Importing and exporting are not without challenges, especially in terms of the complexity of import compliance regulations. The global trade environment is ripe with geopolitical tensions, varying stages of digitization, and a lack of automation.
Meanwhile, DHL’s 2024 Global Connectedness Report proves globalization continues progressing, with companies generating more money internationally. Those companies are investing more in overseas projects than they have in over a decade.
This article leans on subject matter experts to tackle some of the most challenging questions about operating in the global logistics environment. Keep reading to explore technology’s role in overcoming common hurdles to drive growth.
How is Today’s Global Environment Impacting U.S. Customs Filings and Regulations?
The dynamic nature of global trade makes it challenging to be confident that your goods will breeze through customs. Businesses in this space deal with data overload, product variability, and multiple parties, not to mention the ever-changing landscape perpetually reshaped by regulations from entities like U.S. Customs and Border Protection and Partner Government Agencies like the FDA. Disruptions such as geopolitical tensions and environmental factors further complicate the environment, making a one-size-fits-all approach infeasible.
How Are Customs Brokerage Companies Navigating Import Compliance Challenges to Protect Profit Margins?
Technology is your best friend when you need to see everything from start to finish and make things run smoother for customs brokerage companies. Implementing a strategic blend of digitization and automation across the supply chain helps safeguard profit margins. This approach streamlines operations and fosters collaboration among shippers, carriers, 3PLs, customs brokers, and U.S. Customs, laying a foundation for sustainable profitability.
How Are Technologies Utilized to Generate Value While Lowering Risk in International Trade?
MercuryGate’s Customs & Trade Compliance software steps in to help manage all this data, keeping track of permits, sending notifications about holds or releases, and even creating workflows to deal with exceptions. The software makes a complex process manageable and moves you towards a paperless, digitized system for efficiently handling imports.
Do Global Trade and Supply Chain Technologies Work Together to Deliver Additive Value?
A data-centric approach allows companies to leverage data across the entire supply chain, from global transportation management to customs and trade compliance. Visibility, product testing, sourcing, and import compliance all play critical roles in creating a cohesive supply chain strategy. Aligning visible and relevant data to upstream and downstream activities ensures a smooth and uninterrupted flow of goods. Beginning early from sourcing to final mile delivery optimizes profitability and compliance.
What does Success Look Like for Customs & Trade Compliance?
The MercuryGate Customs & Trade Compliance platform instills confidence through unique features like browser popups, dashboards, and push notifications that alert users to potential issues. Our latest feature, portal chat, facilitates conversations and allows for the exchange of documents, eliminating much of the back-and-forth we see in the compliance process.
How Can a Customs Brokerage Ensure the Right Investment in Technology at the Right Time?
- What problem are you trying to solve?
- Is the product comprehensive to your current requirements?
- How well does the product help you to create, manage, and automate workflows?
- Can your other supply chain partners access relevant data?
- Does the technology vendor sell solutions or partner with you to ensure success through ongoing support?
- Does the technology vendor have a resonant vision of the role of technology in the future of customs data, filing, and clearance, as well as the shipper’s broader supply chain and the customs broker’s business demands?
How Will Technology Shape the Future of Import Compliance?
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Confidently Navigate Import Compliance with MercuryGate
Leveraging technology, like MercuryGate’s Customs & Trade Compliance software, delivers end-to-end supply chain visibility and operational efficiency to protect profit margins. Our solution provides the confidence and agility to successfully navigate today’s environment and beyond. For more information on thriving in global trade, check out our webinar “Navigate Global Trade Aspects To Keep Freight Moving.” Download our eBook “2024 Guide to Thriving in Global Trade.”
