International trade binds major economic activities of the world together. Everything is interconnected. Worldwide financial supply chain management has extremely complex workflows between countries that source raw materials, process, and assemble them. Change in one part of the cycle affects the entire process end-to-end.
Therefore, choosing an efficient Global Trade Management system is vital to identify and address your specific business processes.
Your Global Trade Management(GTM) system should provide thorough trade consulting services in terms of legal compliance, communication channels, and technology requirements.
Features Required in a Global Trade Management System
After identifying your needs on a wide scale and the means to meet them, search for the following essential utilities in the trade digital solutions available in the marketplace to be a part of your GTM framework.
- Acts as a Compliance Database-
A GTM must be an excellent document management software. It should compile trade-related rules and regulation records, tariff codes, manufacturing, packaging and price information, etc., in a single place. Many companies depend on ERPs to meet his requirement, but there is a limit to the scope of work an ERP can perform.
How can you filter the incoming orders if you’re an exporter? What about initiating business with a denied party, as an importer manufacturing in multiple countries?
Here’s where a right GTM works its magic.
- Different Integration Points-
While searching for a GTM setup, it is crucial to ensure that there will be no problem integrating it with your back-end systems, thereby managing an easy data stream.
It’s better to make well-informed choices by looking at the vendor certifications and expertise. Even the system certifications can highlight the degree of compatibility GTM can offer to your organizational needs.
- ABI Connectivity-
Customs and Border Protection (CBP) regulations can certify a vendor’s software based on its efficiency of Automated Broker Interface (ABI). In simple words, it means that the importers can take advantage of trade digital solutions without going to the customs office to and fro.
Trade documentation software opens up new automation possibilities for businesses with ABI connectivity. It leads to digital documentation preparation and filing, better compliance with CBP norms, actual tariff rates, easy communication with the broker, etc.
- Flexibility-
The organizations engaged in global trading services need to stay vigilant and adaptable to ever-changing trading norms. Systems that cannot change as per circumstances are pretty expensive to configure and need to be substituted over time.
Thus, choosing a GTM software that sits well with the changes in your business model is everything you need to curb unwanted loss.
- Highly Intuitive and Automated Execution-
Several parties are involved actively in a trading cycle, ranging from a typical global trading bank, manufacturers, wholesalers, retailers, agents, buyers, and statutory authorities. A GTM software should automate and simplify the process of trade consulting services, trade document examination and act as the most convenient repository of essential documents.
The inability of the documents to comply with specific criteria should issue high priority notifications to the vendors and users of the software. This capability makes global trade participants stay on the same page as regulatory authorities.
Wrapping Up-
Global trade may be the economy’s lifeblood, but it has several aspects that need due care to exercise. Documentation is one such area and the need to automate and digitize the business’s procedures.
Trade Technologies identifies itself as a comprehensive and tailored Global Trade Management software provider with customer-centric business processes.
We facilitate seamless integration of global trading bank documentary services that are equivalent to the organization’s success and growth. Our financial and digital document preparation services help streamline operations for every business operation.
Visit our website to know more!
