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Trade Compliance
On Demand
July 29, 2021
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New Product Introductions - Trade Compliance and Master Data

Dan Gardner

Solutions Consultant, 3rdwave

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July 29, 2021 2:00 PM
ET
Details

New product introductions (NPIs) are the life blood of most any organization and it’s all too often that compliance considerations get left out of the entire process. Too often NPIs get delayed when goods are held at the borter by CBP or PGAs for missing information costing the organization precious time and money.

Depending on the industry, a company can introduce hundreds, if not thousands of new products per year. If those goods are imported and/or exported, the ability to manage the trade compliance aspect of New Product Introductions (NPI’s) at the item level can become a daunting task.

This is especially true when products have additional requirements that include adherence to Partner Government Agency import regulations, export controls and proof of qualification for Free Trade Agreements. Whereas management of an organization’s Product Master Database (PMD) is essential for existing products, it is especially relevant when bringing new goods to market in a timely and compliant manner.

We’ll be covering topics and mini-case studies that include:

  • The need to engage trade compliance professionals early in the product development cycle
  • How product classifications drive trade compliance fields in the Product Master Database
  • Factors to consider when creating a PMD for imported finished goods-Product Master Data essentials for imported raw materials
  • Tying raw materials to finished goods via a Bill of Material-Factors to consider when creating a Product Master Database for new product exports-NPI’s and trade compliance for duty drawback
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Dan Gardner
Solutions Consultant, 3rdwave
Dan has both hands-on experience as V.P. of Logistics for a mid-sized importer and as a senior executive with several large 3PLs. In addition to his professional experience, Dan is a licensed customs broker, a professor of supply chain management, certified in Production & Inventory Management (CPIM), and a Black Belt in Six Sigma. As an author, Dan’s work has been featured in The Journal of Commerce, APICS Magazine, CSCMP Global Perspectives, and Inbound Logistics magazine.
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