International trade volumes over the past 10 years have nearly tripled. With this rising flow of imports and exports comes growing supply chain complexity, as a single shipment may involve more than a dozen parties, ever-changing regulations, multiple languages and various modes of transportation.
Yet a recent survey indicated that 70 percent of the respondents still use spreadsheets for global trade management (GTM).
Many companies involved in global trade have a dedicated (and costly) staff to keep track of and comply with detailed, country-specific regulations. Transportation rates and schedules need to be analyzed; shipments must be screened against 200 lists containing an aggregate of more than 250,000 restricted parties.
Not properly managing this complex web of global trade results in poor supply chain performance, increased costs and exposure to fines/penalties. This sounds like a segment primed for some cloud disruption.