Politics, coupled with the ongoing threat of global terrorism, is creating greater demand for global trade management (GTM) software than ever before. President Trump sees economic growth as tied to revitalization of US manufacturing and the job creation it will bring. Retailers and manufacturers, among others, are returning production to our shores, supported by his agenda of tax incentives and better trade agreements.
Companies are recognizing that importing and exporting will boom, and their business success will be tied to their ability to trade efficiently and effectively. Trade compliance and visibility will be foremost concerns, as speed to market will be essential. Unanticipated delays created by unforeseen supply chain bottlenecks or, worse still, noncompliance resulting in holds, fines, penalties, and focused assessments will be unacceptable as they will reduce profits and create missed business opportunities. Companies will want a solution that can automate the entire compliance process, show them where their goods are in their supply chain and create audit trails that document everything.
This second generation of technology adopters will come to the table with an entirely different mindset than the early adopters of years past. They will be looking for a technology fit that enhances their business position and promotes their success rather than acquiring technology based on a vendor’s size, competitors’ technology acquisitions or budget.
This informed purchaser will understand their firm’s specific importing and exporting requirements — and their current strengths and weaknesses in executing them. Better still, they will understand the business cost of operating without GTM technology and allow this cost projection to drive their technology budget. This knowledge could come from internal as well as external analyses of needs and requirements. Vendors should be able to demonstrate their capabilities using the information from these analyses, and companies should require such demonstrations when investing in GTM technology.