What just happened? The global trade landscape changed dramatically when the enervating U.S. Presidential election ended. While the results shocked many around the world, the potential shifts in trade policies under President-Elect Trump are obvious. Even in the first few days following his win, direct and unmistakable anti-trade sentiments have resounded from the incoming leader. The change in administration is sure to bring the dismantling of existing trade agreements, scrapping of pending agreements and a lack of focus on easing cross-border trade overall.
However, the industry is used to commotion and there are ways to brace your company for what is to come. During the past 11 months, supply chains have been riddled with disruptions at every turn. In January 2016, analysts predicted positive trends and a big trade uptick, but fate didn’t get the memo. The forecasts fell short, not for lack of effort but mainly because global trade was hit with numerous interruptions, driving importers and exporters scrambling to stay on course.
But business keeps on going and despair sometimes leads to opportunity. The industry must address the same imperatives — speed, quality, cost, risk and agility — yet doing it alone isn’t an option. Like when a hurricane is approaching landfall, buttressing for the hit will ensure your company makes it through this storm. The key is investing in technology and making process changes in advance. These main features are a requirement for leaders:
- Supply chain visibility is critical to proactively manage unexpected supply chain disruptions
- Agility to respond to the ebb and flow of consumer demands
- Retailers, especially, need to enable cross-border e-commerce due to booming growth
- Access to comprehensive and timely trade regulatory information and updates
- Move beyond simple visibility to supply chain predictability
- Manage secure trading partner collaboration
- Enhance supply chain risk analysis and management
- Gain deeper insight with big data and analytics
- Manage costs to maintain margins
As we move into 2017, global trade management executives need to brace against disrupters that have the potential to send your supply chain into a tailspin.
Join our webinar on January 11th as Gary Barraco, Amber Road’s Director of Global Product Marketing talks about these nine areas where you can brace-up your global trade operations to ride out the instability in 2017.
This post was published on December 13, 2016 and updated on December 13, 2016.