2023 Corporate Global Trade Survey ReportExpanding roles for trade compliance jobs and technology
Today’s global trade professionals are struggling with four main topics, as discovered in a survey with worldwide leading companies.
1. Disruption. This occurs from sources such as inflation, rising costs, supply chain shortages, international conflicts, regulatory changes, transportation troubles, and compliance challenges. Despite these disruptions, firms are investing in new global trading innovations like cloud-based systems and programs to monitor and manage their supply chains more effectively.
2. Consistent lack of talent and knowledge. This skills gap is especially true regarding practical knowledge, technical abilities, and data analysis. Consequently, companies are increasingly relying on automation and outsourcing to make up for deficiencies in their staff. This trend is expected to persist in the years to come.
3. Environmental, social, and governance (ESG) reporting. This is a complex and time-consuming process for global trade professionals. It requires tracking performance on carbon emissions and pollution, as well as metrics related to biodiversity, natural resource management, worker treatment, and diversity. It also calls for responsible supply-chain management and scrutiny.
4. Technology usage. While more companies have deployed global trade management software, businesses are still unsatisfied with their visibility into trade agreements and the integration of trade systems and data.
Main discoveries of the surveyed companies:
- 88% of companies gather data related to ESG from their suppliers on an annual basis.
- Around two-thirds of businesses with over $100 million in annual revenue are beginning to implement technological innovations.
- 62% of the people polled in the survey indicated that "supply chain security and data protection" was the most important technology priority for them, up from 54% in 2022.
- One-third of businesses say that they suffer from understaffing and lack of budget.
How will this 2023 Corporate Global Trade Survey benefit your global trade department?
The report offers several benefits to global trade professionals:
- Gain valuable data and insights about trends, preferences, and challenges within the trade compliance profession, helping readers stay informed about the latest developments.
- Make well-informed decisions based on survey findings, whether it's about investment, strategy, or technology decisions.
- Learn about industry benchmarks and comparisons that allow readers to measure their situation against other companies.
- Come up with new ideas and motivation to adopt new approaches through the opinions of your peers.
Download your free version of the “2023 Corporate Global Trade Survey Report: Expanding roles for trade compliance jobs and technology” to discover the key trade challenges and trends and how trade compliance departments are navigating these turbulent times.
Thomson Reuters conducted the survey with 177 upper-level executives, directors, and managers from companies with over $10 million in sales revenue, most of whom were from the manufacturing sector. Companies reported that supply chain security and data protection were their top technology priorities and were outsourcing some aspects of global trade and supply chain management. For global trade professionals to succeed in this ever-evolving environment, they must stay ahead of the technology adoption curve and prepare themselves to take on additional responsibilities in the area of ESG reporting.