In a world faced with the prospect of tightening supplies, higher energy costs heightened geopolitical risk, and strained transportation networks, advanced supply chain technologies will become mission-critical for many more companies.
The supply chain task is not an enterprise problem; it is an end-to-end network problem involving multiple enterprises. Therefore, the solution does not lie in fixing one link in the chain but in devising a community.
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Compliance with regulations requires visibility
In response to the growth of global trade, as our economy is more dependent on the global trade, it is more vulnerable to threats and disruptions caused by increasing terrorism and differing quality standards. As a result, customs, regulatory and public safety officials have imposed new and complex regulations on trade fulfilment; materials transit management, financial controls and stricter reporting (such as US customs introduced the 24 hour advance manifest rule). Compliance with these regulations requires end-to-end visibility, accurate and timely data capture, custody audit trails and effective control of traders’ global supply chain. As an example: Customs tariffs remain a critical revenue source. In the EU, Excise fraud for alcohol amounts to €1.5B yearly, or approximately 8% of total excise receipts on alcoholic beverages, and VAT fraud is estimated to be 10% of VAT receipts.With such a large exposure, customs around the globe are demanding real-time reliable end to end data. In June 2005, the 166 customs administrations of the World Customs Organization, representing 99 percent of international trade, all signed up to adopt the Framework of Standards to Secure and Facilitate Global Trade (SAFE), a comprehensive set of standards aimed at enhancing the efficiency and security of global trade. As an expected result of the implementation, fraud can be prevented by having real-time reliable data available or similar activities done by different Agencies mutually accepted, which therefore could be shared among trusted trading partners.
Although headline inflation has fallen in most economies in recent months, core inflation remains stubbornly high. During times of high inflation, the cost of goods and services often increases rapidly, putting a strain on a business's finances. As a result, many business leaders may focus on cost management strategies, such as reducing expenses and cutting back on investments, to maintain profitability. Unfortunately, this can make it challenging to prioritize supply chain optimization. Supply chain optimization can be a highly effective strategy to alleviate the impact of high inflation. However, it is crucial to understand that supply chain optimization can be a highly effective strategy, especially during times of high inflation, and can help alleviate the impact of high inflation on their finances. By streamlining and improving the efficiency of supply chain processes, businesses can achieve long-term cost savings and improved profitability. Optimizing the supply chain can h
The supply chain management landscape has undergone a massive transformation recently, rendering the traditional "fax" approach obsolete. In light of this, companies are gravitating towards digital solutions, which not only streamline the entire process but also help sustain market competitiveness. The old-school methods of communication channels were heavily reliant on paper, resulting in significant inefficiencies, errors, and time delays, which were avoided with the implementation of automated solutions such as email, EDI, and other digital communication channels. As the world of technology continues to evolve, more efficient and innovative solutions are constantly emerging, helping businesses remain competitive and future-proof in their respective industries. The realm of digitalization in supply chain management extends far beyond the realms of emails or EDI. Exploring the frontiers of predictive decision support is the key to unlocking immense potential and gaining a
Ahoy, captains of industry! Today, we embark on a journey through the stormy waters of trade financing! Supply Chain Management is hot. Supply Chain Visibility is even more alluring. Nearly daily, you can read articles or join webinars about how important visibility has become in managing cargo worldwide. However! It's not just about moving physical goods from one place to another; it's also about the financial transactions that make that trade possible. Without trade finance, we wouldn't have a global economy. Trade finance is the backbone of the worldwide economy. It links people, businesses, and countries in a web of trust and credit. But there's a problem: The World Trade Organization estimates that US$ 2-5 trillion in trade finance capacity is needed to "just" enable a rapid recovery from the consequences of the pandemic. And there is a second problem: 1 in 2 SMEs don't receive the trade financing they need. This means they also lack the money to inve