I have tried to reason out few of the features that give an edge, why the customer should go for GTS. Hope the justification would help to take a call if they should implement GTS or not.
SAP Global Trade Services (SAP GTS) automates global trade processes and enables you to manage large numbers of business partners, and high volumes of documents while also helping you to comply with changing legal regulations.
It facilitates global trade by providing you with the tools you require to respond to governments modernizing their systems and to customs authorities communicating electronically with businesses.
SAP GTS also helps you to avoid costly delays in your import and export processes and allows you to respond quickly to global business opportunities while mitigating financial risks.
SAP GTS key benefits:
1) Ensure vigilant compliance with trade regulations
2) Mitigate risks of huge fines and penalties
3) Avoid costly shipment delays at borders and customs
4) Quick implementation
5) Lower IT maintenance costs
6) Faster Communication with customs
7) Lot of return of investment
SAP GTS consists of Four Sub Solutions:
• Product-Related Check (“Legal Control”)
All check functions are available in import and export processing. You can activate the individual services independently of one another.
Has been added to SAP GTS 3.0.
This is used for preference determination and the management of vendor declarations in relation to the issue of preference documents.
It also supports the export of CAP products that qualify for a refund. The letter of credit administration has been added to SAP GTS 7.0.
The SAP Risk Management sub solution offers the services below:
• Letter of Credit Processing
The “letter of credit processing” service enables you to manage letters of credit in SAP GTS
iv) SAP Electronic Compliance Reporting:
Is a new addition to SAP GTS 7.1. This enables the regular issue of declarations for intra-European Union trade statistics (Intrastat).
Functionalities of Foreign Trade with ECC and Global Trade Services:
* referred from various sources
Sanctioned Party List Screening comparison:
License determination comparison:
Import /Export Declaration Comparision:
The Above comparisons give the advantage of GTS over Existing FT SD in ECC.
SAP Global Trade Services helps companies manage all complexities of international trade including full regulatory compliance, interactions with customs and management of risk while trading on a global basis.
The SAP Global Trade Services packaged composite application is built on the SAP NetWeaver platform, an open and scalable technology platform.
SAP GTS consists of separate modular components: SAP Compliance Management, SAP Customs Management, and SAP Risk Management.
These components give businesses a competitive advantage by helping them speed import and export processes, mitigate risks, and comply with international regulations.
If you want to get practical issues and resolutions straight to your inbox, please SUBSCRIBE. We respect your privacy and take protecting it seriously.
If you like our page, please hit the share button.
Thank you very much for your time!!