Amber Road Launches TradeWizards.com, a Free Cloud-based Portal for Global Trade
Amber Road, a leading provider of Global Trade Management solutions, announces the launch of its latest trade compliance product, TradeWizards.com. TradeWizards.com is a suite of nine different research tools that helps companies import and export goods more quickly and affordably, while staying compliant with country specific trade regulations.
TradeWizards.com will enable users to instantly perform numerous global trade activities including: restricted party screening, product classification, and landed cost calculations. What used to require hours of manual interpretation of trade rules is now an automated process achieved instantly via TradeWizards.com.
Sign up now on TradeWizards.com.
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Management Dynamics Changes Name to Amber Road!
New Name Marks Continued Growth and Evolution for Global Trade Management Leader
Management Dynamics, a leading provider of Global Trade Management solutions, today announced that it has changed its name to Amber Road. The name change comes during a year of rapid expansion, marked by a 40% growth in employees, a 325% increase in European bookings, and the opening of a flagship office in Tysons Corner, Virginia. This breakout year is anchored by a 33% compound annual growth rate (CAGR) in overall revenue for the past decade.
“Today, our SaaS-based solutions span fourteen software products that include global transportation management, import/export compliance, supplier management, supply chain visibility and a content knowledgebase covering trade regulations and tariffs for more than 120 countries, “ said Jim Preuninger, CEO.
To learn more, please read the full press release or visit http://www.amberroad.com/.
Management Dynamics FTA Solution Poised to Assist Importers and Exporters to Capitalize on Reduced Duties
On October 12, the United States Congress ratified several landmark free trade agreements (FTAs) with South Korea, Colombia and Panama. While still awaiting the President’s signature, which is expected, these agreements are sure to usher in a new level of trade activity with these countries.
Proponents list a host of benefits from FTAs, including:
- Expanded access to markets for both goods and services
- Greater protection of intellectual property rights, and a
- Growth in jobs that would accompany the opening of new markets
Taking this into consideration, Management Dynamics offers a comprehensive Free Trade Agreement (FTA) management solution that provides solicitation and qualification in order to determine if a company’s product is eligible for preferential treatment. This can have a significant impact on the applicable duties for their products resulting in reduced total landed costs.
To learn more about the Free Trade Agreement Solution, read the full press release here.
BIS Publishes New “Best Practices” for Exporters
The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) recently released a new set of best practices that are aimed at helping exporters, re-exporters and freight forwarders guard against the diversion of dual use items shipped to a transshipment hub. While transshipments are a growing part of international trade and offer many benefits, they can be used illegally to either disguise the final destination or divert trade to unauthorized end users.
The new set of best practices encourages exporters to maintain strong internal compliance strategies, conduct focused outreach, and continuously raise awareness of export control regulations and obligations.
The following is a summary of the best practices published by BIS:
- Companies should pay attention to the Red Flag Indicators on the BIS website.
- Companies should seek to utilize Trade Facilitators that administer sound export management and compliance practices.
- Companies should “know” their foreign customers – by obtaining detailed information to measure the risk of diversion.
- Companies should avoid routed transactions when exporting and facilitating the movement of dual-use items.
- When the Destination Control Statement (DCS) is required, companies should provide the appropriate Export Control Classification Number (ECCN) and the final destination where the item(s) are intended to be used.
- Companies should provide the ECCN or the EAR99 classification to freight forwards, and should report this information in AES.
- Companies should use information technology to the maximum extent feasible to augment “know your customer” and other due-diligence measures.
For more detailed information, please read the full article.
Upcoming Webinar: Bringing Compliance into the Boardroom
September 15th, 2010 at 2:00 pm EST. Register Now!
Global trade transactions account for trillions upon trillions of dollars each year, and this number is expanding as we forge into the future. Additionally, it is becoming more complex to manage US and international regulations.
Yet, despite these factors, compliance departments remain woefully underfunded and understaffed. According to our export compliance research, 14.6% of compliance professionals believe that their company’s executive management is not aware of trade compliance.
How do you get executive level cooperation and sponsorship of your initiatives?
Join American Shipper and Management Dynamics for an upcoming educational webinar, “Bringing Compliance into the Boardroom.” This webinar, featuring a panel of global trade experts, will discuss how to get your voice heard when speaking to your c-level executives about enhancing your trade compliance operations.
In this trade compliance webinar, our expert panelists will discuss:
- Pain points of each member in the boardroom
- How these points relate to compliance issues
- Key messaging to use when speaking to each board member
- Tools to use in your presentation, such as quantifying compliance and its effect on the bottom line
- How automation can contribute to your efforts by adding value and saving money
Speakers:
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Virigina Thompson Director, Import/Export Operations & Global Trade Compliance Crate & Barrel |
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Nathan Pieri SVP Marketing & Product Management Management Dynamics, Inc |
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Beth Peterson President BPE |
Register Today for “Bringing Compliance into the Boardroom!
Upcoming Webinar: Building an Export Management Program
American Shipper is hosting an upcoming webinar, “Building an Export Management and Compliance Program.” Sponsored by Management Dynamics (in partnership with BPE), the webinar will take place on July 28th at 2 pm ET. The hour-long round table discussion will include the following expert panelists:
- Beth Peterson, President of BPE
- Joe Burks, Director of Trade Compliance for Cooper Industries
- Nathan Pieri, VP of Product Development and Marketing for Management Dynamics
These experts will discuss best practices for developing your company’s Export Management and Compliance Programs, including:
- Strategic value of your EMCP
- The core elements of an effective EMCP
- The steps required to build an EMCP
- Sharing your strategy with your C-level superiors
Learn how your company can implement processes and systems that ensure compliance with the Export Administration Regulations (EAR). Best of all – it’s FREE! Sign up today.
Encouraged Bilateral Trade for Small to Mid-sized U.S.Companies to India
According to American Shipper magazine, both the U.S. and Indian government has announced an incentive to encourage small to mid-sized companies to trade bilaterally between the two countries.
“There is almost limitless potential for growth in trade between our two countries, and that can contribute to economic recovery and job creation in the United States and continued economic growth in India,” Ron Kirk, U.S. Trade Representative said in a statement.
In October 2009, Mr. Kirk and Anand Sharma, Indian Minister of Commerce and Industry met at the Trade Policy Forum meeting to create the necessary framework to support small to mid-sized companies and encourage trade. This week the two representatives will met again to host an advisory meeting of American and Indian trade experts to enhance their efforts for this new program.
“We can realize that potential by working together toward the goals set forth in the framework agreement, such as developing and enforcing policies that encourage technological innovation; increasing agriculture, services, and industrial goods; and increasing investment flows,” Ron Kirk added.
Management Dynamics Releases End-Use Manager to Help Companies Reduce Trade Compliance Risks
New On-Demand Solution Enables Cross-functional Teams to Create and Manage End-Use Statements for Customers, Vendors and Employees
Management Dynamics, a leading provider of Global Trade Management solutions, today announced the release of End-Use Manager, an on-demand solution that generates end-use surveys for parties involved in any cross-border transaction. The new solution allows a trade compliance team to comprehensively survey and collect end-use statements from customers, suppliers and employees, establishing a standardized process for managing and ensuring compliance with international trade regulations.
“Companies that manufacture and export licensable goods must ensure that their customer and the intended end-use are approved and in compliance with export regulations. However, today this is largely a manual process that is difficult to administer, especially across a global enterprise,” said Adrienne Braumiller, Partner, Braumiller Schulz LLP. “Management Dynamics’ End-Use Manager provides companies with the tools necessary to ensure that their shipments are delivered to the approved trade party and destined for friendly end-use.”
End-Use Manager can be flexibly deployed as a Web-based portal across any global enterprise and configured to meet the specific requirements of different business units. Surveys can be developed by business unit, transaction type, origin country and destination country, and populated with a pre-configured list of questions. In addition, all parties to the transaction are screened against the major sanctioned party lists.
Management Dynamics’ End-Use Manager offers the following key capabilities for companies to simplify trade compliance around product use and related professional services:
- Enterprise Deployment – Implement an end-use process by geography, business unit, or product family with a flexible multi-organization deployment model and manage users with role-based security.
- Survey Configuration – Develop a comprehensive repository of questions and manage assignment rules to dynamically assemble a complete survey for end-use statements by customers, vendors and employees.
- Restricted Party & Critical Country Screening – Automatically screen each party to the transaction against a comprehensive list of restricted parties and embargoed countries.
- Generate & Distribute End Use Statements – Dynamically generate end-use statements based on all associated questions as well as the results of Critical Country and Restricted Party Screening in a PDF format for easy distribution via email.
- Review Audit Trail – Audit each transaction with complete visibility to the user and all survey questions and answers.
“Today many companies rely on an inconsistent and, often inaccurate, manual process to administer end-use surveys to determine if the intended use of their shipped goods is in compliance with export controls,” said Nathan Pieri, SVP Marketing & Product Management, Management Dynamics, Inc. “Our new End-Use Manager product makes it possible to manage the process centrally and distribute via a simple web-based solution for employees that must interact with customers, suppliers and contractors.”
House Votes Extends Trade Programs
On Monday, the House voted to extend two trade programs for one more year, according to the Journal of Commerce. The General System of Preferences and the Andean Trade Preference Act will expire December 31st and have been enacted for several years.
The General System of Preferences allows developing nations to export selected goods to the United States duty-free and the Andean Trade Preference Act gives similar benefits for exporters in Ecuador, Colombia, and Peru in exchange for cooperation in counter-narcotics efforts.
“As Congress and the administration increasingly shift their attention to job creation, we encourage them to remember the important role trade can play in boosting the U.S. economy through exports,” said Chuck Dittrich, vice president for regional trade initiatives.
Extending the programs for one more year will give the U.S. government opportunity to analyze all preference programs available.
To continue reading, click here.
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.”