Companies shipping goods globally face increasing challenges ensuring customs and trade compliance while streamlining supply chains. Free trade agreements (FTAs), anti-forced labor initiatives, unfair trade actions, and export restrictions have significantly increased requirements for certifications and documentation throughout supply chains. Concurrently, authorities are escalating enforcement which increases the burden of providing documentation.
Software facilitating the storage and organization of key documents and data is a cost-effective tool that maximizes compliance, greatly reducing the burdensome processes to obtain documents and data on short notice when subject to government audit or corporate due diligence. Better data collection with the use of global trade management software also provides the opportunity to drive operational improvements and efficiencies.
To read the full article from Bloomberg Law, please click here.