What’s a global trade network?
A global trade network connects all supply chain partners through one cloud-based technology platform. This model, which encourages inter-operable collaboration between carriers, shippers and forwarders, suppliers, 3PLs, customers, and third-party logistics providers, creates a strong network effect that benefits all participants. This connectivity provides many benefits for companies looking to streamline global supply chain management.
The Key Benefits of a Global Trade Network
5) Increased Access to Capacity
Because the global trade network includes thousands of carriers, forwarders, and 3PLs, supply chain managers can look for new opportunities when there is limited capacity. It allows for easy access and analysis of aggregated data about each carrier’s performance to aid in selecting a new partner.
4) Improved Speed and Agility
The onboarding process is made more accessible by a global trade network. Companies can instantly find a new supplier or explore new markets. This information is already in the technology platform. The international trade network allows you to create and update workflows to serve customers better. The global trade network offers various options for coordinating collaborative processes thanks to its everyone services library. An international trade network is known for adapting quickly to changing customer needs.
3 ) End-to-End Supply Chain Visibility
Visibility becomes second nature when all supply chain partners can be connected to the network. All supply chain partners are connected to the same platform, allowing for end-to-end visibility. Embedded analytics will enable managers to respond quickly and efficiently in real-time to disruptions in the supply chain. Network modeling will allow you to generate “what-if” scenarios using historical data and trend analysis.
2) Macro-Optimization vs Micro-Optimization
The global trade network can open up new optimization possibilities. Micro-optimization is a variation of the traditional method of optimizing a single supply chain. This saves time and money but eventually, the options become limited. Macro-optimization is a way to scan the entire global network looking for cost-saving opportunities. One person can’t maximize these orphan opportunities; they require the collaboration of the whole network to succeed.
1) Friction-Free Border
Because so many laws govern trade, compliance and customs are among the most challenging issues in a global supply chain. Each trade participant in the worldwide supply chain has a unique position. This makes it even more complicated. Friction can lead to delays, sales losses, and lower customer service levels. Global trade networks can be used to create friction-free borders. They connect all compliance software and transportation software to facilitate seamless product movement.
How can ListTrade improve your global trade network?
ListTrader monitors the global sale of barcoded goods to determine market demand and price points. Reduce complexity, streamline processes and only deal with one counterparty. You can market your product globally, find stockists quickly and easily worldwide, and help build the supply chain with direct access to your end consumers.