Going Digital: What Does it Mean for Global Trade Management?

Posted by Gary M. Barraco on Wed, Aug, 16 2017 @ 12:00 PM

The industry is buzzing about the concept of digitizing the supply chain. Stories flood the media about how companies must digitize, but the process is still in its early years. Only one third of 490 top supply chain executives recently surveyed by Cognizant and Forbes Insights believe their companies have achieved high maturity of digitization of their supply chain in strategy, planning or execution.

...But what does that mean anyway?

                                            

Most companies still operate hybrid supply chains of paper-based and IT-supported processes. They work with multiple parties to communicate via a mixed model of paper, email, and phone. Some information is digitized, some remains physical, and most is kept in silos; an inefficient and severely flawed way of operating in a fast-paced environment. But foremost, non-digital supply chains are missing out on significant opportunities to save time, money and resources.

Moving from digitizing to digital

In simple terms, digitizing is creating a digital (the bits and bytes) version of analog or physical things like paper documents, images, even color swatches or product samples. Some companies already have moved their internal teams to digital platforms but stop there, never shifting their strategies to become truly digital across every link in their entire supply chain.

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Topics: Global Trade Management Software, Global Trade Management, Global Supply Chain

Open for Business: Customs at the Forefront of the UK’s New Special Partnership with the EU

Posted by Arne Mielken on Tue, Aug, 15 2017 @ 12:50 PM

Although Big Ben has been taken out of commission for the next four years while it is being refurbished, the UK is making sure commerce and trade will be running after its departure from the European Union (EU). The story is well-known by everyone in the trade industry; the United Kingdom-European Union membership referendum vote held on 23 June 2016 resulted in 51.9% of voters voting in favor of leaving the EU. The government initiated the official EU withdrawal process on 29 March 2017, putting the UK on-course to complete the withdrawal process by 30 March 2019.

Amber Road has regularly kept our customers and trade professionals in the know about Brexit’s impact on trade. The blog post on 15 June 2016 and a full corporate press release. We also held a special webinar on the “The British Vote Brexit: How Will This Impact Global Trade in EU and US Companies?” which is available on-demand and issued a Q&A paper.

Following months of speculation regarding the UK’s position on various aspects of global trade – positions that are now subject to serious scrutiny as the government negotiates the departure from the EU - an official paper was just released to clarify the government’s plans...

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Topics: Global Trade Content, Global Knowledge, Trade Content Specialists

The Digital Global Supply Chain

Posted by Julia Gorman on Mon, Jul, 31 2017 @ 2:00 PM

As companies expand global operations to take advantage of cost savings in other regions, they are put under pressure to deliver the right product at the lowest price into the waiting hands of customers. From sourcing to shipment execution, your global operations require collaboration with various parties, the exchange of documents, and the ability to quickly adapt to interruptions, all the while remaining compliant with global security initiatives. Without digitization, important and cost-saving details are bound to get lost in the shuffle.

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Topics: Global Trade Management, Supply Chain Visibility, Global Supply Chain

Video - Transforming Your Global Supply Chain

Posted by Tiffany Gourdin on Thu, Jul, 27 2017 @ 12:00 PM

We are pleased to announce the release of the newest video in our Video Hub - Transforming Your Global Supply Chain!

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Topics: GTM Best Practices, Supply Chain Visibility

EU & Canada Confirm: “We Are Ready To Apply CETA This Autumn!”

Posted by Arne Mielken on Wed, Jul, 26 2017 @ 12:00 PM

On July 8, 2017, at the G20 meeting in Hamburg, Germany, the EU and Canada officially announced the provisional application of the Comprehensive Economic and Trade Agreement (CETA) - the modern-day Free Trade Agreement (FTA) between the EU and Canada. The date of implementation has been officially set for September 21, 2017. Canadian Prime Minister Justin Trudeau said that "98 percent of the CETA agreement will take effect on 21 September."

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Topics: Duty Management, Free Trade Agreements

EU and Japan Moving Forward with Historic Free Trade Agreement

Posted by Nick Boland on Tue, Jul, 25 2017 @ 1:56 PM

After four and a half years of negotiation, it is looking increasingly likely that the EU-Japan Economic Partnership Agreement (EPA) will be concluded toward the end of 2017. Successful meetings in April and July, backed by strong supporting messages from both sides, means that this landmark deal will create an agreement that aligns two economies accounting for more than a third of the world’s Gross Domestic Product (GDP).

To add some scale to what that translates into, there are about 74,000 EU companies that export to Japan (source: eu.europa.com) paying in excess of €1 billion per year in tariffs, along with some 600,000 jobs supported by EU trade with Japan.

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Topics: Duty Management, Free Trade Agreements

Trump Extends Duty Savings Programs for Travel Goods to All GSP Countries

Posted by Gary M. Barraco on Fri, Jul, 21 2017 @ 1:00 PM

On July 5, 2017, President Trump signed a proclamation officially granting duty free benefits on 28 lines of travel goods to all GSP countries. The U.S. travel goods industry had been impatiently waiting for this announcement since last June, when the Obama Administration granted only a limited number of countries.  

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Topics: Duty Management

Preventing Risk from Sinking Your Supply Chain

Posted by Nick Fabretti on Tue, Jul, 18 2017 @ 2:48 PM

Global trade compliance risks are not always easy to identify and don't manifest in only one area of the supply chain. Also, if you are not preparing your organization to address them, you can expose your company to irreparable damage. 

As an exporter, being aware of those risks is the first step in learning how to manage them.

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Topics: Risk and Quality Management

How Digitization Impacts the End-to-End Supply Chain

Posted by Nick Fabretti on Fri, Jul, 14 2017 @ 8:50 AM

The key to success for any supply chain is efficient exchange of information. The traditional supply chain is fraught with friction, caused primarily by lack of complete and timely information. The data that exists is often siloed in multiple systems across the network. Digitization breaks down the walls to create a unified ecosystem that provides great value to all of the players involved.

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Topics: GTM Best Practices

Leveraging Restricted Party Screening Software to Minimize Risk from Politically Exposed Persons

Posted by Gary M. Barraco on Thu, Jul, 13 2017 @ 12:58 PM

2017 might go down in the record books as the year of changing trade regulations. Tax and duty, preferential trade, import/export controls, and other complex laws are all under the regulators microscope in countries around the world. Adding another layer of risk, organization like the Financial Action Task Force (FATF), UK National Crime Agency (NCA) and others are working to ensure that businesses do not engage in bribery as a means to obtain or retain business. Numerous countries around the world have passed anti-corruption laws, such as the US Foreign Corrupt Practices Act (FCPA), the UK Bribery Act, the Canadian Corruption of Foreign Public Officials Act (CFPOA), Chinese Anti-Corruption Laws, and more. Some of these laws does not distinguish between small and large bribery payments, thus prohibiting any facilitation payments.

Many organizations are already getting hit with huge fines for breaches in anti-money laundering rules in the United Kingdom, Hong Kong and Germany. The first step toward compliance with these regulations is to identify those individuals that may be part of your company’s operation.

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Topics: Restricted Party Screening