How do we move forward?
Looking to the future, trusted data will only become more important. We believe that the way organizations create value is changing. Whatever industry or sector you are in, your ability to succeed will be shaped by your ability to play in collaborative ecosystems that generate value for all their participants. Trusted data isn't just the price of admission; it's the glue that holds these ecosystems together and enables them to flourish.
So how can we move forward? A new approach to trade will help organizations respond better to the crisis we face today while enabling them to take their place in an exciting future.
At EY, our NextWave Global Trade initiative is bringing together organizations from multiple sectors and public bodies from multiple jurisdictions in a concerted drive to shape this future.
We’re also working with individual manufacturers, banks, insurers, shippers, and logistics providers that are transforming at a structural level — pioneering innovative business models or new forms of supply chain.
There are immediate actions that any organization can take now:
1. Build an integrated perspective on trade
Trade issues typically fall into organizational silos, so there is rarely an individual or team setting strategic direction or taking overall responsibility. The result is increased cost and risk. This has to change.
If you bring together the key people with a stake trade — from compliance and supply chain to finance and tax — and give them data insights they trust, they can start to form a comprehensive view on the way dynamic regulations and other market changes are impacting their business.
2. Shape a coherent response to changing global tariffs and trading relationships
With a comprehensive and data-informed overview of what’s going on, this group can move away from tactical, reactive actions and begin shaping a proactive trade strategy.
This will include a more coherent response to a dynamic global regulatory environment, as the team will be able to identify the potential impact of changing conditions and requirements and respond faster.
Silos will break down as people feel empowered to make decisions based on a data-informed view of what will create or protect value.
3. Remove cost and delay from your trade network
With an integrated perspective, organizations can anticipate supply chain problems, identify their root causes and drive ongoing efficiencies across their trade network.
They can respond to change quickly, eliminate costs, accelerate their speed to market, become more competitive and develop more agile business models — without jeopardizing regulatory compliance.
4. Drive smarter use of better data
As better data starts to drive smarter decisions, organizations see the value of building robust data management systems. These need to extend beyond functional silos and allow full participation in wider, data-driven trade networks.
Such systems will enable organizations to gather, cleanse and consolidate all the trade data they need. They will have access to data analytics that provide key trade insights. And they will convert those insights into comprehensive, up-to-date business intelligence. Leadership can then make informed decisions that improve the business today and position it for success tomorrow.
5. Commit to disruptive technology with confidence
With a more holistic perspective on trade, organizations will have a much clearer view of which disruptive technologies will help them achieve their long-term strategic goals. They can then invest in the technology innovations that will drive competitive advantage and integrate them into their wider road map for digital transformation.
If we can make trade work better, everyone will benefit. The shift from the slow and inefficient trade networks we see today to the collaborative, data-informed ecosystems of tomorrow is an opportunity for innovation. Leaders who work to shape that future can secure their place in the new era of global trade.