SUPPLY CHAIN
Globalisation has opened the doors for businesses to reach more customers and access greater opportunities than ever before . But for every benefit to global trade lies a challenge for the supply chain . These challenges have been compounded by the COVID-19 pandemic , but the virus was not catalyst of these issues . Fragmented regulatory standards , shifting customs protocols and tariffs , and fluctuating manufacturing capacity all contribute to disruption , and have all been obstacles organisations faced long before lockdown .
What is Global Trade Management ? These challenges are not going away , and sooner or later organisations of all sizes will find they are bottlenecked by a lack of information somewhere in their global supply chain . Global trade management
( GTM ) is the process of solving that quandary by gaining comprehensive visibility and control over trade activities around the world .
GTM practices help organisations streamline their activities and deliver new efficiencies and cost savings . It extends to regulatory compliance , customs and border management , logistics , procurement , and all associated financing . Good GTM simplifies resource allocation , the flow of information and real-time data , strengthening the position of every stakeholder .
Clint Reiser , Director , Supply Chain Research at ARC Advisory Group , says the strategy also gives organisations the ability to mitigate or protect against disruption and better plan for the ‘ hidden ’ intricacies of international business that are “ compounded by each global trade participant ’ s unique position in the field ”.
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