• 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 » Three Ways to Use Global Trade Data to Gain Competitive Advantage

Three Ways to Use Global Trade Data to Gain Competitive Advantage

Three Ways to Use Global Trade Data to Gain Competitive Advantage
May 13, 2019
Joely Callaway, SCB Contributor and Brendan McCahill, SCB Contributor

Even if an agreement is eventually reached — which isn’t looking good — trade disputes between the U.S. and China have left wounds that may not heal. 

Reuters reports that recent figures from the U.S. Department of Agriculture indicate that farm exports will drop by $1.9bn in 2019. On the other end of the spectrum, in retail, clothing exports from China increased by nearly eight percent to almost $495bn as companies advanced orders in anticipation of heightened tariffs. 

Even top market performers like Apple are feeling the impact, citing trade tensions with the U.S. (among other reasons) for its weak performance in Greater China during its crucial holiday quarter, according to Business Insider. 

In a climate where threats against global trade either quickly materialize or fizzle out as part of hardline foreign policy negotiations, companies involved in international trade must now contend with an unprecedented amount of uncertainty and risk as the “new normal.” 

Further, as geopolitical factors drive changes within global trade regulations and denied-party sanctions rapidly evolve, it has become nearly impossible for organizations to effectively ensure compliance. It has also become more costly than ever as penalties for denied-party infractions, for example, reach record levels.

With uncertainty mounting, there is an urgent need for logistics and supply chain professionals to have a more comprehensive understanding about current and potential international trade developments due to the likely impact on global sourcing, infrastructure and operations. Utilizing global trade content — solutions packed with everything from the latest import and export data down to the bill of lading, to databases for international trade regulations, rulings and duties — can help companies gain greater visibility and confidence within their trade operations. 

Below are three examples of how different companies can work smarter and gain a competitive advantage armed with global trade content:

For E-Commerce

In a sector where customers can come from virtually anywhere in the world, global trade content helps ecommerce companies remain compliant with international trade agreements and avoid business transactions with restricted parties. To do so, many companies are loading duty and tax data, as well as sanctioned-party lists, directly into the back end of their shopping carts. 

Global trade content is also beneficial in helping e-commerce companies better manage against difficult and costly cross-border returns. By disclosing duty and tax rates upfront during checkout, international customers understand the true cost of sale and are less likely to reject a shipment due to unexpected fees.

For Manufacturing

Many large manufacturers use global trade content to more deeply analyze and evaluate their supply chains — particularly the competitive landscape. 

For instance, imagine that one organization sources a product from a certain country. Using global trade content, that organization is able to determine that one of its top competitors imports the same product from a different country. 

Through that data intelligence, the organization can now investigate why (i.e., duty issues) and evaluate the need to make adjustments to its own operations as a result.

For Global Carriers or NVOCCs

Within this category, global trade content has proven effective in helping global carriers and NVOCCs determine market share. 

For example, organizations may utilize the data to look at port pairs and use the insights to assess yield management. They may also bring global trade content data internally — as part of a proprietary data set — and can link the information up to existing data sets. 

Lastly, carriers and NVOCCs have even used global trade content to support service contract reconciliations.

The Outlook

In order to achieve higher trade compliance rates, leverage market research, reduce the likelihood of transacting with restricted parties and minimize duty spend, information is key. 

Global trade content can help logistics and supply chain professionals chart a more certain and profit-driven path forward — one that is better positioned to withstand what comes next in the uncertain global trade economy. 

Joely Callaway is vice president of product management and customs content, and Brendan McCahill is senior vice president of trade data content for Descartes Systems Group.

RELATED CONTENT

RELATED VIDEOS

Logistics Global Logistics Global Trade Management Global Trade & Economics Regulation & Compliance E-Commerce/Omni-Channel Industrial Manufacturing
KEYWORDS E-Commerce/Omni-Channel Global Logistics Global Trade & Economics Global Trade Management Industrial Manufacturing Regulation & Compliance
  • Related Articles

    Regional Carriers: A Sound Shipping Strategy to Control Costs and Gain a Competitive Market Advantage

    Three Ways to Compete As Trade War Progresses

    Free Trade Agreements and Other Ways to Optimize Global Trade

Joely Callaway, SCB Contributor

Three Ways to Use Global Trade Data to Gain Competitive Advantage

More from this author
Brendan McCahill, SCB Contributor

Three Ways to Use Global Trade Data to Gain Competitive Advantage

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: Slow Vaccine Rollouts Delay World’s Economic Recovery; Airbus Plant Hit by Outbreak

    Coronavirus
  • Car Industry

    A Year of Poor Planning Led to Carmakers’ Massive Chip Shortage

    Technology
  • U.S. Vaccine Rollout Hindered by Faulty Coordination, Messaging

    WHO Fumes at Western Drugmakers As China Fills Vaccine Void

    Coronavirus
  • Can Employers Require Employees to Get the COVID-19 Vaccine? Part 1

    Watch: Can Employers Require Employees to Get the COVID-19 Vaccine? Part 1

    Coronavirus
  • Third-Party Cybersecurity

    What Vaccine Supply Chains Must Do to Protect Against Cyberattack

    Coronavirus

Digital Edition

Scb home issue 27

2020 Supply Chain Innovator of the Year

VIEW THE LATEST ISSUE

Case Studies

  • 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

  • LSP Wows Global Client, Quickly Advances to Become End-to-End Provider

Visit Our Sponsors

6 River Systems ArcBest Armada
aThingz BluJay Burris Logistics
DSC Logistics DCSA (Digital Container Shipping Association) DHL Resilience360
Genpact GEP Honeywell Intelligrated
Infor Logility Magnitude Software
MPO Old Dominion Oliver Wight
OpenSky Ports America Purolator
QAD Precision Red Classic Riskmethods
TGW Systems Transportation Insights Watson Land Company
Westfalia Technologies Workjam Yang Ming
  • 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 © 2016 - 2018 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