“Sometime last week, I was chatting with a long-term customer about our recent rebranding. She asked me why we had the tagline, “Our goal is to drive your Global Trade success?” And this was my explanation, “We have all been observing the constant changes that have been happening with global trade in recent times. Brexit, US-China tariffs on each other, the US pulling out of the Trans-Pacific Partnership (TPP) trade deal, NAFTA renegotiations and more. More and more businesses now have a global footprint and such economic and political decisions have a major impact on global trade. Compliance rules and trade regulations are changing rapidly, and businesses cannot afford to adapt a reactive stance to Global Trade Management (GTM) any longer. They need to be armed with information and keep pace with the changing trade environment to stay ahead of the pack. Protection and polarization are becoming more relevant in the existing political and economic conditions and trade partnerships are being altered more often.”
“Businesses constantly need to keep watching baseline outcomes and be prepared with content relevant to changing compliance rules. For instance, vehicle manufacturing companies might require some percentage of the components to be made locally and due to a broken partnership, businesses might not fall under the same compliance rules as before. While adherence might appear to be a stumbling block, free trade zones could be an option to address the concern and optimize costs at the same time. Irrespective of the compliance regulation, and the possible solutions, businesses can stay ahead and reach out for success only if they lead with content. In the current changing GTM environment, additionally, businesses need to be proactive and collaborative. GTKonnect offers solutions to bridge these gaps and empowers businesses to achieve GTM success. And that explains the reason for our new tagline.”
“Let me now give you a wider perspective that places the current GTM trends in context. Global trade professionals have stayed in the background for very many years, only making sure the business met compliance regulations, and not influencing business decisions for the most part. The tide is turning now and due to the changing political and economic global climate, company CEOs are now consulting global trade professionals on new regulations and trade policies. On the one hand, countries are approaching trade with a very protective and conservative outlook and drawing up new regulations based on this approach. These are reflecting in terms of control rates, tariff rates, retaliation and other stringent limitations. On the other hand, they are also aiming at expanding their global trading presence, looking to formulate agreements and seeking new marketing opportunities.”
“Businesses are now compelled to keep an eye on the wider global trade scenario along with the impact on their costs and efficiency. However, many companies have not yet adapted this two-pronged approach and are lacking the information and tools to be successful in GTM. Data has to be proactive and global trade professionals need to be aware of the changes and stay in step with the top management’s needs. In order to do this, they must be equipped with the latest information, stay connected with industry experts who can offer advice on the latest developments and take advantage of the cost savings and opportunities that are available. A mix of the right tools, content to power the tools and the ability to collaborate can help the business remain competitive and lead to the right decisions in GTM. Let’s also not forget that any information on global trade, and access to expert advice tend to be expensive.”
“Businesses vary in their capabilities vastly, some being technologically well-equipped and others not so much, but all of them require the right content and information that is readily available on demand, at a reasonable cost. GTKonnect has been listening to customers and having observed these needs in the context of global trends in GTM, came up with the iKonnect+ feature to connect the dots. Harmonized Tariff Schedule (HTS), dumping case details, import/export procedures and customs office locations are a few factors for which content is difficult to find. iKonnect+ is a single content platform that helps source all the information in one place, without added costs. The first social platform of its kind in the GTM space, the tool helps global trade professionals connect with a community that can offer expert advice and help develop contacts in the global trade arena.”
“No matter what rules and trade partnerships change, a business’ preparedness to adapt to global trade changes and trends makes it efficient and successful. And GTKonnect is here to help businesses achieve success in GTM.”
Find out how we can help you achieve GTM success.
Anand Raghavendran is GTKonnect’s President & CEO.