Global Trade Compliance in the Corporate Spotlight 94% of Best-in-Class Companies Are Currently in the Process of Improving Their Global Trade Compliance Processes
SOURCE:
Aberdeen Group
2008-04-08 07:00:00
Global Trade Compliance in the Corporate Spotlight
94% of Best-in-Class Companies Are Currently in the Process of Improving Their Global Trade Compliance Processes
BOSTON, MA–( EMWNews – April 8, 2008) – A new research study, “Global Trade Compliance
Priorities in 2008,” examines trade compliance practices and strategic
initiatives of 340 global exporters and importers. The report, announced by
Aberdeen, a Harte-Hanks Company (
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.
Viktoriya Sadlovska, a research analyst at Aberdeen who authored the
report, notes that, “In the past 5 years, significant changes have begun to
occur in the way global companies handle trade compliance: as our study
shows, global trade compliance is now being transformed from a back-office,
often neglected, function, to being the focus of strategic corporate-wide
initiatives.” The key organizational strategies to support these
initiatives include instituting a centralized organization to manage global
trade compliance, securing executive management’s support and the increased
role of trade compliance departments. The Best-in-Class trade compliance
departments prove to be more effective in attracting executive attention to
their compliance transformation initiatives.
Best-in-Class companies in this study (compared to Laggards) are, among
other strategies:
-- About 50% more likely to have the ability to access timely information on the latest trade regulations updates (e.g. restricted / denied parties) -- 80% more likely to centralize global trade compliance at the enterprise level and 57% more likely to involve executive management in global trade compliance initiatives -- Almost 80% more likely to have automated communication / document exchange with forwarders / 3PLs -- Three times as likely to use automated analytics tools for export / import transactions (reports, statistics, scenario analysis, etc.)
Enhanced process visibility, better access to trade regulations data,
centralized trade compliance organization, executive management support,
streamlined processes and the introduction of certain technologies all
contribute to improved performance. 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. This helps Best-in-Class
companies to both make their global supply chains more secure and improve
their business reputation.
A complimentary copy of this report is made available due in part to the
following underwriters: Integration Point and Management Dynamics. To
obtain a complimentary copy of the report, visit:
http://www.aberdeen.com/link/sponsor.asp?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.
As a Harte-Hanks Company, Aberdeen plays a key role of putting content in
context for the global direct and targeted marketing company. Aberdeen’s
analytical and independent view of the “customer optimization” process of
Harte-Hanks (Information – Opportunity – Insight – Engagement –
Interaction) extends the client value and accentuates the strategic role
Harte-Hanks brings to the market. 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.
© 2008 Aberdeen Group, Inc., a Harte-Hanks Company 260 Franklin Street Boston, Massachusetts 02110-3112 Telephone: (617) 723-7890 Fax: (617) 723-7897 www.aberdeen.com
Media Contact: Viktoriya Sadlovska Aberdeen Harte-Hanks (617) 854-5239 [email protected] |
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