Using global trade management solution from JPMorgan Chase Vastera to automate documentation, compliance processes at Rosemount division
Dulles, VA — September 30, 2005 — Process automation specialist Emerson Process Management is using a global trade management (GTM) solution from JPMorgan Chase Vastera to bring greater efficiency to its cross-border trade of equipment from its Rosemount division.
Emerson Process Management helps businesses automate their production, processing and distribution in the chemical, oil and gas, refining, pulp and paper, power, food and beverage, pharmaceutical and other industries. Its Rosemount division offers high-precision pressure, temperature, level and flow instrumentation.
Emerson has deployed JPMorgan Chase Vastera's TradeSphere Exporter technology at its Chanhassen, Minn., facility to automate export documentation and compliance processes, and to speed the delivery of products to customers. The company exports a high number of consolidated shipments of Rosemount devices per day to customers worldwide, and to Rosemount manufacturing plants in Brazil, China, Germany, Singapore and the United States.
As part of the efficiency measures, JPMorgan Chase Vastera trade experts reviewed and managed the classification or assignment of Harmonized Trade Schedule (HTS) codes to the parts used by Emerson to manufacture instrumentation products. Accurate HTS code assignment is critical as it determines how a product is taxed when shipped across borders. The HTS codes are stored in TradeSphere Exporter's centralized database, which automatically populates transaction records and export documentation templates. As a result, shipment delays are avoided and cost is optimized.
JPMorgan Chase Vastera said its suite of technology solutions manages the information flows associated with the cross-border components of exporting goods. TradeSphere can help global trade-oriented companies save on import duties, reduce logistics costs and improve compliance with trade and security regulations, the solution provider said.
The GTM enabler said that its offering also can help companies by reducing manual processing time as TradeSphere automates license determination and export documentation seamlessly through the order-to-shipment transaction workflow. In addition, TradeSphere enables export determination to be carried out for orders and shipments to ensure that companies uphold maximum due diligence to comply with global trade regulations. The solution also adjusts compliance checks as global trade rules change.
Elsewhere, the enabler said that TradeSphere software can help companies increase speed in getting shipments out the door and across international borders, thus minimizing "wait time" in the supply chain and improving cash flow. Ad with regard to Sarbanes-Oxley, TradeSphere can help companies demonstrate that adequate processes and procedures have been established to ensure import and export compliance, JPMorgan Chase Vastera said.
In April, 2005, Vastera was acquired by JPMorgan Chase Bank and combined with the Logistics and Trade Services businesses of JPMorgan Chase's Treasury Services unit JPMorgan Chase & Co.
Additional Articles of Interest
— Imminent terrorist attacks or no, your competitive advantage demands that you secure your company's supply chain. Read more in "Supply Chain Security: Is Your Company Complacent or Engaged?," in the February/March 2005 issue of Supply & Demand Chain Executive.
— For a look at how Tyco Fire & Security is tackling trade compliance issues in its global supply chain, see "Turning Global Trade Compliance Into a Competitive Advantage," in the August/September 2004 issue of Supply & Demand Chain Executive.
— For more information on the challenges and opportunities presented by increasingly global supply chains, see the special in-depth report in the August/September 2004 issue of Supply & Demand Chain Executive, which includes the following articles:
— For more information on the latest trends in the logistics space, see the article "The Analyst Corner: Fulfillment & Logistics" in the October/November 2004 issue of Supply & Demand Chain Executive.
Dulles, VA — September 30, 2005 — Process automation specialist Emerson Process Management is using a global trade management (GTM) solution from JPMorgan Chase Vastera to bring greater efficiency to its cross-border trade of equipment from its Rosemount division.
Emerson Process Management helps businesses automate their production, processing and distribution in the chemical, oil and gas, refining, pulp and paper, power, food and beverage, pharmaceutical and other industries. Its Rosemount division offers high-precision pressure, temperature, level and flow instrumentation.
Emerson has deployed JPMorgan Chase Vastera's TradeSphere Exporter technology at its Chanhassen, Minn., facility to automate export documentation and compliance processes, and to speed the delivery of products to customers. The company exports a high number of consolidated shipments of Rosemount devices per day to customers worldwide, and to Rosemount manufacturing plants in Brazil, China, Germany, Singapore and the United States.
As part of the efficiency measures, JPMorgan Chase Vastera trade experts reviewed and managed the classification or assignment of Harmonized Trade Schedule (HTS) codes to the parts used by Emerson to manufacture instrumentation products. Accurate HTS code assignment is critical as it determines how a product is taxed when shipped across borders. The HTS codes are stored in TradeSphere Exporter's centralized database, which automatically populates transaction records and export documentation templates. As a result, shipment delays are avoided and cost is optimized.
JPMorgan Chase Vastera said its suite of technology solutions manages the information flows associated with the cross-border components of exporting goods. TradeSphere can help global trade-oriented companies save on import duties, reduce logistics costs and improve compliance with trade and security regulations, the solution provider said.
The GTM enabler said that its offering also can help companies by reducing manual processing time as TradeSphere automates license determination and export documentation seamlessly through the order-to-shipment transaction workflow. In addition, TradeSphere enables export determination to be carried out for orders and shipments to ensure that companies uphold maximum due diligence to comply with global trade regulations. The solution also adjusts compliance checks as global trade rules change.
Elsewhere, the enabler said that TradeSphere software can help companies increase speed in getting shipments out the door and across international borders, thus minimizing "wait time" in the supply chain and improving cash flow. Ad with regard to Sarbanes-Oxley, TradeSphere can help companies demonstrate that adequate processes and procedures have been established to ensure import and export compliance, JPMorgan Chase Vastera said.
In April, 2005, Vastera was acquired by JPMorgan Chase Bank and combined with the Logistics and Trade Services businesses of JPMorgan Chase's Treasury Services unit JPMorgan Chase & Co.
Additional Articles of Interest
— Imminent terrorist attacks or no, your competitive advantage demands that you secure your company's supply chain. Read more in "Supply Chain Security: Is Your Company Complacent or Engaged?," in the February/March 2005 issue of Supply & Demand Chain Executive.
— For a look at how Tyco Fire & Security is tackling trade compliance issues in its global supply chain, see "Turning Global Trade Compliance Into a Competitive Advantage," in the August/September 2004 issue of Supply & Demand Chain Executive.
— For more information on the challenges and opportunities presented by increasingly global supply chains, see the special in-depth report in the August/September 2004 issue of Supply & Demand Chain Executive, which includes the following articles:
- Making Global Supply Chains Work Supply and demand chain practitioners take on the challenges and opportunities of world marketplace.
- The Hidden Costs of a Global Supply & Demand Chain - Veteran industry observers warn of potential hidden costs of offshoring.
- Mastering the Complexity Challenge in the Global Supply Chain - While many companies are acting globally, they are still thinking locally.
- Ensuring Security of Supply in the Lean Supply Chain - Balancing the demands of security with the requirements of today's lean supply chains
- The World Is Enough - Making the global high-tech supply chain more accessible.
— For more information on the latest trends in the logistics space, see the article "The Analyst Corner: Fulfillment & Logistics" in the October/November 2004 issue of Supply & Demand Chain Executive.
- More articles about Emerson.
- More articles about JPMorgan Chase Vastera.
