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. You’ll need an effective management tool with pertinent and applicable functionalities for your business processes, compliance requirements, and tracking needs (including audit) for global trade.
SAP GTS helps manage and develop automated processes for your import and export operations. You’ll reduce risk by retiring manual processes, automating them, and making them auditable with advanced logging. This automation of the mundane processes allows your import and export teams, especially the compliance teams, to focus on more important issues
The SAP GTS toolset helps you meet the challenges of international rules and regulations head-on, handling them seamlessly and effectively. Each function can be added as a stand-alone functionality or as part of a larger integrated solution as operational or regulatory requirements dictate. This empowers you to design your solution to fit your exact needs today while feeling confident that your solution can branch out as your trade expands.
Mapping Solutions for International Trade Rules and Regulations
Functionality-based automation and control help build powerful and precise import/export processes in the system. You’ll automate SPL and embargo list screenings. These features give you rigorous vendor and partner screening capability. Another built-in SAP GTS advantage is highly-effective master data list management, which helps in vetting product classification code assignments. Other automated capabilities include license determination, sel-filing, and preference processing. These SAP GTS tools, when integrated into your error checking process, prepare you for in-depth, painless audits.
General regulatory knowledge about a given trade region is insufficient. For optimized operations, you’ll want to address every international rule and regulation affecting your major areas of trade precisely. Customs management functionalities bring your trade processes in-house. This lets you self-file communications and documents directly with customs. That’s more efficient for licensed required items. Once automated filings are part of your trade process, costs fall; you’ll eliminate the need for a broker while reducing overall risk. Automated filing locks your compliance processes down, removing human errors from fee and duty payments and document handling.
Modeling Effective Business Processes to Fortify Compliance Processes
Compliance modules and functionalities introduced by SAP GTS bring enhanced abilities to manage internal processes and vendor relationships. The sophistication of the SAP GTS solution aligns customs management functionalities while eliminating unnecessary work. Bottom line: You’re more productive. Targeted task automations streamline trade processes through the removal of mistake-prone manual processes. You’ll see lower risk-associated costs, and grow your ability to increase business and document volumes as your operations grow—without increasing risk.
Innovative Document Management Pulls it All Together
SAP GTS really shines in its management of any required trade or business-related documentation. It manages and indexes transactional documents,, licenses,, and product classifications easily. That gives you an edge in handling large volumes of documents or transactions. Your business stakeholders will all have up-to-date, accurate information, thanks to the software’s real-time reporting capabilities.
Audits are more effective and less failure-prone with SAP GTS thanks to its highly-accurate record-keeping accuracy. You can set threshold alerts for SPL screenings to detect and remediate issues before they affect operations. Regularly-updated reporting helps identify and examine any potential trade issues. Proper reporting helps guide your staff in effective remediation, and makes future audit failures less likely.
Operating with a single data store keeps your valuable information centralized and gives you a single system of record, making report generation easier and more convenient. You can establish and manage statutory retention policies, and customize them based on corresponding FTAs, PCCs, etc. Although most regulatory retention policies require a 5-year period of record holding, you can adapt as needed to any changes within the Code of Federal Regulations. Getting all of these elements correct the first time is crucial when it comes to staying ahead of the game and requires a specific level of knowledge to get it done.
International Trade Rules and Regulations Require Highly-Specialized Expertise
Understanding the rules of global trade is difficult to accomplish on your own. Information and rules are in a constant state of flux, and it is difficult (to say the least) for you and your staff to stay abreast of industry-wide regulatory shifts. Implementing an SAP GTS solution is challenging as well. All of these challenges are best met with a specific, SME-level skillset and experience. Make sure you have a GTCC on your team to ensure your trade processes meet trade markets and industry requirements.