seasonality . If mistakes in documentation begin to be made , the regulators start to slow down shipments and it takes longer to get things through the border to the point where a company that is successful at a cross border and global trade management system can fly through . If you want a fast supply chain that is efficient and consistent , having an error free process is vital . This is where a global trade management system really excels .”
Due to the global disruption caused by COVID-19 , speed is an increasingly
What is global trade management ?
Global trade management is the practice of streamlining the entire lifecycle of global trade . This is across order , logistics , and settlement activities to significantly improve operating efficiencies and cash f low .
This makes it easier to facilitate the flow of information , money and goods in global trade supply chains that include buyers , sellers and intermediaries , including customs agencies , banks and freight forwarders . Compared with domestic distribution management , global trade management introduces the complexities of multiple languages , time zones , currencies and models of transport .
Despite it now being a vital requirement , some companies still operate legacy systems which see employees manually analyse spreadsheets packed full of data . Due to the complex nature of the modern day supply chain , a lack of automation leaves room for human error and interpretation that could potentially mean severe consequences .
47 www . supplychaindigital . com