Global trade is significantly more complex and presents more risk than domestic trade, given changing regulations and standards across different countries and the varied levels of transparency throughout a global supply chain. Combined with the sheer number of suppliers (not to mention the suppliers’ suppliers) that come with global trade, and the often manual process of auditing/inspecting products and facilities, retailers can easily lose control over their product quality and compliance.
For retailers today, the answer to this messy, complicated practice that is global trade is a GTM platform – using technology to increase visibility, track regulatory changes, collaborate with suppliers and other parities, and automate processes. Basically, it puts retailers back in the driver seat of their global supply chain.
By streamline and tracking the entire product lifecycle of global trade — looping in all order, sourcing, logistics and finance activities — retailers can increase their efficiency, speeding product time to market and ensure greater visibility and accuracy throughout the supply chain
Holistically, the benefits of an intelligent, well-deployed GTM system are that it saves time, improves transparency and accuracy, and increases collaboration across the supply chain. Specific to supplier compliance and quality control, the key benefits lie in information consolidation and automation. With a smart GTM platform that integrates with logistics tools, retail professionals can manage all regulatory requirements – from security and safety standards to customs activities, including REACH, CPSIA, RoHS, and others – in one place. Additionally, retailers can achieve a five-way match, allowing themselves and their suppliers, logistics professionals, carriers, and more to see the packing list, commercial invoice, service invoice, shipment information and receiver information in one place, for each order. This ensures full clarity and accountability across sourcing to delivery and payment.
A GTM platform will also use external data resources and machine learning to automatically update cost variations on orders across the supply chain, resulting in more accurate cost projections; for example, when validating an estimated landed cost. This automation of manual processes and tedious paperwork gives time back to more creative work, driving innovation.
A sophisticated GTM platform is crucial for retailers in the global market to compete effectively, particularly as trade agreements and regulations continue to evolve.
To learn more about the opportunities with GTM and how Bamboo Rose can help, view our Global Trade Management Data Sheet.