In today's economy, not only are timelines shorter and cost margins tighter, but the burden of responsibility for compliance is heavier and now rests solely with the importer.
In this increasingly complex and changeable regulatory and business environment, gaining control and visibility over importing processes has become even more critical to a healthy bottom line.
Companies cannot afford the cost of compliance errors such as tariff classification mistakes, missing or inaccurate trade agreement certificates, or prohibited suppliers.
That's why there is increasing interest in current and comprehensive resources to ensure accurate and optimal tariff classification, with supporting rulings and associated documentation; robust import documentation management solutions; ongoing screening against U.S. Treasury Office of Foreign Assets Control (OFAC) Specially Designated National (SDN) list, the Department of Commerce Bureau of Industry and Security (BIS) denied persons, unverified and entity lists, and the Department of State Directorate of Defense Trade Controls (DDTC) debarred list and non-proliferation sanctions lists.
Companies can also no longer afford the cost of inefficient importing business processes such as reconciling transactions from multiple brokers, redundant data entry for ISF 10+2 and NAFTA eligibility, out of date support for sourcing decisions, paper-based audit trails, and ineffective communication flows and controls.
The re-engineering and learning curve needed to ensure your proof of due diligence is at hand and that business process yield meaningful competitive advantages may seem formidable. Yet with appropriate technologies, you can establish a streamlined, efficient, auditable import transaction flow that leverages detailed product knowledge and stored information, and facilitates communication with others in your supply and compliance chains.