Global Trade Technology: Compliance, Sourcing and Beyond

global trade

In a recent column on Supply Chain Digest, J. Anthony Hardenburgh provides a CliffsNotes version of managing cost and risk through various tactics for global trade, focusing on importing. I highlighted some of his findings and recommendations in a recent post. One area Hardenburgh carves out as separate for consideration in global trade is technology.

“Using automation can alleviate many burdens associated with importing, particularly when importing large numbers of items or dealing with multiple countries,” Hardenburg said. “With high volume operations it can be extremely difficult, if not impossible, to manage manually.”

While global trade systems centered on imports and exports, such as customs compliance and shipper integration, are specific to the task, it is important not to forget the importance of thinking through the incorporation of broader procurement technology into the global trade equation. Additional tools include:

  • Advanced sourcing/optimization capability for transportation sourcing and make or buy analysis
  • Supply chain risk management and supplier risk management technology
  • Commodity risk management technology, in cases of raw, base and agricultural items
  • Contract lifecycle management technology, including managing shipper and third-party logistics contracts

Global trade is far bigger than simply customs compliance. And so, too, is the technology that supports it.

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