Reap the benefits of efficiently capitalizing on trade programs. By removing the hassle, confusion and unnecessary manual effort involved in complex trade processes, manufacturers can minimize their duty obligations and reduce the cost of goods sold.
When companies source across borders, direct materials are just a portion of the costs. Global sourcing from lower-cost regions saves money, but the impact is diminished if a manufacturer misses out on special trade programs. These include free trade agreements (FTAs), preferential trade programs and other duty reduction plans, all of which are agreements between two or more nations that result in tariff and quota reductions.
In this paper, you’ll explore five best practices for taking advantage of trade agreements and programs to fully optimize and increase your savings:
- Implementing a supplier management program
- Automatically collecting comprehensive sourcing data from all tiers
- Managing supplier solicitation and communication
- Automating the qualification process for FTAs and other programs
- Adding new opportunities to your base portfolio
Learn about how your organization can reach the next level of low-cost, multi-country sourcing.