Supply chain management is crucial for businesses as they expand globally. It involves various stages, and determining the Incoterms for each transaction is critical. Incoterms are standardized trade terms that define responsibilities, obligations, risks, and costs of shipping goods in international trade transactions. There are 11 Incoterms, divided into two categories. Automating Incoterms can eliminate errors and streamline the process. This can be done through software solutions, electronic data interchange, and blockchain technology. By understanding and using Incoterms correctly, businesses can avoid costly mistakes, streamline their supply chain operations, and increase profitability.
Source Kadam Chokhawala
