Although international trade has been contracting throughout the world, the Global Trade Management software market has been faring quite well, according to ARC Advisory Group, a leading research firm in the supply chain industry, which discussed these interesting results in an article in SupplyChainBrain.com.
According to Steve Banker, Service Director for Supply Chain Management at ARC, “As trade recovers, the GTM market will recover as well, although we don't expect strong growth until 2011. Our five-year forecast through 2014, however, reflects very robust growth.”
Despite the decrease in trade, the need to increase efficiency, prevent fines, and reduce delays, is more important than ever when companies are facing hard times. Global Trade Management automates these processes and can help companies import and export more efficiently - saving organizations money even though sales may be down.
The Global Trade Management Outlook report by ARC also describes the increased need to up-to-date global trade content. Many types of critical data change on a near-daily basis. Companies may be unknowingly using outdated data, and paying more than necessary when sending their goods across border, risking fines for violating new trade laws, or doing business with a denied person that was recently added to a restricted party list.
ARCs key trade content areas include:
- Global Product Classification
- Tax Classification
- Regulatory Controls
- Restricted Party Screening (RPS) Lists
- Documentation
One way to easily begin keeping track of changes to this trade content is by subscribing to the GTM Newsletter, which contains a summary of updates from all of the above topics within Management Dynamics' Global Trade Content database.
ARC Advisory Group summarizes by noting:
In short, managing the flow of goods, information, and money across borders is a highly complex, regulated, and dynamic process — and becoming more so every day. Companies can no longer rely on manual processes to manage their global trade operations. This is why the global trade management systems market will be one of the fastest growing segments of the enterprise software industry.
Read the complete article on SupplyChainBrain.com: "Global Trade Management Market Does Surprisingly Well Despite Decline in Global Trade."
Global Trade Management Software & Trade Compliance
Learn more about Global Trade Management software in our newest white paper, "Building an Export Compliance Program." This white paper discusses six critical components that are involved in the implementation of an export management program, and shows how automation can assist such exporters in supporting their overall objective: minimizing risk and streamlining the supply chain while keeping operational costs at bay.
