High-performing international trade leaders convene to discuss trends, challenges, best practices at EY Global Trade Symposium
New York, 30 January 2014
The EY Global Trade Symposium report, “Growing beyond: how high performers are accelerating ahead,” provides insight from industry leaders of international trade functions into how effective trade management can enable corporate growth and competitive success.
EY Global Trade assembled a group of industry professionals overseeing high-performing global trade departments to look beyond baseline leading practices and provide views on characteristics and processes common to high performance.
“Not surprisingly, our discussions highlighted that high-performing trade departments are keenly focused on enabling business growth, and that trade management is an undeniable, material factor toward overall corporate success in international operations. Trade departments can most effectively enable business with a holistic understanding of products, manufacturing, supply chain, legal structures, and so much more,” says Kristine Price Dozier, a principal in Ernst & Young LLP's Global Trade practice and Chair of the event.
The Global Trade Symposium report offers details about key elements of international trade leadership including:
- Stakeholder collaboration to facilitate trade in a more agile and meaningful way – through exchanges of information and related processes, leaders could mutually enable trade speed and compliance. Noting that improved data, communications and awareness, and enhanced processes benefit multiple stakeholders, the report describes the forms of collaboration that work best for each organization. It also addresses cooperation and engagement with regulatory agencies, other government officials as well as other third-parties (from suppliers to other industry competitors).
- Technology to drive opportunities and reduce risks. High-performing trade functions are actively looking for new opportunities to use trade data to improve processes, uncover opportunities and manage relationships. The report details uses for technology in trade operations, engagement of and/or collaboration with IT resources, and approaches to budget for this key element of trade management.
- Operational Agility achieved through innovative service delivery models, such as centers of excellence to engage talent, manage rapid change and optimize global trade operations and opportunities.
- Integrating into the business. Trade is an integral part of the planning process, whether beginning operations in a new market, introducing new products in an existing market or expanding by acquisition. Leaders described how they serve as more than just subject matter experts, needing understand the detailed business objectives for specific markets. Understanding business operations allows trade personnel to inform the process, work with others to plan a comprehensive solution by diminishing trade barriers and accelerating trade enablers.
EY has hosted and facilitated the Global Trade Symposium annually for more than a decade, examining the changing needs of trade executives and the common characteristics and art of high performance for those managing in a global economy. Participants are established global traders with import and export operations in multiple jurisdictions and are recognized as industry leaders. This year, they represent 22 companies, including: Abbott Laboratories, AbbVie inc, Airbus S.A.S., Armored AutoGroup Inc., Baker Hughes Incorporated, BMW Group, Cardinal Health, Inc., Cisco Systems, Inc. Columbia Sportswear Company, Corning Incorporated, General Electric Company, General Motors Company, Henkel Corporation, Lear Corporation, Levi Strauss & Co., Microsoft Corporation, Momentive Specialty Chemicals, Inc., Nike, Inc., Renault-Nissan Alliance, Terex Corporation, The Aldo Group Inc., and Tiffany & Co.
Click here to read the full report online.
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