More than eight in 10 (81%) of survey respondents says that adopting more capable global trade technologies is key to solving rapidly changing customs and tax environments, according to a Thomson Reuters study.
However, companies appear to be lagging in upgrading these systems, as close to half (49%) of businesses worldwide are either behind the curve or in the early stages of adoption. And almost one-fifth (19%) are still operating in highly siloed environments with disparate systems for each region and/or business unit, severely limiting their ability to share, compare and analyze their business’s trade data.
“Conversations on trade management issues – like supply chain stability, tariffs, sanctions and customs compliance – have been thrust into the spotlight in recent years, and for good reason,” says Brian Peccarelli, COO, Thomson Reuters. “Problem solving around global trade challenges isn’t – and shouldn’t be – reserved for logistics professionals. Any organization involved in import/export activities must understand that a healthy business is contingent upon strengthening its modern global trade management system. And that isn’t possible without a concerted focus on technological innovation in areas like data analytics, artificial intelligence (AI) and blockchain.
From Thomson Reuters:
- Nearly seven in 10 (69%) of companies in the United States say retaliatory tariffs are affecting their business.
- Over eight in 10 (83%) of respondents agreed (46% strongly) that Asia-Pacific supply chain disruptions due to the pandemic and worldwide economic turmoil are having a major impact on their businesses.
- More than three-quarters (77%) of survey respondents agreed that the rapid evolution of the industry has made it more difficult to fill key roles. Over four in 10 (45%) of companies worldwide say they are considering outsourcing to fill skills gaps to address this.