Navigating the complexities of global trade can pose significant challenges for small business owners, especially with ever-changing tariffs and trade agreements. Oracle has stepped into the fray to facilitate this daunting task by enhancing its Oracle Fusion Cloud Supply Chain & Manufacturing (SCM) platform. With the new updates to the Oracle Fusion Cloud Global Trade Management (GTM) capabilities, businesses can expect a streamlined approach to managing import tariffs and other trade-related complexities.
Chris Leone, executive vice president of applications development at Oracle, emphasizes the importance of adapting to fluctuating global trade conditions. “Supply chain leaders are rising to the moment by seeking new ways to manage their business with global trade agreements and international tariffs in a state of flux,” he notes. This is particularly relevant for small businesses attempting to stay competitive in an increasingly global marketplace.
The latest features in Oracle’s Global Trade Management aim to provide small businesses with tools to automate supply chain processes, improve order shipment visibility, and bolster decision-making regarding trade. Some of the key new capabilities include:
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AI-Powered Product Classification: This innovation automates the classification of new and modified products according to relevant tariff schedules and export control lists. Small logistics managers can save valuable time and effort, allowing them to focus on other critical aspects of their operations.
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U.S. Foreign Trade Zone Support: Small businesses can leverage this feature to defer or reduce duties on U.S. imports. By managing foreign trade zone status and auditing inventory levels, owners can significantly reduce their tariff exposure—an essential advantage in maintaining a lean operating budget.
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Trade Incentive Program Processing Relief: This function enables logistics managers to track goods through different stages of the supply chain, helping mitigate the effects of tariffs. By optimizing the use of duty drawback programs, small business owners can better manage costs associated with imports and exports.
- Trade Incentive Program Reporting: This feature simplifies the reporting process required to file drawback claims with customs authorities. Quick access to necessary data and reports helps businesses reduce costs and navigate bureaucratic requirements more efficiently.
Beyond these functionalities, Oracle’s SCM also integrates embedded AI, acting as a decision-making advisor capable of analyzing supply chain data, thereby fostering a more responsive operational framework. With these tools, small business owners can better adapt to rapid changes in demand and supply, constructing resilient networks that maintain competitiveness.
However, embracing these advanced capabilities may not come without challenges. Small business owners should consider the upfront investment and training required to effectively implement Oracle’s new features. Transitioning to a more automated system may require initial effort and adjustments to existing workflows.
Moreover, small businesses operating on tighter budgets may find it difficult to fully capitalize on the robust capabilities of a cloud solution. As such, it is vital for these owners to weigh the potential return on investment against their current operational needs and capacity for technological integration before committing to a larger solution.
In the end, the enhancements introduced by Oracle in their Global Trade Management systems present small business owners with notable opportunities to streamline their operations and gain a competitive edge. By integrating modern trade management practices and utilizing AI-driven efficiencies, companies stand to benefit from improved visibility, reduced costs, and more agile responses to market changes.
For those interested in optimizing their approach to global trade, further information and resources can be found on Oracle’s official website. Learn how you can take action today through resources such as the Global Trade Checklist: 3 Ways to Navigate Complexity or explore more about Oracle Cloud SCM applications. With the right tools and strategies, small businesses can turn the complexities of global trade into a pathway for growth and success.
For more detailed insights, visit the original announcement on Oracle’s website here.
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