Infographic: Trade Data Management | Descartes
Infographic: Trade Data Management
Accelerating & Streamlining Duty Management
Accurate and effective item classification, valuation, duties/tariffs, trade agreements and managing information can be challenging. Successful businesses are bringing the pieces together to better manage data and improve overall levels of compliance.
Leading businesses are achieving benefits by:
- Targeting inefficient compliance-related processes and benefiting from a unified approach to trade data with technology
- Seeking solutions that can populate Enterprise Resource Planning (ERP) & Global Trade Management (GTM) systems with valid trade content and better
- Denied Party Screening to reduce risk
- Effectively executing automation or outsourcing strategies for global trade content operations
Why Effective Global Trade Management Matters to Global Trade
Maintaining effective controls to ensure proper management of global trade content is more important than ever in today’s changing regulatory landscape. Most trade-related penalties for shippers are due to improper classification, valuation, or country of origin determinations. Depending on the violation, U.S. import penalties may include up to 100% of the merchandise value [19 U.S.C. § 1621 (C) Sections I-III] or up to 2 years imprisonment for false classification [18 U.S. Code § 541].
Isolated approaches could result in discrepancies across regions. Siloed processes may also reduce collaboration, limit the opportunity to build upon previous decision-making as businesses expand.
Companies are completing the global trade content puzzle with:
- More accurate classification & better research methods
- Collaborative trade content processes & validations
- Better management of changing regulations & global compliance trends
- Effective data use/reuse in existing and partner systems
- Reduced duplicate processes across countries & regions