Manufacturing industries, such as automobiles, computer and electronic product manufacturers, textile mills, and metal manufacturers, operate globally and rely heavily on the global trade for the supply of raw materials and distribution of finished products. Most of the manufacturing plants have been set up in developing countries, such as India, China, and Brazil due to low labor costs and easy availability of raw materials while these finished products are traded in the mature regions, such as the US, the UK, and Germany. Thus, it is a challenge for the manufacturing industries to track suppliers and shipments while complying with rules and regulations of different countries. GTM solutions offer manufacturing industries with an efficient platform to collaborate with a large number of suppliers across regions, while also providing them with the ability to track and monitor shipments.
Frequently Asked Questions
What are the key drivers and opportunities for Global Trade Management Software market?The key drivers such as increasing complexities in global trade, changing government rules and regulations pertaining to foreign trade, increasing transportation costs, and increasing investment in global logistics infrastructure are responsible for the growth of the global market. The top opportunities include: Advanced features to link with existing corporate systems and SaaS Model for global trade management
What are the key features of Global Trade Management Software and where it is used?Global trade management solutions offer advantage to organizations to, manage trade efficiently across various regions. Global trade management solutions are being used across several industry verticals such as transportation and logistics, government and public, healthcare and life sciences, aerospace and defense, manufacturing, consumer goods and retail, energy and utilities.
How does the market estimate for Global Trade Management looks like in coming years?The global trade management market is expected to grow from USD 645.2 million in 2017 to USD 1,034.2 million by 2022, at a Compound Annual Growth Rate (CAGR) of 9.9%.
Who are the key target audience for GTM software?The target audience are: Enterprise users, Trade organizations, Government agencies, Industrial users, Freight forwarders, Global trade management vendors.
What are new solutions which the global trade management companies are exploring?GTM solutions address the requirements of logistics management, regulatory compliance, import and export processes, and financial information of an organization. These solutions streamline and automate business processes and enable businesses to determine the total landed cost. The implementation of trade management solution helps increase productivity, allows real-time access to different supply chain components, and increases visibility across the entire organization
Which are the key players in the market and how intense is the competition?The major vendors that offer global trade management solutions and services across the globe are Amber Road, Inc. (US), Aptean (US), Descartes (Canada), SAP SE (Germany), Integration Point, Inc. (US), Oracle (US), Precision Software (US), QuestaWeb, Inc. (US), Livingston International (Canada), MIQ Logistics (US), Thomson Reuters (US), and MIC Customs Solutions (Austria). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions to expand their offerings in the global trade management market.
Global Trade Management Software in Manufacturing
The Global Trade Management suite by Thomson Reuters comes with various software dedicated to individuals tasks and automate the process in order to increase the efficiency and reduce the human efforts. Some of the software are – Global Trade Classifier, Export Management, Import Management, Denied Party Screening, Trade Analysis, Supply Chain Compliance and many more. This suite simplify entire global trade management process with trade compliance information and facilitation tools.
The Trade Management program from FARROW provides clients a real experience of the customs department. The client has the advantage of highly trained and experienced professionals managing the complete process right from procurement to the payment. The platform provides a comprehensive approach to routine customs activities.
Descartes assists in maximizing the value of trade data by helping organizations work cleverer. The complete suite of solutions helps organizations to achieve insightful information, higher trade compliance rates, and leverage marketing research to eliminate the risk of transactions with the denied clients and lower duty spend. Descartes Global Trade Content solutions tie people and technology with the trade info they need to help influence international commerce and improve compliance.
Global Trade Reviews is a service offered by Trident Global that provide the finest preparation capabilities in global trade and logistics management to companies. To offer the highest precision and efficiency, experts work with the exporters to design and automate business processes to advance performance and returns and reduce costs. This process allows consultants to review and inspect an organization’s existing operations, events, processes, risk management procedures, and internal controls in a strategic manner.
EDI Solutions from enVista provide EDI Software and Advanced Trading Partner Management for Omni-Channel Brands the ability to seamlessly exchange data with trading partners and across the retail network. They decrease invoice processing costs, advance customer service, and enable progressive trading partner management.
CargoWise One is a one-stop software solution which is intended to increase productivity and expand incorporation, automation, and communication with the supply chain. The solution integrates business activities with clients and business partners. It automates the process and further increases efficiency, reach, profits, and operational productivity. The solution meets the diverse needs of niche industries.
Global Trade Management software by BPE Global is a comprehensive solution that selects and implements trade management software. The solution focuses on a particular methodology which begins by drafting business requirements, selecting vendors, implementing software, training users, and maintaining the software.
Effivity's cloud-based trading management system - MyEasyTrade is a comprehensive solution for all trading management problems. MyEasyTrade allows enterprises manage trading with the greatest ease by providing features such as - Order Management, Supply Chain, Logistics Management, Business Intelligence, and Accounting & Documentation.
BluJay Global Trade Network version 19.0.0 delivers expanded multimodal capabilities, new integrations, and additional countries and languages to help companies manage trade and the movement of goods around the world. BluJay’s cloud-based technology platform delivers an ecosystem of supply chain applications powered by its Global Trade Network (GTN).
OCR is the leading provider of global trade management software and solutions for a diverse range of industry verticals. OCR’s Global Trade Management Software is implemented by industry leaders to facilitate their import/export processes. The OCR Import Export Compliance software certifies that supply chain processes follow customs compliance as well as other regulations levied by government organizations.
MercuryGate is enhancing its complete global offering over an OEM agreement with Integration Point, a leading provider of Global Trade Management (GTM) solutions. The company deals with various global customers and is a leader in TMS solutions. The integration of TMS with GTM is helping enhance, systematize, and monitor cross-border transactions, and augment the entire global supply chain as well as decrease risk.
Softlink develops advanced and superior technology products & solutions for clientele in the logistics, freight forwarding, warehouse, transport, customs, and supply chain businesses. The company has enabled restructuring operations of the global logistics & freight forwarding industry by helping them to overcome commercial trials and accomplish growth. It offers various products such as Logi Sys, Logi Sys Pro, Live Impex, and Visual Impex to cater solutions to various industries.
The Global Trade Management Solution provided by PUREDOT is acknowledged worldwide for enhanced and smooth trade between two countries. The solution provides expertise in export and import management along with supply chain solutions. The client is given the benefit of exporting as low a quantity as 100 pcs, which is a highlighted feature of this solution.