The global trade landscape changed dramatically when the enervating US presidential election ended. While the results shocked many around the world, the potential shifts in trade policies under President-elect Trump are obvious. Even in the first few days following his win, direct and unmistakable anti-trade sentiments have resounded from the incoming leader. The change in administration is sure to bring the dismantling of existing trade agreements, scrapping pending agreements, and a lack of focus on easing cross-border trade overall.
However, the industry is used to commotion, and there are ways to brace your company for what is to come. During the past 11 months, supply chains have been riddled with disruptions at every turn. In January 2016, analysts predicted positive trends and a big trade uptick, but fate didn’t get the memo. The forecasts fell short, not for a lack of effort, but mainly because global trade was hit with numerous interruptions, driving importers and exporters to scramble to stay on course.
Like when a hurricane is approaching landfall, buttressing for the hit will ensure your company makes it through this storm. The key is investing in technology and making process changes in advance.
- Supply chain visibility is critical to proactively manage unexpected supply chain disruptions.
- Agility to respond to the ebb and flow of consumer demands.
- Retailers, especially, need to enable cross-border e-commerce due to the booming growth.
- Access to comprehensive and timely trade regulatory information and updates.
- Move beyond simple visibility to supply chain predictability.
- Manage secure trading partner collaboration.
- Enhance supply chain risk analysis and management.
- Gain deeper insight with big data and analytics.
- Manage costs to maintain margins.
As we move into 2017, global trade management executives need to brace against disrupters that have the potential to send supply chains into a tailspin.