• Advertise
  • Contact Us
  • About Us
  • Supplier Directory
  • Login
  • Subscribe
  • Logout
  • My Profile

  • CORONAVIRUS
  • LOGISTICS
    • Air Cargo
    • All Logistics
    • Express/Small Shipments
    • Facility Location Planning
    • Freight Forwarding/Customs Brokerage
    • Global Gateways
    • Global Logistics
    • Last Mile Delivery
    • Logistics Outsourcing
    • LTL/Truckload Services
    • Ocean Transportation
    • Rail & Intermodal
    • Reverse Logistics
    • Service Parts Management
    • Transportation & Distribution
  • TECHNOLOGY
    • All Technology
    • Artificial Intelligence
    • Cloud & On-Demand Systems
    • Data Management (Big Data/IoT/Blockchain)
    • ERP & Enterprise Systems
    • Forecasting & Demand Planning
    • Global Trade Management
    • Inventory Planning/ Optimization
    • Product Lifecycle Management
    • Sales & Operations Planning
    • SC Finance & Revenue Management
    • SC Planning & Optimization
    • Sourcing/Procurement/SRM
    • Supply Chain Visibility
    • Transportation Management
  • GENERAL SCM
    • Business Strategy Alignment
    • Education & Professional Development
    • Global Supply Chain Management
    • Global Trade & Economics
    • HR & Labor Management
    • Quality & Metrics
    • Regulation & Compliance
    • SC Security & Risk Mgmt
    • Sustainability & Corporate Social Responsibility
  • WAREHOUSING
    • All Warehouse Services
    • Conveyors & Sortation
    • Lift Trucks & AGVs
    • Order Fulfillment
    • Packaging
    • RFID, Barcode, Mobility & Voice
    • Robotics
    • Warehouse Management Systems
  • INDUSTRIES
    • Aerospace & Defense
    • Apparel
    • Automotive
    • Chemicals & Energy
    • Consumer Packaged Goods
    • E-Commerce/Omni-Channel
    • Food & Beverage
    • Healthcare
    • High-Tech/Electronics
    • Industrial Manufacturing
    • Pharmaceutical/Biotech
    • Retail
  • REGIONS
    • Asia Pacific
    • Canada
    • China
    • Europe
    • Latin America
    • Middle East/Africa
    • North America
  • THINK TANK
  • PODCASTS
  • VIDEOS
  • WHITEPAPERS
Home » Capturing Business Value While Meeting Regulatory Requirements

Capturing Business Value While Meeting Regulatory Requirements

March 2, 2016
SupplyChainBrain

Research, analytics and business trends centering on global supply chain management consistently point to the value of effective global trade planning and execution. High performing global supply chains typically exhibit many common traits, most notably:

Employ smart-sourcing practices and strategies. Taking into account total landed costs of goods, allowing for sourcing flexibility, and leveraging available trading bloc agreements and emerging market sources expands the options an importer has in terms of supply partners and the associated relationship of cost / quality / availability of goods. Leading supply chain practitioners consider global sourcing options as early as product design and specification stages to achieve the highest quality at the lowest landed cost, including selection of the most trade-advantageous countries of origin, managing transportation and trade-related costs in the import valuation of goods, and consideration of the applicability of strategic programs such as when and where goods are finished and first imported into the country of sale.

Utilize technology to optimize trade planning and execution. The prominence of global trade technology pacts in 2015 reinforces the critical role these technologies play in managing worldwide supply chain performance; the acquisition of ecVision by Amber Road, Descartes’ acquisitions of MK Data and CustomsInfo (the latter in 2014), and Infor’s purchase of GT Nexus all attest to the growing demand by global enterprises for technologies and tools that help achieve more seamless flows of goods among trading partners, across borders, and through import / export countries’ regulatory agencies. A study by Tompkins Supply Chain Consortium says 52 percent of responding companies implemented trade software and tools in order to better control total landed costs while 67 percent of respondents employ global trade and logistics software and tools to improve the coordination of enterprise transportation, customer service and operations planning with enterprise trade management. Complying with U.S. and global trade agency security requirements was the most-cited reason (74 percent of respondents) for utilizing supply chain trade technologies to meet regulatory requirements and protect brand and company reputation.

Surpass the basics of regulatory compliance. Leading global supply chain owners understand the importance of protecting their right to easily move goods across international borders. High on the list of must-have proficiencies within a global supply chain trade strategy are accurate commodity HS classifications and product valuations, adherence to mandatory import / export security filing protocols, broad use of import / export administrative efficiency improvement programs available in most top tier trading countries, and optimal use of available preferential trade programs. In addition to preserving import and export rights, those companies who excel in meeting regulatory requirements capture parallel commercial value in reduced duties, lower regulatory agency / entry costs, and improved end-to-end transportation performance.

The Outlook

In the coming business quarters expect to see increased focus on trade security and more rigorous regulatory compliance by commercial trading partners as well as at global regulatory enforcement agencies. Strengthened strategies will include smart sourcing policies and practices, the use of needs-based technologies to improve strategic and tactical decision-making, and heightened adherence to regulatory demands that will together yield new benefits to all parties along the global supply chain.

RELATED CONTENT

RELATED VIDEOS

Technology Global Trade Management Sourcing/Procurement/SRM Business Strategy Alignment Global Supply Chain Management Regulation & Compliance Food & Beverage
KEYWORDS Business Strategy Alignment Don Anderson Food and Beverage Global Supply Chain Management Global Trade Management government compliance GRC Principal Regulation & Compliance Sourcing & Procurement Sourcing/Procurement/SCM Supply Chain Management: Business Strategy Alignment supply chain solutions Technology Tompkins International trade planning software
  • Related Articles

    Delivering Value While Managing Risk in the A&D Supply Chain

    How Dynamic Discounting Solutions Ease Regulatory Concerns

    Supply Chain Sustainability Continues to Drive Business Value

SupplyChainBrain

100 Great Supply Chain Partners Issue 2009

More from this author

Wake up to Coronavirus Updates and the latest Supply Chain News!

Subscribe to our Daily Newsletter

Timely, incisive articles delivered directly to your inbox.

Popular Stories

  • Coronavirus-watch-Armada

    Virus Update: Vaccine Spat Boosts Support for Brexit; India Bans Remdesivir Export

    Coronavirus
  • Semiconductor

    Why Shortages of a $1 Chip Sparked a Global Economic Crisis

    Coronavirus
  • U.S. Manufacturing

    How COVID-19 Will Cause Permanent Changes in Manufacturing Strategies

    Coronavirus
  • Shipping Costs

    Higher Shipping Costs Are Here to Stay, Sparking Price Increases

    Coronavirus
  • Retailers Seen Closing Thousands of Stores

    Retailers Seen Closing Thousands of Stores Even After Pandemic

    Coronavirus

Digital Edition

Scb feb 2021 lg

2021 Supply Chain Management Resource Guide

VIEW THE LATEST ISSUE

Case Studies

  • Remote Implementation: A Dose of the Right Medicine for B2B Pharmacy

  • LSP Saves Customer $1.5 Million a Year With MPO Global Inbound Management

  • Auto Supplier Wows Key Client Using riskmethods Supply Chain Savvy

  • Integrating Shipping and Compliance Saves Conglomerate Millions

  • How a Consumer Goods Giant Upped Its On-Time Delivery Performance

Visit Our Sponsors

Yang Ming 6 River Systems ArcBest
Armada aThingz BluJay
Burris Logistics DSC Logistics DCSA (Digital Container Shipping Association)
DHL Resilience360 Flash Global Genpact
Geodis GEP GreyOrange
Honeywell Corporate Honeywell Intelligrated Infor
Inmar Kibo Commerce Kinaxis
Logility Magnitude Software MPO
Old Dominion Oliver Wight OpenSky
Paccurate Ports America Purolator
QAD Precision Red Classic Riskmethods
S&H Systems Snapfulfil TGW Systems
Tradepoint Atlantic Transportation Insights Watson Land Company
Westfalia Technologies Workjam
  • More From SCB
    • Featured Content
    • Video Library
    • Think Tank Blog
    • SupplyChainBrain Podcast
    • Whitepapers
    • Webinars
  • Digital Offerings
    • Digital Issue
    • Subscribe
    • Manage Your Subscription
    • Newsletters
  • Resources
    • Events Calendar
    • SCB's Great Supply Chain Partners
    • Supplier Directory
    • Case Study Showcase
    • Supply Chain Innovation Awards
    • 100 Great Partners Form
  • SCB Corporate
    • Advertise on SCB.COM
    • About Us
    • Privacy Policy
    • Contact Us
    • Data Sharing Opt-Out

All content copyright ©2021 Keller International Publishing Corp All rights reserved. No reproduction, transmission or display is permitted without the written permissions of Keller International Publishing Corp

Design, CMS, Hosting & Web Development :: ePublishing