Create a global trade transformation program

18 Juil 2022 MyTower Blog

Customs and trade compliance departments struggle to convince of the need to digitize their process. Organizations are overwhelmed and international regulations are increasingly complex. How to carry out its transformation in the right conditions while maintaining its compliance? Which tool should you choose to reduce your workload and optimize your time on high value-added tasks?

Context of global trade management in the era of changing regulations

What could be more complex than the rules of international trade? Especially when these are heckled by events such as Brexit or a trade war between the United States and China.

Thus, since the effective withdrawal of the United Kingdom from the European Union, customs have reappeared at its borders. More recently, on July 1, 2021, VAT applied to all e-commerce products, in order to fight against fraud, especially when it concerns the splitting of packages to escape the tax.

Regulations are constantly changing. But for companies, trading internationally is proof of development and a source of growth. Global trade management - or management of international trade - which aims to optimize exchanges and financial flows is then grappling with compliance issues throughout the supply chain.

Global trade management: automated monitoring and analysis to stay in compliance

Compliance is a key issue for companies, especially when it comes to international trade and rules that change from one country to another. Non-compliances lead to economic, operational and reputational risks that require the implementation of an effective digitization plan.

Among the main points, monitoring and analysis of rules is a first step that can be automated, in particular to be alerted. With the MyTower GTM solution, you centralize the management of all your processes subject to international regulations (classification, origin, import/export control, declaration management). So that if documents are missing or incorrect, you are immediately informed. This type of device is essential to avoid delays at customs and therefore dissatisfaction of end customers.

Operational license management is also streamlined and in addition to active transaction monitoring to ensure process compliance. In addition, you can configure all your regulatory constraints, from phytosanitary products to hazardous materials for example, within the same tool.

In this way, you considerably limit all operational and financial risks, as well as those that can weigh on your reputation and that of your partners.

Global trade / International trade: identify priority areas

The new regulations invite, even more today, to be very attentive to the question of customs. Customs checks at the border can also impact the delivery times of international business exports. In short, customs is synonymous with a lever for growth.

Ensure correct classification codes

As important on a legal as commercial level, the HS code nomenclature covers almost all exported products and indicates their customs duties. It includes 6 to 11 digits depending on the country, or 13 in some cases.

 

But that does not mean that this system is simple. In the United States, for example, imported tomatoes may have different codes depending on their species, their place of production and their season. Be careful therefore to apply the correct code, especially since the shipper company is responsible for this compliance.

Optimize original calculations

To avoid regulatory errors and endless calculations, MyTower GTM offers simulation to anticipate changes and impacts on sourcing. You can also control the consequences of industrial processes on the original calculations or carry out periodic checks that take into account variations in price or origin in particular.

Compile documentation

By centralizing all your data on the same tool, you obtain a consolidated view of your customs activities and can transmit them to brokers. For this, MyTower GMT facilitates your exchanges through the management of your documentation and the sharing of data thanks to its collaborative platform. In addition, this tool constitutes for you a digital safe containing all your data and exchanges with brokers. You thus control the conformity of your customs declarations.

This solution also allows you to control the DLT documentary chains between customers and suppliers.

International trade: integrate the right technology into your existing IT tools

With international trade compliance, there is no need to reinvent the wheel in your information systems, but be careful to choose the right partner. For more efficiency and a quick return on investment, choose a technology that matches the existing one, project by project.

This integration is essential to simplify … the complexity of international trade. For this, companies need a solution that delivers them the right information, thus offering opportunities while alerting them to constraints. This is the case of MyTower, which has developed advanced and automated solutions taking into account:

  • Customs classification
  • The original calculations
  • Export control
  • Automation of declarations
  • Regulatory monitoring and analysis

In this way, you rely on a safe tool that is constantly updated according to compliance criteria.

Large groups, ETIs and SMEs have everything to gain from international trade, but on condition that they avoid the pitfall of customs issues. In this respect, the complexity of international trade can find the way to simplicity with a high-performance digital solution focused on the priority issues of companies.

MyTower fits perfectly into your existing IT solutions for global trade management. Our teams specialized in both tool innovation and compliance support you in optimizing and integrating your tools. With MyTower GTM, benefit from a modular tool that allows you to integrate the features you need as your business evolves.

Context of global trade management in the era of changing regulations

What could be more complex than the rules of international trade? Especially when these are heckled by events such as Brexit or a trade war between the United States and China.

Thus, since the effective withdrawal of the United Kingdom from the European Union, customs have reappeared at its borders. More recently, on July 1, 2021, VAT applied to all e-commerce products, in order to fight against fraud, especially when it concerns the splitting of packages to escape the tax.

Regulations are constantly changing. But for companies, trading internationally is proof of development and a source of growth. Global trade management - or management of international trade - which aims to optimize exchanges and financial flows is then grappling with compliance issues throughout the supply chain.

 

Global trade management: automated monitoring and analysis to stay in compliance

Compliance is a key issue for companies, especially when it comes to international trade and rules that change from one country to another. Non-compliances lead to economic, operational and reputational risks that require the implementation of an effective digitization plan.

Among the main points, monitoring and analysis of rules is a first step that can be automated, in particular to be alerted. With the MyTower GTM solution, you centralize the management of all your processes subject to international regulations (classification, origin, import/export control, declaration management). So that if documents are missing or incorrect, you are immediately informed. This type of device is essential to avoid delays at customs and therefore dissatisfaction of end customers.

Operational license management is also streamlined and in addition to active transaction monitoring to ensure process compliance. In addition, you can configure all your regulatory constraints, from phytosanitary products to hazardous materials for example, within the same tool.

In this way, you considerably limit all operational and financial risks, as well as those that can weigh on your reputation and that of your partners.

Global trade / International trade: identify priority areas

The new regulations invite, even more today, to be very attentive to the question of customs. Customs checks at the border can also impact the delivery times of international business exports. In short, customs is synonymous with a lever for growth.

Ensure correct classification codes

As important on a legal as commercial level, the HS code nomenclature covers almost all exported products and indicates their customs duties. It includes 6 to 11 digits depending on the country, or 13 in some cases.

 

But that does not mean that this system is simple. In the United States, for example, imported tomatoes may have different codes depending on their species, their place of production and their season. Be careful therefore to apply the correct code, especially since the shipper company is responsible for this compliance.

Optimize original calculations

To avoid regulatory errors and endless calculations, MyTower GTM offers simulation to anticipate changes and impacts on sourcing. You can also control the consequences of industrial processes on the original calculations or carry out periodic checks that take into account variations in price or origin in particular.


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