- Global trade professionals face numerous challenges including inflation, regulatory changes, supply-chain disruptions, talent shortage, data security, and expanding reporting responsibilities for ESG initiatives.
- There is a growing need for more transparent supply chains and greater supply-chain transparency is forcing companies to adapt operationally and technologically.
- ESG compliance requires supply-chain transparency and companies need to collect more data to prove that certain products were not produced with raw materials obtained through deforestation.
- Technology is being used to gain greater visibility into supplier networks, including Tier 1, 2, 3, and 4 suppliers.
- Global trade technology is being used by various departments beyond trade and compliance, including government relations, legal, tax, and others.
- Companies need a proactive technology strategy to navigate the regulatory minefield of global trade and anticipate regulatory changes.
- Communication and alignment within the company are crucial for addressing ESG responsibilities that cut across different departments.
- The ongoing skills gap is a challenge for companies, and many are outsourcing functions and embracing co-sourcing and automation.
- Creating a transformative team with diverse skills is important for filling skills gaps and becoming a strategic asset.
- Having a technology and talent management strategy is key, as well as embracing change and thinking about the future.
Source: tax.thomsonreuters.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
