In the first quarter of 2019, SAP Global Trade Services (SAP GTS) application took the spotlight in SAP’s recognition by independent analyst firm ARC Advisory Group as the market share leader in “Global Trade Compliance Systems Worldwide Market Research Study — Market Analysis and Forecast Through 2023.” After the havoc of 2020, Deloitte and SAP are harping on SAP GTS to help enterprises navigate today’s new world of commerce.
The ever-changing border restrictions across states and countries and enforcement of other measures in response to the COVID-19 pandemic have made the complex international trade even more complicated and unpredictable. Today more than ever, the disruption in the trade industry has propelled the digital economy underpinned by digital, intelligent technologies.
Acknowledging that the effects of the pandemic in international commerce are far from over, global advisory firm Deloitte is collaborating with SAP Hong Kong to help enterprises thrive and navigate the new world of international trade. As a one-stop end-to-end global trade services provider and an SAP partner, Deloitte offers SAP solutions such as SAP GTS-enabled Smart GTS to help enterprises in the trade industry mitigate the impact of the pandemic and execute global development strategies while ensuring compliance, cost reduction, intelligence, and synergy for global trade management.
Fabian Padilla Crisol, Managing Director, SAP Hong Kong, said:
“Business leaders in high-tech, life sciences, luxury goods, industrial machinery, and other sectors understand the importance of optimising cross-border supply chains. With the support of SAP GTS and Deloitte, these businesses are now well-positioned to navigate an increasingly volatile and complex global trade environment in 2021 and beyond.”
Now on its 175th year, Deloitte boasts of its global network that comprises a mix of multidisciplinary trade specialists with extensive experience in compliance, customs, preferential trade agreements, technology implementation, and unparalleled experience across industries.
Sharing about the Deloitte and SAP Hong Kong collaboration amid the changes in the global trade environment, Deloitte Consulting China SAP Offering Leader Andy Zhou said:
“To prosper in the dynamic global trade environment, enterprises are required to keep up with the cross-border trade policies and regulations, meet new consumer demand and the development needs of complex supply chains. The combination of Deloitte’s services and SAP GTS technology allows deep integration and seamless connection to establish a stable, efficient, and compliant global trade management model and solution.”
SAP GTS Streamlining Import-Export
As SAP’s global trade compliance solution, SAP GTS automates and streamlines complex import and export processes. The solution helps organisations to run worldwide compliance from a single platform that integrates trade services across their entire enterprise. In addition to helping enterprises control costs, SAP GTS enables them to manage global trade operations, ensure ongoing trade compliance, optimise the cross-border supply chain, and reduce non-compliance risk.
Here are some of the key features of SAP GTS:
- Compliance Management: The system helps ensure enterprises are compliant with international trade regulations in three main areas: Sanctioned Party List Screening, Legal control – export (including embargo checking and license management), Legal control – import (including embargo checking and license management). SAP GTS enables organisations to rationalise their extended logistics chain and automate the complicated processes that are involved with international trade compliance issues.
- Risk Management: The system contains application areas for risk management, which let enterprises minimise the financial risk associated with their global trade activities.
- Customs Management: The system helps companies automate and standardise import and export processes with the customs authorities. This enables them to use the import and export of goods faster and reduce the total costs for handling customs-relevant transactions.
- Trade Preference Management: The system helps enterprises determine the rules of origin and conduct free-trade agreement planning and management.
- Global Trade Analytics: SAP GTS integrates directly with SAP S/4HANA, SAP ERP, and other business software systems, allowing efficient export and import management.
- Electronic Compliance Reporting (ECR): ECR in the GTS system supports companies in statistics declarations that they have to submit to the authorities for intra-European trade between two EU member states.
- System Administration: This area contains the functions enterprises need to monitor and control technically in SAP GTS such as archiving, system monitoring, and system communication workflow.
