Management Dynamics Releases Trade Wizards 10.0 Web-based Research Tool
Improves Compliance with International Trade Regulations and Advisories
EAST RUTHERFORD, NJ, November 18, 2009 — Management Dynamics, a leading provider of Global Trade Management solutions, today announced the release of Trade Wizards 10.0, a Web-based portal to trade content from 122 countries that facilitates the research of complex trade questions. The new release makes it easier for companies to classify products, calculate landed costs and perform document determination at the Harmonized Schedule (HS) level. In addition, a new user experience allows users to manage their searches and ultimately find information faster.
“Trade Wizards is an invaluable tool for our global trade team and we use it daily to quickly and accurately classify our products, determine applicable import or export controls, or to answer a question from the business on total landed cost,” said Glenda Welch, Director of Corporate Logistics and Transportation, Belkin International. “The latest version of Trade Wizards is much easier to use, allowing us to conduct our research more efficiently and to fully tap into Management Dynamics’ trade content library including the new HS-based document templates.”
Management Dynamics’ Trade Wizards 10.0 enables the user to make quick, interactive queries using a standard Web browser to calculate landed cost, screen for restricted trade parties, search for HS and Export Control Number (ECN) classifications, identify applicable regulatory controls, and determine trade documents. Management Dynamics maintains the trade content needed to answers these questions for 122 countries or approximately 99 percent of the world market. What used to require many hours to manually research trade rules and regulations can be achieved in minutes using Trade Wizards 10.0.
New key features available on Trade Wizards 10.0 include:
- New Classification Workflow – Perform complex searches that include the tariff number and either a legal or common term to quickly find relevant classifications. Also, searches may be defined with complete Boolean logic and search results are displayed in a tree format to simplify the navigation to a classification.
- Landed Cost Calculator Scenarios – Build landed cost scenarios with multiple origin countries to quickly identify the minimum landed costs with respect to product invoice, duty, VAT, excise, other governmental charges, transportation and insurance.
- Restricted Party Screening – Screen with an improved screening engine and access to Management Dynamics’ coverage of 94 restricted party lists offering the highest level of compliance with the lowest rate of false positives.
- Document Determination – Determine the documents required for exporting and importing based on country of export, country of import, and HS number. Results returned include hundreds of documents required for exports, imports, preferential agreements and product specific documents based on the HS number provided.
Trade Wizards 10.0 functionality is available in a highly intuitive user experience with online help that can be used immediately with no user training.
“As businesses continue to globalize at a fast pace, it is important for supply chain teams to have the resources they need to keep up with the ever-changing trade regulations and supporting content,” said Nathan Pieri, SVP Marketing & Product Management, Management Dynamics, Inc. “The latest Trade Wizards 10.0 release takes a big step forward on usability and ultimately makes it easier for users to accurately answer their toughest trade questions.”
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India and the EU Hopeful For Free Trade Agreement in the Coming Year
World Trade magazine reports that India and the European Union have re-ignited discussions to create a free trade agreement between the two parties. Discussions originially began in 2007, but was slowed because of differences on intellectual property rights and fusing trading best practices with climate change.
“Despite the economic slowdown, I am happy to note that trade in goods and services between India and EU has doubled over the past five years to reach almost 80 billion euros,” Singh told reporters after the meeting.
India is the European Union’s biggest trading partners, with a rise of over 29 percent within the last five years. Plans are underway to complete the agreement within the next year.
To read the full article, click here.
Obama and Hu Jintao to Talk Trade Among Topics to Discuss
President Obama landed in China on Sunday to discuss some much needed topics with President Hu Jintao, according to Time magazine. One topic is trade. In recent months, trade issues has been heated between the two nations as both have thrown around the idea that each nation is participating in protectionism since the recession began.
“They’re working through a lot of scattered issues, but they are working through the WTO,” says James McGregor, the former chairman of the American Chamber of Commerce in China. “In the old days, every trade issue would become a very public and unstructured argument.”
China and the U.S. trade around $400 billion in goods each year. Many trade experts were concerned tension may get too high, making resolution difficult. But, U.S. officials dismiss that allegation, saying that the affected goods are only a small part of the total trade exchange.
Wanna read more: http://www.time.com/time/world/article/0,8599,1939536,00.html?xid=rss-topstories
Germany is Heading Out of the Recession
Germany has seen positive economic growth as exports has increased and the government’s stimulus package encouraged corporate spending. Exports and investment in construction and equipment has been the main drivers of its economics growth for Q3.
“The bad times are over but the good times have not started yet,” said Carsten Brzeski, senior economist at ING in Brussels. “The export-driven recovery is all well and good but in order to shift into a higher gear, the German economy needs domestic demand.”
Some fear a possible export slow down may happen as the Euro continues to gain strength. Competition is stronger than ever as exchange rates are more important and global exports is still recovering from the recession. But, many others are still optimistic.
“Orders and sentiment indicators suggest that the economy will continue to develop favorably in the months ahead,” said Alexander Koch, chief German economist at UniCredit in Munich. “Growth will slow somewhat, but the recovery remains solid.”
Wanna keep reading? Click here.
*all information used in this blog was from a Bloomberg article.
U.K. Sees Exports Rise and Recession Ending
U.K. Trade Minister claims trade is almost back to normal as exports are increasing, says the Wall Street Journal. The Office for National Statistics stated that the trade deficit widened to an eight-month high in September as a 3.9% rise in exports.
“Trade is gradually getting back to normal. The statistics from the U.K. reflect that,” Marvyn Davies, U.K. Trade Minister said. “More and more companies are exporting their way out of recession.”
The primary goal for the government is to supply the country’s nearly five million smaller businesses with the ability to compete in exports markets. He states that the U.K. has some of the world’s leading large exporters, but lacks the large spread of mid-sized exporters that a country like Germany has. To do this, Davies plans to look into expanding the role of the state-owned credit agency and to turn to other countries to learn how it manages its small to mid-sized exporters.
A great way for exporters to stay competitive and export with the big dogs, is to integrate a solution, like Management Dynamics’ Export On-Demand. The solution helps small to mid-sized exporters establish an Export Management System, automate many aspects of compliance and demonstrate reasonable care. Implementing this solution will help avoid potential fines and preserve export privileges.
Learn more about Management Dynamics’ Export On-Demand
To find out more information on the article, click here.
New European Trade Measure Not Caused by Protectionism
The New York Times reports that European exporters has been confronted with more than 223 new and restrictive trade measures since the beginning of the trade crisis last year, but has avoided protectionism. A new report out last Friday introduces the new trade measures issues by EU Commission and its trading partners.
“Proliferation of the kind of beggar-thy-neighbor protectionist policies of the 1930s has been prevented,” adds the document, which was reviewed by the International Herald Tribune. “The current multilaterally based world trade system seems to have passed one of the most serious stress tests in its entire history.”
The report concludes that the 18 percent decrease in trade since 2008 is due to financial crisis rather than protectionism.
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To read the full article, click here.
CTDI Reduces Corporate Risk with Management Dynamics’ RPS On-Demand Solution
Technology Services Company Improves Trade Compliance with Comprehensive Screening of Restricted Parties
EAST RUTHERFORD, NJ, November 5, 2009 – Management Dynamics, a leading provider of Global Trade Management (GTM) solutions, today announced that Communications Test Design, Inc (CTDI), a full service global engineering, repair and logistics company, implemented its RPS On-Demand solution, an advanced risk management solution that screens individuals and businesses to identify prohibited transactions based upon over 90 restricted party lists. Since automating restricted party screening, CTDI has significantly reduced corporate risk and improved compliance with global trade and security regulations while minimizing time and resources required for screening.
Providing repair and logistics services for major Telecom and Cable service providers and OEMs, CTDI also provides the service of screening shipments for many of its customers. CTDI needed to streamline its screening process across multiple order management systems and 25 locations. The company selected Management Dynamics’ RPS On-Demand solution for its functionality, ease of use, and ability to centralize its compliance with multi-org and team-based workflow to enable its global branches to easily manage their own customer shipments.
“We needed to prevent any illegal transactions with restricted entities or trade parties and avoid potential fines and penalties for CTDI and its telecom customers. We had previously relied on a fragmented, incomplete process,” said Greg Pugh, Global Compliance Manager, CTDI. “Management Dynamics provided the best value and came highly recommended by many authorities in the trade industry. It was also very important that the screening did not create a cumbersome distraction during high volume shipping processes. Since using the RPS On-Demand solution, we have significantly reduced our corporate risk, liability and exposure to prohibited transactions.”
Available on a flexible, on-demand architecture, Management Dynamics’ RPS On-Demand solution addressed CTDI’s needs with a secure, comprehensive method to automate screening of its customers, vendors, and other trading partners against all restricted party lists from governmental institutions worldwide. With improved screening algorithms based on computational linguistics, RPS On-Demand delivers at least a 30 percent improvement in screening accuracy with a 70 percent reduction in false positives over traditional methods. The Web-based solution integrates with any enterprise system and can be quickly and cost-effectively implemented.
“Today, exporters are held to a higher level of accountability to meet government mandates than ever before,” said Jim Preuninger, CEO of Management Dynamics. “CTDI uses our RPS On-Demand solution to centralize and streamline its compliance process to improve productivity and effectively manage supply chain risk.”
About CTDI
A premier Telecommunications service company headquartered in West Chester, PA., CTDI has provided groundbreaking maintenance and product service solutions to the global telecommunications industry since 1975. Today, CTDI offers the most comprehensive Service Portfolio in the industry that includes: Wireline Repair & Logistics, Wireless Repair & Logistics, Engineering and Installation services, Global Supply Chain solutions and Product Engineering and Manufacturing. Today, CTDI services Original Equipment Manufacturers (OEM) and Carriers with 42 international strategic repair and logistics locations supported by an experienced team of over 4,500 telecommunications professionals. For more information, visit http://www.ctdi.com/.
About Management Dynamics, Inc.
Management Dynamics is a leading provider of global trade management solutions that improve the performance of global supply chains for importers, exporters, logistics service providers, and carriers. The company’s solutions synchronize the flow of information among trading partners, optimize supply chain execution decisions, and streamline import and export processes to ensure regulatory compliance and minimize cost and risk involved in cross-border transactions. Management Dynamics’ time-proven solutions are used by more than 13,000 global users at some of the world’s most successful 3PLs, carriers, manufacturers, retailers, and high technology companies.
For more information, please visit http://www.managementdynamics.com/html/press/mdi_press_ctdi.shtml
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Chinese-Made Products to Be Made Safe
According to Industry Week, China and the United States are serious about combining efforts to reduce the number of issues with the safety of Chinese-made toys, drywall and other consumer goods that have made a number of people sick or injured.
China’s reputation of corruption in the manufacturing industry in recent years has pushed the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) in China and the U.S. Consumer Product Safety Commission (CPSC) to work together to solve the problem.
“A systematic improvement of practices in the supply and distribution chain will be the most effective means of enhancing product safety,” the agencies said in a joint statement. The watchdogs will focus on improving the safety of toys, all-terrain vehicles, electrical products, lighters and fireworks, the statement said.
President Obama will have his first visit to China since taking office in three weeks. Issues on various trade issues will be discussed.
To view the whole article, click here.