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More businesses than ever are expanding into global enterprises. Thanks to the Internet, even small companies with a local footprint can now engage with international corporations. Global trade management practices help companies to coordinate their international relationships with end-users in foreign trade zones.
In order to handle these international relations, global trade management (GTM) software is available to streamline the production lifecycle from the initial order to final delivery. A valuable part of multi-echelon supply chain management solutions, GTM software handles the logistics of worldwide production and distribution across borders and timezones.
With GTM solutions, businesses gain an overview of their entire trade network. Companies in one country can coordinate with local manufacturers or international suppliers all from one comprehensive platform. This results in faster turnarounds on orders, more accurate inventory, and a better understanding of your global reach.
Expanding your business globally can provide the following benefits:
The first benefit of GTM software comes from logistics applications. Any multi-echelon supply chain needs careful planning to execute successfully. Add in international borders and the process becomes even more complicated. Logistics tools help you plan ahead when exporting your goods to B2B or B2C customers in another country. They can also help you schedule the importation of materials and supplies for manufacturing by taking different time zones into account.
Streamlining your trade processes begins by making changes to your manufacturing, warehousing, and order processing services. GTM software has applications to automate your global trade operations. An improved import/export fulfillment process means you can begin higher volume cross-border transactions.
Every country has security measures in place on imported goods. These trade compliance regulations differ from country to country, and even within the same country different states, provinces, and cities can have varying levels of compliance. Failure to comply can lead to shipments being delayed or outright refused by local authorities. GTM solutions let you monitor changing international standards so you can always meet regulatory compliance.
For example, GTM software includes party screening applications to help you avoid trade with Denied, Debarred, and Restricted Parties. The official government list of “Restricted Parties” can be extensive, and there are frequent changes due to evolving trade agreements. Checking it manually can waste a lot of company time. Party screening tools automate the review process so you only interact with approved trading partners.
Adhering to trade regulations has another benefit: reduced fines and penalties. International trade has to go through customs and meet strict standards before crossing borders. Export compliance is just as strict as import regulations. Any mistake can lead to costly penalties for your company. Using GTM software will help you to avoid costly fines from trade violations by tracking the rules for export processes in the different territories you interact with. By staying compliant with various country regulations, your company can focus on expanding your volume of imported and exported goods.
The global supply chain is always growing. There are a lot of missed opportunities for companies which don’t operate abroad. Expanding your business internationally can be intimidating, especially if you still need to maintain control over your local business dealings. GTM helps you balance these local issues within the scope of your global trade.
Additionally, financing applications let you balance budgets between different currencies. Without an automated tool, you could be stuck manually calculating the value of every international sale you make. And you have to take international taxes into account. Automated financial applications do the work instantaneously so you can find out which deals are worthwhile before you make any final decisions.
When your company expands globally, you’ll have a lot of extra work managing your day-to-day tasks. Fortunately, GTM solutions integrate with ERP applications so you can control your local and international business operations with ease. Cloud-based ERP allows you to gain comprehensive, real-time analytics about your company’s productivity.