Master data is essential to managing an effective, efficient, and compliant import/export program. Yet, for many, if not most companies, the trade compliance function uses inefficient spreadsheets or lightweight standalone databases to manage the product and account information needed to support the import and export activities.
A major challenge for trade compliance teams is the ability to manage an organization’s product and account records in a central database. This lack of centralized master data management reduces corporate compliance oversight and creates inefficiencies that negatively impact daily routines and activities. However, the most important consequence of poor trade compliance master data control is the degree to which accuracy, timeliness, and flexibility is compromised.
This ebook provides insights into the power and opportunities that master data for trade compliance provides. We will look at: