What You Should Know About Global Trade Content
With the world growing at such a quick pace, global trade is booming. Cross cultural exchange of ideas, thoughts and goods have lead to a beautiful phenomenon called globalization. Due to this ever-growing globalization we are able to achieve zeniths of quality e-commerce and world trade. To manage this vast global trade taking place every second, an efficient system is absolutely necessary. Moreover, various trade compliances, custom regulations and laws (that keep changing) pertaining to different countries make it harder to keep up and follow through. SAP Global Trade Services (SAP GTS) provide exactly that. In addition to that customs and trade content, which summarizes all the trade regulations and related regulatory knowledge of 206 countries, is essential. This information connects both people and systems for an easier form of global trade management improving compliance tremendously. This content offers access to sanctioned party lists aka trade screening, export/import trade data, cargo security and high level declaration capabilities.
Although a few global trade management systems provide trade content as part of their package, SAP GTS doesn’t follow suit. Trade content is offered at a reasonable price by many other companies, so not to worry. But misconceptions concerning addition of trade content to SAP GTS compelled me to clear it out, once and for all.
Misunderstanding
We’ve all heard how global trade content is a hassle to work with, is expensive, has a confusing process, provides very limited options and compels you to manage supplementary vendor relationships. But alas, this is largely false and perhaps that’s why they are called misunderstandings.
Although In Fact
When in reality the trade content is a miniscule part of the entire global trade management system costing very little, whether paid for in a Global Trade Management System (GTM) bundle or separately. Trade content is valuable and provides important functions like automated screening of denied parties, which when compared to the cost doesn’t match in value. The process of adding content to your Global Trade System is smoothly streamlined. All the legwork is done by various enterprises, ensuring delivery of correct content directly to your system. Functionality of communication between the content and the system is also regularly monitored by them.
How is all of this done, you ask?
Partnerships and reseller agreements are maintained with multiple associates. These also include key content-providing partners. With the ability and capability of passing on all latest release information to customers, partnership with these associates help them get their hands on current trade information and formulate strong industry ties. The benefits are transferred to the customers, making things hassle free.
Eliminating the need of communicating with several parties and increasing confusion, all the global trade and supply chain projects are streamlined. Plus this eliminates the need of multiple modes of payments to different vendors, making things much simpler. Furthermore, the content is updated as soon as government all over the world update their import/export, customs or screening rules and regulations. This leads to a more unified way of maintaining compliance and safeguarding your business.
With all the confusion at bay, you can make more informed choices when it comes to trade and customs content integration with SAP GTS.
Eliminating the need of communicating with several parties and increasing confusion, all the global trade and supply chain projects are streamlined. Plus this eliminates the need of multiple modes of payments to different vendors, making things much simpler. Furthermore, the content is updated as soon as government all over the world update their import/export, customs or screening rules and regulations. This leads to a more unified way of maintaining compliance and safeguarding your business.
With all the confusion at bay, you can make more informed choices when it comes to trade and customs content integration with SAP GTS.
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