SCM World has released a new report, Managing Global Trade: Rising Importance but Lagging Execution, which details the results of a 2013 study conducted on 114 senior supply chain leaders. The findings suggest that global trade management has begun to outgrow most companies' largely manual processes.
Highlights of the survey findings include:
- Three-quarters of the companies surveyed conduct trade across more than 10 countries, with almost half (48%) trading across more than 50 countries.
- Over 41% of the companies surveyed import more than half of their products from international suppliers.
- More than 97% of respondents say that product cost savings are either “important” or “very important” business drivers of international sourcing.
- More than a third (35%) of the companies realize more than half of their sales from customers located in foreign markets. Further, over the next five years, two-thirds expect their total share of international sales to grow by more than 10%, while more than a quarter (28%) expect growth of more than 25%.
- Almost half (48%) of respondents say that an inability to control global transportation costs and the lack of visibility of global shipments moving through the global supply chain are among their top 5 business challenges.
- Over three-quarters (80%) agree that shipments delayed by customs or experiencing customs problems are impacting customer service in a material way, and nearly 90% say the same about unpredictable lead times on international shipments.
- Over half (58%) agree that their inability to take advantage of preferential duty programs or free trade agreements is costing them a material amount today and unless corrected will only increase.
- More than 57% of respondents agree that complying with global trade regulations is one of the top concerns they face as a global business.
- Only 12% of respondents indicate that their collaborative execution with extended global trading partners is fully automated.
- Less than 4% of respondents say their import compliance is fully automated.
Download your free copy today to read the complete results of the study.
Also, in case you missed last week's webinar, where Kevin O'Marah discussed the findings and implications in detail with Amber Road, you can still watch it on demand here!
This post was published on September 17, 2013 and updated on February 11, 2015.