Global Sourcing and the Supply Chain
The entire production process is a highly regimented affair these days. Since you have to chart the entire process according to the clock, sourcing the raw materials or finished parts globally is in itself a great task in drawing up a strategy and effecting coordination. You have to find out the most suitable supplier who is going to give you the finished products well within time and budget while maintaining the high standard of quality you will have naturally insisted upon. The perfect standards of global sourcing will naturally ensure the efficiency of the supply chain.
Sourcing and procurement will ultimately decide the level of excellence attained in today’s competitive market. It is therefore necessary to improve the process of selecting the supplier and perfecting the management process in order to ensure high performance of the supply chain. Global Trade Management or GTM gives you the global visibility you need across your entire supply chain.
Global Trade Management or GTM
The modern supply chain is highly complex but with the help of GTM service it will be possible for one to improve the efficiency of seeing and reacting to place a demand for quicker and much more efficiently. Ultimately, the GTM benefits the company in the reduction of costs due to labor while bringing about a dramatic improvement in the visibility and predictability of the supply chain and simultaneously causing a reduction in the cost of transportation. When you enjoy the service offered by Global Trade Management you have the advantage of total global visibility across all your trading partners irrespective of their location. Some of the other advantages of GTM include:
- Container prioritization
- Freight forwarding and the
- Integrated customs documentation as well as its capture and its retention.
The Right Level of GTM Technology
There is adequate level of GTM technology at hand to help improve the efficiency of the supply chain of those businesses that stretch throughout the globe. The only requirement is that the right solution is picked for your task. In simple terms the solutions provided by Global Trade Management are more like tools for the management of your supply chain. These solutions ultimately assist the shipping fraternity in the optimization, automating and the monitoring of diverse transactions that take place with service providers and trading partners. It is the central GTM platform through which all the data from diverse information systems ultimately flows. These systems could be from the company or its vendors, the logistics partners or any other providers. The data triggers the transactions while the system ensures that all parties receive the relevant information.
You need to finalize the features you would like to include in the suite. Thereafter it is possible for you to:
- Share any information with your vendors or
- Transmit the orders of purchase,
- You may wish to book the necessary transportation or
- Track your shipments as well as
- Perform several other diverse functions that are involved in the procurement or the movement of goods.
In the words of Ty Bordner, VP, Product Management and Solutions Consulting at GTM Technology vendor, “GTM solutions manage measure, optimize and automate the information that supports and surrounds cross-border moves.”
GTM and Cloud Platforms
Ultimately, Global Trade Management or GTM is the process by which one can streamline the entire system of global trade across its diverse activities in order to bring about an improvement in the efficiency of operation as well as the flow of revenue. For bringing about such efficiency you need a new solution that is cloud-based. This helps leverage ‘global trade compliance’ so that both trade and logistics can be streamlined. This puts an end to our concept of the global supply chain management solutions as we know it.
Since global trade must necessarily involve international borders, the GTM solution must address global trade compliance. It is the GTM solution that will help meet the obligations imposed by the government agency concerned whenever you ship products either into or out of any country. One of the several areas where the GTM software can assist in the process is in the determination of your obligations towards duty and tariff. GTM systems may also assist a company to profit from programs that include foreign trade zones or foreign trade agreements.