Third-Party Services Can Simplify Global Trade Complexity
Q: Why do companies have such a hard time embracing global trade management?
Hazen: Companies may not understand the complexity behind constantly changing regulations. The diversity of individual governments and cultures presents difficulties in embracing global trade management. Companies spend significant resources dealing with basic needs to ensure a successful, seamless process with each trading partner. With each new country, they must establish transaction visibility, control, goods security, currency conversions, and cultural/regulatory compliance. Ensuring these needs is a moving target because government regulations constantly change, and local politics and economic shifts alter transaction security, visibility, and profitability. This transforms international trade initiatives from a capital investment to a recurring expense, further impeding Global/Unified transaction management.
However, the expertise needed to properly and cost-effectively manage a complicated supply chain is too specialized to develop in-house. CTSI-Global’s wide range of services and applications gives clients visibility and control to automate manual processes, manage transport spend, reduce regulatory compliance risks, and streamline shipment processes all within one global database, while accommodating key international requirements including units of measure, multi-currency conversion, and duty/tax payment.
Q: What innovative sustainability initiatives also increase efficiencies?
Hazen: Most companies launch sustainability initiatives to satisfy regulatory compliance with minimal focus on driving profits. However, by consolidating loads, switching modes, and efficiently routing orders to reduce mileage, shippers can cut their carbon footprint, save fuel and energy, and reduce freight spend. CTSI-Global increases clients’ efficiencies by offering SaaS solutions for order management, freight audit and payment, and shipment tendering. Efficient routes also increase productivity.
Q: How can Business Intelligence technology address current transportation regulation issues?
Hazen: Companies cannot manage regulation and control transport spend without timely, accurate, and complete visibility of shipping costs and activities. Investing in business intelligence tools will reduce these costs, ensuring a competitive position in the global marketplace.
CTSI-Global’s BI applications easily allow users to evaluate cost and capacity conflicts by providing alternative distribution scenarios, addressing regulation issues such as changing trucking hours of service, and identifying where to add warehouses to ensure timely deliveries. These forecasting tools reveal factors that may impact supply chain decision-making and planning.