Paul Soong, Regional Director at e2open, discusses the advantages of e2open’s supply chain software in facilitating and maximising the opportunities of global trade.
It is safe to say there has been nothing before comparable to the recent disruption we have seen to our global supply chains. Port congestion, capacity constraints, geopolitical tensions, labour shortages, and now a bloating inflation rate expected to nudge 7 per cent in the coming months – all are part of a seemingly never-ending challenge for businesses. With the general public now intimately aware and affected by the fragility of our supply chains, the need for resilience and visibility has become a key boardroom discussion topic and is high on CEO agendas. Although we know that these problems are temporary, operations have been altered simply to maintain the flow of needed goods to consumers, with demand and supply fluctuations that have led to transformational shifts in how business is done.
Introducing e2open
If we can learn anything from the current state of the supply chain, it is that short term solutions cannot correct the impacts we have experienced. Companies require better visibility and the ability to orchestrate the movement of goods with their supplier and logistics providers. This ensures cost certainty and the ability to adjust to changes in a dynamic and intelligent manner. The key to this is creating a digital equivalent of the physical supply chain as a proactive approach to dealing with sourcing changes, external pressures and other impacts.
This is where e2open steps in.
With a goal to establish a more connected, intelligent supply chain, e2open is a leading network-based provider of cloud-based end-to-end supply chain management software. Bringing together data from customers, distribution channels, suppliers, manufacturers, and logistics partners, our collaborative and agile supply chain platform enables companies to use data in real time, with artificial intelligence and machine learning to drive smarter and more informed decisions. Drawing upon data from inside and outside their organisation can allow supply chain leaders to analyse and respond to real-time demand, supply and delivery constraints – and even efficiently orchestrate actions with upstream and downstream partners.
Managing Global Trade
The global economy is on edge. Greater political volatility, increased scrutiny of supply chain practices, and changing expectations from consumers is causing businesses to rethink whether risk and compliance requirements are worth going through to maintain connections with their global partners. Having said that, there is still a greater emphasis for these organisations to remain on the global trade network, with more suppliers and partners being utilised. This adds complexity to integrations and information flows, putting focus on three key elements: planning, execution and diversification.
The growing complexity of these factors has led to the expansion and evolution of Global Trade Management (GTM) capabilities and broader adoption of these applications by enterprises that import and export across borders.
However, with this prospect in mind, many companies lack the personnel and expertise to monitor trade compliance and manage supply chains with the adoption of GTM applications. A report from IDC Markscape suggests that organisations are seeking a GTM provider with three primary capabilities that go beyond the basics of supply chain management: trade content, direct connectivity to customs agencies, and native Transport Management System integration.
e2open’s Global Trade Management Software Platform allows businesses to gain efficiency, insight, control and visibility across their global trade operations. As one of the leading GTM software vendors, e2open’s GTM solutions draw upon and leverage real-time data throughout cross-border transactions so that your business can dramatically reduce the already heightened risks of non-compliance and border delays. And with digitisation becoming the biggest driver for supply chain leaders today, implementing a GTM platform can allow companies to take a proactive approach to their global operations, staying one step ahead of what is happening in real time.
Different regions require unique processes and procedures to feed into the global supply ecosystem. GTM applications across the entire supply chain accommodate these differences by providing automation capabilities. Companies can build this understanding by securing access to decision-grade data from all channels. Combining the role of technology through advanced applications with embedded analytics and AI, seamless integration of import, export, duty management, and logistics processes can be achieved.
The current environment guarantees the ebbs and flows of global supply chain processes remain unpredictable. Therefore, businesses need to recognise and implement the correct solutions for global trade. Combining the power of GTM applications with real-time data can achieve greater supply chain resilience and velocity. This in turn results in minimal disruption of goods and a future economy of proactivity regardless of unexpected disruptions that emerge.
To learn more about e2open, click here.
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