5 Signs It’s Time to Optimize Your Trade Program

If there is one thing that the past 28 days have shown us, it is that global trade is complex, and now, more uncertain than we’ve seen in decades.  Many companies and trade professionals are clinging to the rules and procedures they are familiar with, but the current administration is taking a different approach.  What is clear is that those who have visibility into their supply chains and access to complete trade data will be the winners when it comes to being adaptable to the rapidly changing environment.   

Easier said than done, right? 

Here are some of the key indicators your company is ready to explore trade compliance optimization:

1.      Your company imports into the US and has multiple service providers-Customs Brokers/Forwarders.

2.      You have a small team of people who are responsible for trade compliance, or it is managed as an additional task for someone whose primary responsibility is not global trade.

3.      Your HTS and country of origin information are stored at the part level, but this information is not digitally shared with your Customs Brokers.

4.      You are participating in Duty Drawback, but the recordkeeping and entry requirements are handled manually preventing you from recovering the full potential of duty refunds.

5.      You are not able to keep up with internal entry audits and are experiencing material errors affecting your Customs entries.

If you’re nodding your head to some or all of the above, it is a great time to reach out for a 30 min call to discuss your business and what strategies may be available to help you start moving forward with more visibility and control of your compliance program.

Conclusion:

Process optimization is key to driving efficiency and reducing operational costs in global trade and compliance. By evaluating and streamlining workflows, businesses can eliminate redundancies, enhance accuracy, and improve the overall speed of trade operations. Optimized processes not only ensure compliance with regulatory requirements but also enable organizations to respond quickly to changes in the global landscape, from new tariffs to evolving export controls. Through automation, data integration, and continuous improvement strategies, companies can achieve greater operational transparency, reduce manual intervention, and increase scalability. Evolution Trade Solutions LLC. helps companies maximize their resources while creating a more agile and resilient supply chain.