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Product Solutions launches new software technologies
05 Mar '06
3 min read
With the fashion industry fully embracing the global souring model, the quest for everlower costs and higher performance business partners continues to add complexity in the supply chain.
While some companies are enjoying tremendous benefits from their global business activities, many others are struggling as the money they expected to save through sourcing ends up getting spent on unexpected supply chain costs. One thing is clear; as the volume of cross-border trade accelerates, the ability to effectively manage global trade becomes a major factor for success.
In addition to traditional trade management issues, rapidly changing trade rules, tariff structures, and security initiatives fuel increasingly complex trade, financial, compliance, and logistics challenges.
According to general industry estimates, a single global shipment can require approximately 35 documents, be touched by 15 parties, and require 200 data elements to be keyed in multiple times. Failure to properly comply with all regulations carries the risk of delays, fines, penalties, or even legal ramifications.
The good news is that many of the complexities and challenges of global trade can be solved through use of new technologies that help establish better controls and improve visibility into supply chain activities.
The opportunity lies in automating the entire international transaction, from order to delivery and financial settlement. Earlier supply chain management systems are not specifically focused on global trade; and EDI and supplier portals fail to address the full scope of today's trading activity. This left companies to manage these important business transactions through traditional point-to-point communication tools such as phone, fax, and e-mail.
While some companies are enjoying tremendous benefits from their global business activities, many others are struggling as the money they expected to save through sourcing ends up getting spent on unexpected supply chain costs. One thing is clear; as the volume of cross-border trade accelerates, the ability to effectively manage global trade becomes a major factor for success.
In addition to traditional trade management issues, rapidly changing trade rules, tariff structures, and security initiatives fuel increasingly complex trade, financial, compliance, and logistics challenges.
According to general industry estimates, a single global shipment can require approximately 35 documents, be touched by 15 parties, and require 200 data elements to be keyed in multiple times. Failure to properly comply with all regulations carries the risk of delays, fines, penalties, or even legal ramifications.
The good news is that many of the complexities and challenges of global trade can be solved through use of new technologies that help establish better controls and improve visibility into supply chain activities.
The opportunity lies in automating the entire international transaction, from order to delivery and financial settlement. Earlier supply chain management systems are not specifically focused on global trade; and EDI and supplier portals fail to address the full scope of today's trading activity. This left companies to manage these important business transactions through traditional point-to-point communication tools such as phone, fax, and e-mail.
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