the overwhelming number of global trade management solution available, it has become highly daunting task to select the right technology. Since the technology implementation involves huge amount of investment, it is imperative to take the right decision that is beneficial for the organization in the long as well as short run. To cut through all the noise and confusion, here is a short expert guide to help you make the right decision that will ensure your investment provides full value.
GTM solution is geared towards providing solution that helps manage, measure, automate and optimize the information that supports cross border moves. Depending on the features included in your suit, you may use GTM technology to transmit purchase order, book transportation, share information with the vendors and perform hosts of other functions related to procuring and moving of goods.
Global trade involves international borders. GTM solution is designed to address trade compliances when you ship goods into or out of a country. GTM solution makes it easy to meet obligations towards relevant government agencies. The solution can help in determining duty and tariff obligations, file documents pertaining to customs and transmit information required by regulatory agencies such as FDA and drug administration.
Automation and cost saving
Any initiative that leads to automating foreign trade compliance can result in tremendous cost savings. The more compliance data a company has to manage on a daily basis, the more employees it will require to manage compliance data. Global trade management software is designed to monitor tariff schedule and other government requirements and thereby eliminating the need for dedicated team to manage, track and update data.