Thompson Reuters, the multinational mass media and information firm, earlier this month announced the release of a new automated trade management solution designed to improve efficiency of corporations’ global supply chain and trade compliance operations. ONESOURCE™ Global Trade, the company says, is “the world’s first truly global trade automation and management solution.”
“This solution enables multinational corporations to tie together key supply chain information to gain complete visibility of their end-to-end global trade process – reducing risk, maintaining regulatory compliance, enabling quick and accurate movement, and maximizing profit,” said Taneli Ruda managing director of the Thomson Reuters Global Trade Management business.
ONESOURCE™ Global Trade is the result of Thompson Reuters’ 2013 acquisition of T.Global, a Brazilian provider of global trade management (“GTM”) software and solutions, with client-hosted or SaaS technology that interoperates with a variety of ERPs for seamless trade and tariff compliance. The company’s products have been deployed and tailored in more than 300 companies, with different ERP interfaces: SAP, ORACLE, BAAN, IFS, MFG-Pro, Datasul and other systems.
With workflow management tools, the system facilitates information exchange between a corporation’s trade team and their logistics, compliance, finance, and strategic planning departments. It also connects trade teams with external partners responsible for managing a complex global supply chain, including customs brokers, freight forwarders, customs, shippers, regulators, and banks.
The product is being issued in country-specific editions which include information on all trade laws, customs regulations, tariff and tax rates, and licensing requirements particular to that country. Working from its established base in Latin America, the product has to date been localized for Brazil, Argentina, and Mexico. Thomson Reuters is currently localizing the ONESOURCE Global Trade solution for a large number of additional countries and plans to launch within the current year editions specific to China, India, United States, Japan, Korea, Colombia, Chile, Peru, Singapore, and Thailand.