Release Date: 09 July 2007
Release ID: 1295
Version 14 Establishes ‘Global Transaction’ to Fully Automate Related Party Transactions
Management Dynamics Inc., a leading provider of global trade management solutions, today announced the release of Trade Collaborator version 14, an enterprise-class, web-native application that allows companies to centrally manage global trade including import and export compliance and trade agreement management. This major release allows companies to fully automate related party transactions which today account for over 40% of all trade.
According to the US Census Bureau, related party trade by US companies with their subsidiaries as well as US subsidiaries of foreign companies with their parent companies amount to 40.9 percent or $1,182 billion of total goods trade in 2006. These transactions account for 46.8 percent of consumption imports and 30.8 percent of total exports. In the absence of a fully integrated global trade management(GTM) solution, companies struggle with multiple point solutions or are forced to re-key data from export shipments to import transactions which leads to higher staff and systems costs, more potential for data entry error and ultimately longer cycle times.
Management Dynamics’ Trade Collaborator solution automates and provides visibility into the global clearance process with three integrated modules: Trade Import, Trade Export, and Trade Agreements. Trade content for 120 countries is fully integrated with Trade Collaborator to support the highest levels of transaction accuracy and straight-through processing. The latest release introduces ‘Global Transaction’ processing to automate related party shipments and support the complexities of classifying products, determining licensing requirements, screening for restricted parties, determining and routing documents for hundreds of country pairs. This level of automation and validation from the export to the import entry reduces costs and increases pre-clearance rates and cycle times while demonstrating the highest levels of reasonable care.
According to the recent “Global Trade Management Strategies” report by the AberdeenGroup, 53 percent of large enterprises agree that improving trade compliance initiatives is a high priority in 2007. And with four out of every ten transactions destined for related parties, it is increasingly important that companies look to fully integrate global clearance solutions.
“As the world’s premier measurement company, Agilent Technologies needed a truly global integrated import / export trade compliance solution to support our high volume transactions,” says Rodney Menas, Director Global Trade & Security, Agilent Technologies. “We have rolled the solution out worldwide and are processing millions of transactions per year and have interfaces with multiple ERP systems and 1,300 users in 42 countries.”
“With Trade Collaborator 14, we have delivered a solution that addresses the challenges that companies have with managing their related party transactions and providing visibility to all facets of their global trade operations,” said Jim Preuninger, Chief Executive Officer of Management Dynamics. “Trade Collaborator 14 is the only market-ready GTM solution available to address the complex requirements of multi-national organizations and deliver the clear benefits realized by best-in-class companies identified by Aberdeen Group’s latest report.”
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