In an attempt to keep up with the dynamic trends and demands of the global market, more and more organizations are considering automating and streamlining business processes in relation to various departments like compliance, logistics, finance and customs.
It is critical for business management solutions to support free trade and comply with regulations and rules of foreign business sectors along with taking care of other important factors.
What are the key features you should consider while evaluating your global trade management solution?
As a trader, the decision to automate business operations will definitely be a big step and you might want to incorporate as many features that are available. Selecting a solution that incorporates all features might not be feasible; however, a few factors are essential for any global business management software.
Here is a list of features to look out for:
- An inclusive repository of data on domestic and international trade regulations
- Comprehensive databank of documents pertaining to multiple geographies and customizable in various languages
- Facility to file customs and fulfill allied document procedures electronically
- Scope for bringing together interest groups related to the trade sector
- Knowing whether the automation system complies with trade refund policies and can effectively manage the same is important
- Letter of Credit Management
- Landed Cost Calculation – Calculating total cost, actuals and other hidden costs in trade is a significant feature that is necessary in a global trade management system
- Currency Converter – Allows easy transactions and cost calculations for trade across regions
- Security Clearance Regulations – Maintaining data regarding the rules and regulations of specific geographies involved in trade
- Restricted Party screening – Maintaining a list of denied or blacklisted parties in trade and also timely updates of the same.