Automated trade management solution designed to improve efficiency of corporations’ global supply chain and trade compliance operations.
Thomson Reuters announced the launch of ONESOURCETM Global Trade.
ONESOURCE Global Trade is the world’s first truly global trade automation and management solution, said TaneliRuda managing director of the Thomson Reuters Global Trade Management business. This solution enables multinational corporations to tie together key supply chain information to gain complete visibility of their end-to-end global trade process —reducing risk, maintaining regulatory compliance, enabling quick and accurate movement, and maximising profit.
Multinational corporations must manage and account for increasingly large and complex supply chain structure:
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- International trade represents nearly half of global GDP.
- The value of all traded good and services has increased by more than 500% in the past 20 years.
- In 1994, there were 100 free trade agreements (FTAs). By 2014, there were more than 371.
- Trade compliance includes valuing or classifying goods crossing borders, reporting on the country of origin for all parts, and complying with national trade prohibitions such as restricted parties or export controls.
Processes that slow down trade operations may result in lost time, work stoppages, and reduced margins. Additionally, if a good is misclassified or a declaration improperly passed to a broker, the result may be increased fees, taxes, and tariffs, or revoked export licenses. Making matters more difficult, many corporations rely upon disparate internal information programs to manage the growing complexity of global trade.
Thomson Reuters ONESOURCE Global Trade solution combines workflow tools with real-time information and analysis. With workflow management tools, the system facilitates information exchange between a corporation’s trade team and their logistics, compliance, finance, and strategic planning departments. It also connects trade teams with external partners responsible for managing a complex global supply chain, including customs brokers, freight forwarders, customs, shippers, regulators, and banks.
ONESOURCE Global Trade offers six modules and multiple country editions. Modules include Exporter and Importer workflow tools, and information and analysis modules for Foreign Trade Agreements, Special Programs, Restricted Party Screening (RPS) and Trade Finance. The system is designed to integrate with a company’s Enterprise Resource Planning (ERP) or Warehouse Inventory Management (WIM) systems.
ONESOURCE Global Trade solution is based on the expertise of Softway, which Thomson Reuters acquired in 2013. Thomson Reuters currently supports a customer base of more than 300 multinational corporations with its trade solutions.