Tuesday, September 30, 2008

Global Trade Compliance Priorities - An IT Analysis - Part 2

Continuing my analysis of the Aberdeen report:
Page 8 - 'Trade Compliance departments are beginning to behave more strategically, their increased responsibility driven by growing company operations and lack of understanding from other departments'
I hope Trade Compliance departments start including IT counterparts early on in strategy planning and implementation sessions. IT team members can help define strategy that reduces the total cost of ownership of applications and also spread the word around within IT and business groups so that Trade Compliance needs aren't ignored. I really do think Trade Compliance IT needs a spot at the strategy tables, otherwise companies will end up with a hodge podge of disparate systems that increase the total cost of ownership.

Page 11 -
46% of best in class companies have automated doc exchange with forwarders/3 PL's for export and/or import
58% of best in class perform automated restricted party screening for exports and 32% for imports
37% of best in class perform automated export license determination and management
58% of best in class have automated access to trade related content
26% of best in class have access to analytics tools for export/import transactions - reports, statistics, scenario analysis etc..

Best in class companies are the the top 20% of the companies. If they themselves have a limited level of automation then there seems to be a lot of potential for automation in the future. I hope this means a lot of opportunity for fellow Trade Compliance IT professionals.

(to be continued)