New Management Dynamics, FTZ Corp. Partnership to Save Companies Millions
Management Dynamics and FTZ Corporation Announce Strategic Partnership
Alliance will Integrate and Expand the Use of Foreign Trade Zones in Global Trade Management
EAST RUTHERFORD, NJ, May 12, 2010 – Management Dynamics, a leading provider of Global Trade Management solutions, today announced a strategic partnership with FTZ Corporation, a leading provider of Foreign-Trade Zone consulting services and developer of the SmartZone Premier application. The partnership seeks to expand the use of foreign-trade zones integrated with core Global Trade Management (GTM) processes of import, export and trade agreement management.
Foreign-Trade Zones have been in use for nearly seventy six years with the passage of the Foreign-Trade Zones Act of 1934 to expedite and encourage foreign commerce. Foreign-Trade Zones are now a key component of U.S. trade policy and offer companies several opportunities to reduce costs with:
- Exemption of duty payment upon re-export of goods
- Relief from inverted tariffs where raw materials with high duty rates can be transformed to an end product with a low duty rate
- Use of consolidated weekly entries to reduce merchandise processing fees (MPFs)
- Deferral of duty on any inventory stored within an FTZ
For many companies these benefits can justify the investment in a Foreign-Trade Zone in the first year of operation.
“Foreign-trade zones are becoming an integral part of a company’s GTM strategy and their use is expanding given the strong value proposition and fast pay back,” said Craig Pool, President, FTZ Corporation. “Our customers are looking to integrate foreign-trade zones across their GTM processes and we look forward to working with Management Dynamics to deliver this solution.”
FTZ Corporation has extensive experience, having implemented over two hundred and fifty Foreign-Trade Zone projects. The company is also active in Washington D.C. with involvement in recent industry advancements including the passage of Weekly Entry legislation and opening up the benefits of Foreign-Trade Zones to new industries. FTZ Corporation offers a complete set of implementation services including the application to the FTZ Board and activation of the zone with Customs and Border Protection. Combined with the implementation of SmartZone Premier software, FTZ Corporation can cut the time to first benefit with a “turnkey” implementation.
“Implementing a foreign-trade zone program can generate millions in recurring savings and is a key initiative for companies as the global economy is rebuilding,” said Jim Preuninger, CEO, Management Dynamics. “FTZ Corporation has a tremendous track record of success in this industry and we look forward to working together to expand the GTM market.”
About FTZ Corporation
The Foreign-Trade Zone Corporation is the only nationally recognized consulting firm with a practice focused on Foreign Trade-Zone consulting. The firm provides a wide range of consulting work from Foreign-Trade Zones Board applications to activations with Customs and Border Protection, and administers nine foreign-trade zone projects. Its management of these projects is in keeping with the Foreign-Trade Zone Corporation’s philosophy that there is no substitute for hands-on-experience.
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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 New Trade Portals to Better Integrate Suppliers and Logistics Providers in GTM Processes
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Management Dynamics Releases New Trade Portals Product Line to Better Integrate Suppliers and Logistics Providers in Global Trade Management Processes |
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New Modules for Supplier PO and Origin Management Improve Control Over Execution Processes and Allow Companies to More Easily Support Advanced Notification Requirements |
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EAST RUTHERFORD, NJ, December 8, 2009 — Management Dynamics, Inc., a leading provider of Global Trade Management (GTM) solutions, today announced the release of Trade Portals, a new product line to help companies extend purchasing, origin logistics, and compliance processes to their trading partners. By collaborating across a shared process with suppliers, forwarders, logistics providers and brokers, companies can reduce cycle time, lower supply chain execution costs, and better support compliance initiatives such as Customs 10+2. As companies re-engineer their supply chains and shift production overseas, they often lose control over the procurement process, especially with regards to how it should integrate with their import compliance programs. Many importers face challenges when trying to manage a remote supply base. Examples include: coordination and management of confirmed orders, the monitoring of ship windows, coordination with origin logistics providers, and integration of the export transaction details with import entries. Management Dynamics’ Trade Portals solution is comprised of three, on-demand, enterprise-class modules including Supplier PO Management, Supplier Solicitation Management, and Origin Management. It is designed to allow importers to configure these points of collaboration with key trading partners including suppliers, forwarders and customs brokers. “With hundreds of suppliers and over 7,500 shipments to manage annually, we needed to empower our suppliers to review purchase orders and create shipments for approval,” John Wainwright, Vice President Customs Compliance, Leggett & Platt. “Management Dynamics’ Trade Portal solution helps us automate the workflow between suppliers and the shipment creation process – from point of purchase order, all the way through pre-customs entry – enabling us to centralize and streamline our global procurement process.” -Purchase Order life cycle management through shipment to invoice -State-of-the-art dashboard views and workflow tools -A multi-organization and role-based security model to organize suppliers and logistics providers -Multi-lingual support with language preference that can be assigned by user to improve supplier -Flexible integration options including direct XML or EDI connectivity, spreadsheet uploads and web -Document generation engine creates all necessary supporting documentation prior to shipment that -Integration with Management Dynamics’ Supply Chain Visibility, Trade Import and Trade Agreements solutions “Top global supply chain operational initiatives today are focused on extending and synchronizing key execution processes with all trading parties,” said Nathan Pieri, SVP Marketing and Product Management for Management Dynamics. “Our new Trade Portals product line targets process gains in supplier collaboration and origin management to deliver key benefits of reducing supply chain execution costs and better supporting new security requirements like Customs 10+2.” |
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.”
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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Prevent Illegal Transactions and Increase Cost Savings with Management Dynamics
Companies engaged in global trade face many challenges. They must manage a large amount of information to establish and remain compliant. The challenge is that global trade content is highly complex and ever-changing. Collecting, cleansing and publishing trade content for all of your trade needs is complicated by the number of countries, government agencies and differences in trade agreements.
How do you reduce the stress of managing trade content?
Management Dynamics offers the industry’s most complete trade content, tightly integrated within our suite of enterprise-level global trade software. Global Trade Content covers 122 countries or roughly 99 percent of world trade. The solution sources from over 300 resources in over 25 languages to transform this data into trade content with a network of over 120 trade professionals.
To find out more about Managment Dynamics’ Global Trade Content, click here.
NAFTA Trade Update
According to The Journal of Commerce trade surface transportation has fallen by 31 percent in June as compared to last year statistics. June was the ninth month in row showing a decline in trade and the eighth showing a double digit loss.
U.S.–Canada surface transportation trade totaled $31 billion in June, down 36.6 percent compared to June 2008. The value of imports carried by truck was 34.8 percent lower in June 2009 compared to June 2008, while the value of exports carried by truck was 28.8 percent lower during this period.
U.S.–Mexico surface transportation trade totaled $19.7 billion in June, down 21.8 percent compared to June 2008. The value of imports carried by truck was 18.0 percent lower in June 2009 than June 2008 while the value of exports carried by truck was 14.3 percent lower, BTS said.
To keep up-to-date with other trade information, register to receive a free weekly Global Trade Management Newsletter. Management Dynamics’ offers information on the latest trade content and industry sources from more than 120 countries.
For more on the article, click here.
To register for Management Dynamics’ GTM Newsletter, click here.
New Senate Bill Could Restructure U.S. Customs
According to the Journal of Commerce, a bill was sent to the Senate that could restructure how customs is handled in the U.S. The leaders in the Senate Finance Committee would like to change the focus to stress trade enforcement and facilitation.
The bill would make a significant change in Customs’ agency. It would call the agency to account for its activities including the Automated Commercial Environment, Customs-Trade Partnership Against Terrorism, import safety and intellectual property rights. The bill also would require Customs to develop joint strategies with Immigration and Customs Enforcement.
The White House announced the inter-agency review Aug. 13, saying it hoped to bring up to date a system “rooted in the Cold War era.”
The bill would also change the name to Office of Trade.
To read more, click here.
‘Tis the Summer to Sign Trade Agreements
Two reports were released stating new trade agreements were recently signed.
Around June 28th, Jordan and Canada signed a new trade agreement, giving Jordan full custom duty exemption on Jordanian goods. In return, over the next 4 years,Canadian products will receive reduced custom duties.
Forestry, manufacturing, agriculture and agri-food are expected to benefit from immediate duty-free access.
Next, Chile and Turkey signed a trade agreement around July 20th, which will allow 98 percent of its bilateral trade to be duty free. This is the first FTA between a South American country and Turkey.
“This trade agreement signed by Chile can be an entrance to an economic zone of great potential, which is practically unexplored for us,” Chilean President Bachelet said.
Forestry and Agriculture will be most benefited in Chile.
For more information on Global Trade news, subscribe a free weekly Management Dynamics GTM newsletter.
To read the full articles, click Canada/Jordan FTA or Chile/Turkey FTA.
Register for a FREE GTM Newsletter
Companies engaged in global trade must manage a tremendous amount of information to establish and maintain compliance with regulations. The challenge is that trade content is highly complex and ever-changing.
Canada has recently made the news (and a previous post on this blog) about its open discussions with the European Union to expand its trade to boost both economies.
And, today, an article appeared in The Global and Mail, a Canadian publication, about moving eastward and engaging in negotations with India about free trade agreements.
These potential changes may affect your business trade with Canada, the European Union and with India. A great way to stay up-to-date with Global Trade Management news is to sign up to receive Management Dynamics’ Free GTM Newsletter.
| ▪ | Landed Cost and HS descriptions |
| ▪ | Denied Parties |
| ▪ | Government Regulations including Tariffs, Duties, and Taxes |
| ▪ | Import / Export Controls |
| ▪ | Contract Assessorials |
| ▪ | Carrier Service Schedules |
| ▪ | Weekly News Headlines on Global Trade |
To receive the GTM Newletter, click here.
To read the full article, click The Global and Mail