New Study, Co-Sponsored by Integration Point, Reveals Top Corporate Priorities in Global Trade Compliance
94% of Best-in-Class companies are currently in the process of improving their global trade compliance processes
Charlotte, NC (Issues Wire / PRWEB) April 1, 2008 -- Integration Point®, a provider of real time global trade management solutions, announced its sponsorship of the Aberdeen Group’s industry survey based study dedicated to global trade compliance. The study shows that global trade compliance is now a critical part of corporate global trade management (GTM) improvement efforts: 74% of all companies (and 94% of the Best-in-Class) are currently in the process of improving their global trade compliance practices, with an additional 21% planning to begin improvements in 2008.
Aberdeen Group surveyed 340 global exporters and importers to find out their challenges and transformation plans in trade compliance. The following themes have emerged as the Best-in-Class differentiators:
- Best-in-Class companies have a more strategic view of trade compliance and understand both the mechanism for quantifying reduced costs due to avoided supply chain risks and the potential of using trade compliance to reduce costs through improved product design and supply chain network design.
- Best-in-Class companies are about 50% more likely than Laggards to have the ability to access the needed trade-related information in a timely manner.
- Best-in-Class companies are 80% more likely than Laggards to centralize global trade compliance at the enterprise level and 57% more likely than Laggards to involve executive management in global trade compliance initiatives
“Enhanced process visibility, better access to trade regulations data, centralized trade compliance organization, streamlined processes and the introduction of certain technologies all contribute to improved global trade compliance. As a result, Best-in-Class companies in this study are twice as likely as Industry Average and 4.7 times as likely as Laggards to have decreased the number of supply chain disruptions due to trade compliance errors over the past year,” says Viktoriya Sadlovska, Research Analyst at Aberdeen who authored the report. “Although about 60% of participating exporters and importers report still heavily manual trade compliance practices, Best-in-Class companies show certain lead in instituting visibility into relevant processes. With the increasing complexity of global trade compliance regulations, foreign trade zone policy, C-TPAT, 10+2 and other changing government initiatives, it will be increasingly important for global companies to have the proper infrastructure to ensure visibility and effective management of these processes.”
“This study confirmed what we often hear from trade compliance managers. Their organizational peers need a stronger understanding of all the opportunities surrounding global trade automation and the risks of non-compliance,” noted Integration Point’s Senior VP of Global Markets, Clay Perry. “We recognize this challenge at Integration Point, and we’ve created an approach to ease the adoption of global trade management technology. First, our system is based on real time data which ensures users have the latest information. Next, we have a completely integrated, web-based solution which makes system access easy and effective. Companies can acquire only the GTM solutions they need and then add features as their needs grow. Finally, we provide the best possible support to ensure that the company is successful in both adopting the new technology and utilizing GTM as a competitive advantage.”
The 2008 Global Trade Compliance Study is available for download, compliments of Integration Point, at: http://www.aberdeen.com/link/sponsor.asp?spid=30410772&cid=4636.
About Aberdeen Group, a Harte-Hanks Company
Aberdeen is a leading provider of fact-based research and market intelligence that delivers demonstrable results. Having benchmarked more than 30,000 companies in the past two years, Aberdeen is uniquely positioned to educate users to action: driving market awareness, creating demand, enabling sales, and delivering meaningful return-on-investment analysis. As the trusted advisor to the global technology markets, corporations turn to Aberdeen™ for insights that drive decisions.
For additional information, visit Aberdeen http://www.aberdeen.com or call (617) 723-7890, or to learn more about Harte-Hanks, call (800) 456-9748 or go to http://www.harte-hanks.com.
About Integration Point, Inc.
Integration Point®, Inc.’s Real Time Global Trade Management helps many of the best known companies import and export goods more effectively by providing up-to-date international trade compliance. Integration Point’s solution is a comprehensive suite of fully integrated, web-based software products that provide consistent and secure access to information around the clock including: Import/Export Management, Global Classification, C-TPAT, AEO, Denied Party Screening, Free Trade Agreement qualification and Duty Deferral Program participation. Companies dependent on efficient import/export of goods rely on Integration Point to help them quickly and accurately navigate through the often complex and dynamic requirements of global trade. Contact Integration Point at www.IntegrationPoint.net or 704-576-3678.
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