The COVID-19 pandemic has brought to light the importance to global trade of business processes that have received little attention in the past. A prime example is import regulatory compliance.
“There’s been a shift toward thinking about trade compliance more strategically,” says Jerry Peck, vice president of product strategy at QAD Precision, a provider of global trade management, transportation execution and multi-carrier shipping software. “For instance, traditional corporate cost cutting projects have typically started with squeezing any waste from the company’s end-to-end order-to-cash processes. But with those savings realized, a growing number of savvy companies are now discovering trade compliance as a largely untapped source for further savings.”
Now is an excellent time to assess how you’re handling import compliance. In this Top 5 interview, Jerry Peck and Olivier Joncas of QAD Precision, along with international trade law expert Adrienne Braumiller, founding partner at Braumiller Law Group PLLC discuss five challenging areas of import compliance. The white paper covers:
- The challenges of accurate product classification
- The necessity of visibility of a slew of government agency requirements
- How the loss of human expertise negatively impacts compliance efforts and can prompt additional oversight from Customs
- The importance of adopting a company-wide compliance strategy
- How compliance can be a competitive advantage which can used to maximize trade opportunities
Please CLICK HERE to download the white paper.