1. STREAMLINING YOUR PROCESSES
The principal objective of any GTM package is to manage import and export functions and automate trade activities. It achieves this by seamlessly performing denied party screenings and embargo checks; assigning export and import licenses; creating and filing trade documents and communicating electronically with customs authorities. It can also facilitate product classification, manage customs processes and transit procedures, and determine preferential trade eligibility.
A tailored GTM solution can also provide an excellent level of visibility into landed costs. Organisations that lack a GTM system will have to calculate these costs manually, which is a time-intensive process that is prone to errors such as overlooking preferential trade opportunities that reduce duties and taxes. A transparent landed cost strategy plays a significant role in sustainable and lucrative supply chains and improves the organisation’s ability to make effective business decisions and identify cost-saving opportunities.
2. INTEGRATION IS EASIER THAN YOU THINK
Many of the stumbling blocks that surround implementing a new GTM system lie with incorporating it into existing systems and getting them to work together seamlessly. However, the ideal system can be easy to plug-and-play directly with your existing enterprise resource planning (ERP) systems. With a greater level of integration of a GTM Solution, the less of a burden compliance can be on your already busy day-to-day activities. What you can achieve through automation allows you to free up time to focus on more meaningful decisions and tasks within your organisation, and give not just you, but your upper management, potential insights that may help to streamline your strategic planning of the supply chain.
3. BENEFITS OF A GLOBAL TRADE MANAGEMENT SYSTEM
Adding a layer of digital discipline to international trade can unlock the potential for revenue growth whilst aiding your business to get ready for the audit process. Some of the most evident benefits of GTM for import and export businesses are as follows:
HOW OCR CAN HELP
