Global trade requires speed, to be sure: you have to be able to react quickly and appropriately to any situation. It also takes reliability. Understanding that time is money requires reliable responsiveness. ...
Most of the steps that a company can take to reduce ERP implementation risks do not actually revolve around the technical details of the project. When you enlist the help of an experienced and highly skilled partner, you will find the technical side of an ERP implementation easily covered. As a business, you are best served by focusing on these three steps to proactively mitigate ERP implementation risks....
Uncertainties and trade agreements go hand in hand; FTAs can increase risk, and require investigation. Before you commit to a free trade agreement, see if it’s a good match for your business by asking three questions....
There are many business process management capabilities in the SAP Global Trade Services (GTS) module. Three of them cover critical global trade tasks: Product classifications, sanctioned party screenings, and communications with customs. On each front, you will significantly reduce the risk of human error and streamline your trade transactions....
Businesses are facing a growing need of governance, risk, and compliance (GRC) -related regulatory and security pitfalls. The costs of meeting and maintaining a GRC and security program with the wide range of compliance and security regulations are increasing in pace, volume, and absolute dollars—with no signs of slowing down. The challenge has global organizations looking for ways to reduce the costs and risks associated with increasing regulations and security requirements....
Benefits of global trade automation include reduced human error and risk of fraud....
Traci Dunn is Security and GRC Architect at Pinary, where she has overseen Governance, Risk, and Compliance implementations for dozens of businesses. She knows that businesses need to implement access control to manage risk properly....
Greta Villagran, CEO and Founder of Pinary, Inc. (PI) is one of the world’s leading experts on SAP GTS implementations, having overseen them in North America, the European Union, and throughout Asia. After steering through a planetful of trade rules and regulations, she has a surprisingly positive view of them: Regulations don’t have to be a burden....
The process of an ERP implementation is not an easy one, especially given the costs associated with these efforts. Executive management will want to see great return on investment (ROI) results for any ERP implementation—whether it’s a complete rollout or adding modules or functionality such as GRC or GTS—in a short period of time. This key question will have to be answered before you can move forward with your project: How exactly will our ERP implementation produce the return on investment we need while meeting expected business productivity gains?...
These days, protecting your business means protecting your data, your processes, and your overall operations, which translates to creating and maintaining a Compliance Management System (CMS). Understanding the full expanse of compliance from security, governance, risk, and policy to your global trade aspect of import/export both domestic and globally is daunting, but absolutely necessary. Wading through the vast land of IT, industry specifics, and global trade regulations quickly becomes an overwhelming process and convoluted with information overload. It becomes apparent that a CMS program can become quite unwieldy and requires a better system of management. Thus, many if not all, businesses will be employing a CMS software solution to help....
As you dive deeper into international trade waters, the legal controls you must execute to remain compliant become more entangling and complex. Ensuring compliance with import and export controls is important in conducting trade and in creating new avenues for growth....
An increasingly connected world, by necessity, has become an increasingly regulated business world. Monitoring, interpreting, and implementing complex sets of regulations places ever-greater demands upon employees with security, compliance, and international trade responsibilities. As a result, organizations are aggressively looking for methods to automate as many compliance processes as possible....
Too often, organizations discover after they’re up and running that their SAP GTS implementation is not being used fully—which means they’re not getting the ROI and performance they need. Reasons include missing components and modules, undocumented processes, and overlooked free trade agreements (FTA). This presents enterprises with a checklist for realizing the full benefits of SAP GTS....
Should I go with a generalist or specialist? When you want some work done, a project completed, or a problem fixed, that’s a question you’ll often ask. When you’re about to embark on an enterprise resource planning (ERP) project and are comparing ERP vendors, you’ll be making a similar decision. Is a large, globally recognized firm with thousands of employees the best match, or is a smaller firm with a specific business focus the better choice? ...
Maintaining compliance is a large challenge for businesses engaged in global trade. Trade agreements and associated items such as tariffs, customs licensing, and port duties can change with little notice. To tackle the challenge of compliance management, you must clearly understand your business processes and correctly evaluate all of the ERP functions you’ll need. That includes relevant trade regulations. The idea is to use a compliance software to close gaps within your business processes....
Preparations for a customized SAP GTS implementation can become complex quickly. Going it alone in your implementation is not an option if you want results from your SAP GTS solution. Customized SAP GTS implementations require an experienced partner as a guide....
Customs management is not a place to cut corners. There are no times when a customs officer says “well, close enough!”. You either have everything you need or you don’t. That’s why any customs management solution has a long list of must-haves. There are some aspects that a solution needs to have, or else it is no solution at all....
If you’re asking the question “Do I need a customs broker?” we’ll answer that by emphatically stating that only two types of organizations benefit from working with a LCB....
Any enterprise starting an international trade initiative faces a business reality: There are a lot of rules and regulations that affect international trade. If your organization is expanding shipments abroad, you’ll need proper processes and controls to ensure international trade compliance. Getting those processes and controls right takes expertise and experience....
There is an old truism about war: “Wars are not won on battlefields, but on the supply lines.” The same applies to any large-scale operation....
There’s a saying in baseball: you only notice the umpire when he does a bad job. The whole point of an ump is for them to not be noticed. The game should run smoothly, with no interruptions, controversy, or delay. If you’re talking about the umpire, it means something has gone sideways....
The system that makes spotting scamsters easier is SAP GRC fraud management. Governance, risk, and compliance software helps you manage access, adjust dynamically to changing circumstances, and manage your operation automatically....
Participating in global trade opens up an abundance of opportunities for your business. The potential market for your products is, on the surface, limited only by the constraints of your industry. When you trade in a country that fits your market, your revenue will grow. Simple. However, there is another aspect to global trade that causes many international businesses to miss out on potential revenue....
International trade involves unique business process challenges that can be costly if left unaddressed. Long-term trade success requires effective management of such risks. That starts with a global trade software solution for process management—one that’s perfectly suited to your organization....
Having the right global trade partner can help with constantly-changing global trade regulations....
The only constant in global trade is change. Government policies related to trade issues like Brexit, the US-China trade war and tariffs, and tariff 232 on steel and aluminum have companies working to adapt....
The decision to move to new or upgraded governance, risk, and compliance (GRC) software solutions is primarily motivated by federal, state, and local regulations. Regulatory obstacles such as SOX, NIST, ISO, and DFARS are sets of rules that can cause staggering fines or delays should your business run afoul of them....
Savvy enterprises navigate the complexities of international trade while minimizing global supply chain risks. Success in global trade requires a reliable supply chain: ingredients, materials, or components reliably sourced; products manufactured with consistent quality; sales properly transacted; and shipments correctly brokered. However, each of these links in the chain is subject to numerous trade rules and regulations, where failure to comply can result in significant fines, penalties, or sanctions....
Having a GTCC on hand gives your business the knowledge and insight needed to provide a foundation for regulatory trade compliance. They’ll interpret regulations as they apply to your specific global trade activities, and translate those regulations into compliant tasks and processes....
As your business grows more successful, it grows more complex. There are more supply lines, more distributors, and more regulations. More people in your organization have access to different points of vulnerability. It’s a paradox familiar to every CEO: Increased success brings increased risk....
There is an old truism about war: “Wars are not won on battlefields, but on the supply lines.” The same applies to any large-scale operation....
Uncertainties and trade agreements go hand in hand; FTAs can increase risk, and require investigation. Before you commit to a free trade agreement, see if it’s a good match for your business by asking three questions....
SAP GTS gives you adaptive, flexible, and scalable solutions that will expand as you grow without bogging down under increased amounts of data. The array of customizations available through the advantages of configurable functionalities deepens and expands capability for your compliance department. ...
Planning an SAP ERP implementation is a complex affair which involves a matching all the relevant pieces of your business with ERP components. Adding GRC tools makes it even more so. However, if you are involved in international trade and want to remain competitive, you can’t avoid adding GRC tools to your SAP ERP solution....
In global trade, complexity has a way of multiplying. As national and supranational regulations change, as trade agreements are negotiated and renegotiated, and as products fall in and out of regulatory regimes, it becomes more and more of a challenge to keep track. ...
It is no secret that an ERP implementation is a formidable undertaking. According to Gartner, up to 75% of all ERP projects fail to meet their objectives. The rate of failure increases with cloud-based ERP implementations, where Gartner reports an almost 100% failure rate....
Regulations backed by the threat of fines and sanctions demand consistency in managing enterprise risk and compliance. No longer can you use siloed, antiquated, informal methods of spreadsheets, databases, or other home-grown tools to meet compliance requirements....
Picture this: Domestic sales are great. Foreign markets offer the opportunity to grow, and you’re primed to tackle global trade. You run your business on SAP, and building on that foundation to support global trade is the right strategy. Product development, marketing, finance, IT, compliance, legal, procurement, and distribution are closely involved in your global business plan; you’re putting the pieces of the global trade puzzle in place and one of your major projects is implementing SAP Global Trade Services (GTS)....
The Institute of Internal Auditors North America (a group whose conventions are, we are sure, absolutely lit) has quite a bit to say about the purpose of internal audits. They’ve even boiled it down to a mission statement: the purpose of audit is to “enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight.” What does that mean? It means looking at yourself and figuring out what’s wrong, and what you can be doing better to minimize risk, streamline operations, and reduce the chances of error. ...
The hyper-competitive nature of global trade requires businesses to stay vigilant for any opportunity to seize an edge. One way is to optimize how your organization handles international trade rules and regulations....
Choice is valued by every business. Everyone wants to be able to choose between vendors and services. It just makes sense; there might be better options out there, and it can be tricky and dangerous. You just might fall into a trap....
While most businesses develop a project plan when they start their ERP implementation, more often than not it contains large gaps that could jeopardize ERP implementation efforts. These gaps often occur because the business missed one key step in their planning: stepping back to look at all the little things that make their organization run....
Are you managing your cross-border supply chain logistics as efficiently as possible? If you have high volumes of international trade and are not currently employing an ERP system like SAP and itsGlobal Trade Services (GTS) module, the answer is no. If you’ve already implemented SAP GTS, the answer might still be no....
According to a JP Morgan Chase report, 74% of U.S.-based businesses are seeking to expand globally. However, the landscape surrounding the global trade arena is rife with regulatory uncertainties. The unfortunate reality these businesses quickly come to realize (sometimes painfully so) is that each country and international trade partnership has its own collection of business and trade regulations, making it a must to prioritize trade compliance over global logistics management....
A properly-implemented SAP GTS system will help with license and information management relating to PGAs....
Partner government agencies (PGAs) are a major factor as to why international trade is so challenging. Not understanding PGAs can bottleneck global trade operations....
As an importer, product classification codes are both a vital part of your daily trade operations and an ongoing challenge. Here’s why....
A strict risk management policy is a must for global trade. Implementing and administering risk reductions internally will ultimately lead to risk reductions abroad. However, this only works if you have sharpened your restricted party screening policies....
Global trade introduces tremendous growth opportunities that, if not managed properly, can also introduce significant risk. Global trade is governed by an endless stream of rules, regulations, and policies. At any time, for political or security reasons, these requirements can limit or prohibit trade with certain companies, countries, organizations, and even individuals. Thankfully, prohibitions are detailed in denied party (DPL) or sanctioned party lists (SPL), which are regularly updated by government agencies. It is important to know what these lists contain, how to interpret them, and how to devise an automated solution to manage them....
Regardless of your industry, the growing number of regulations impacts every part of your organization. Executives and managers now devote a growing amount of time and budget in order to......
If you’ve worked in IT for any decently-sized organization or attended major IT conferences, then you’ve likely heard of ERP implementation successes, best strategies for ERP project management, or methods to gain additional value from ERP investments. Publicly, however, you won’t hear of implementation failures....
If you run an international business, there are few terms scarier than Sanctioned Parties List (SPL) and embargo. Both represent enormous possible pitfalls. Both open you up to fines, loss of license, and severe legal jeopardy. If you buy or sell the wrong item to the wrong country, or do business with a person or company on the SPL, you will, at the least, have a series of costly headaches....
Take a moment to think about beneficial, sustained business relationships you’ve established or had the good fortune to participate in. Many factors contribute to the success of the relationship, such as the business partner or individuals providing the product or service, price, quality of work, business alignment. All of which have played a critical role in your business relationships, but none so much as partner integrity....
The best ERP solution for a retailer is different from the best solution for a wholesaler—and still more different than the best solution for a manufacturer. There are similarities in industries, but each company is unique, so the solutions must be unique. Even your fiercest competitor’s best ERP solution wouldn’t be the right fit for your organization....
Great journeys require a guide: Someone who knows the lay of the land, can steer through rough waters, and deal with unexpected obstacles—all while moving the voyage forward. The same is true in global trade. The enormous possibilities opened by global trade are matched only by the unprecedented logistical complexities it has created....
One of the most critical security challenges enterprises face is the compliant enforcement of access control. Establishing an effective set of access controls and auditing to maintain compliance is vital to ensuring both short- and long-term security protections. Your business has many people touching large amounts of company data; data that can be destructive if used incorrectly, which can damage your or your customers’ reputations. You will be held liable by those affected by compromised data if a data breach occurs, making data access control a top priority in the realm of governance, risk, and compliance (GRC)....
Global trade is becoming increasingly complex. The many rules and regulations are virtually guaranteed to change—just consider the challenges of understanding and complying with the rules and regulations in the United States-Canada-Mexico Agreement that is replacing NAFTA....
Global logistics management should come second to trade compliance. Before you put a logistics plan in place, order parts or materials from a foreign supplier, or ship your first product to an overseas customer, you need to invest time for compliance....
The modern women’s movement has accomplished much over the past 50 years, enabling society to benefit from women’s ingenuity and giving women agency over their lives. It’s opened doors of opportunity, granting women access to STEM (science, technology, engineering and math) higher education and careers....
"As soon as they were sure that they were addressed by a woman that understood and conversed in the language of international trade, collaboration was easy."...