Survey finds seventy percent of companies do not fully utilize Free Trade Agreements (FTAs), which mean they are likely paying more than necessary in tariffs and duties.
Survey respondents said the biggest challenges facing their companies’ trade-related activities are manual processes and disparate systems and managing complex and changing regulatory requirements.
The survey elicited responses from 446 corporate trade specialists in 11 countries.
“The survey shows that many corporate trade operations teams are struggling to meet complex compliance requirements using inefficient manual processes that can expose their companies to risk, consume time and resources, and don’t leave time for activities that directly impact the bottom line,” said Taneli Ruda managing director of ONESOURCE Global Trade Management at Thomson Reuters. “The right technology can eliminate redundant work and empower trade teams to better compare and contrast tariff schedules between countries and take on a more strategic role in planning and operating a global supply vision for their organizations.”
“The survey results point to the changing landscape in global trade,” said Doug Zuvich, Senior Global Lead Partner Trade and Customs, KPMG LLP in the US. “The global supply chain is being redefined,” he said. “The life cycle of today’s products continues to shrink, the delivery of goods to customers is being redesigned, and technology has the ability to further enable innovation in areas of global trade unthinkable several years ago.”
Other survey findings:
In 2015, Thomson Reuters launched ONESOURCE Global Trade, an automated solution that enables multinational corporations to tie together key supply chain information to gain complete visibility into their global trade operations — reducing risk, maintaining regulatory compliance, enabling quick and accurate movement of goods and maximizing profit.
“We are seeing our Thomson Reuters customers use technology to transform their trade compliance focus from playing catch-up to proactively managing their risks and strategically utilizing tariff reduction programs,” said Ruda. “Results from this global survey indicate that many companies have not scratched the surface in terms of utilizing integrated technology to better manage their global supply chain risks and tighten their global supply chain structures,” he added.
Click here to download a copy of the 2015 Thomson Reuters-KPMG Global Trade Management Survey Report.