Best Global Trade Management Software - Page 11

Global trade management (GTM) software helps companies manage their international trade operations. It is primarily used by importers and exporters to improve collaboration with trade partners, automate compliance, and manage global trade efforts. This software serves to maximize profits, facilitate cross-border operations, categorize products, and manage international trade documentation. GTM software further streamlines the management of export licenses, compliance documents, classifications, landing costs, letters of credit, international border delays, and import regulations. As many professionals in the space will attest, staying on top of the numerous supply chain risks can help avoid fines and operational interruptions. GTM software offers solutions that enable buyers to increase margins by decreasing fees, duties, and tariff rates while providing transparency into a traceable and well-managed supply chain. While procurement professionals mainly use GTM software, it can also be leveraged by freight forwarders, manufacturers, and other trading partners through online portals.

Many GTM solutions will integrate with purchasing software, supply chain suites, and electronic data interchange (EDI) software to offer cross-functional solutions that better support a user’s entire supply chain workflow. It provides a holistic view into an often manual and clouded global trade management system.

To qualify for inclusion in the Global Trade Management (GTM) category, a product must:

• Offer workflows to validate, approve, and process transactions
• Manage trade documents such as letters of credit or bills of lading
• Include personalized supplier portals with custom access rights
• Ensure compliance with global trade rules and regulations
• Allow for the full traceability of products at any stage of the trade process
• Support multi-company, multi-location, and multi-currency features