Thomson Reuters launches global trade workflow and information tool, ONESOURCE

Technology Update | 27 April 2015

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Global business information provider Thomson Reuters has launched a global trade automation and management solution. The announcement was made on 14 April 2015.

"This solution enables multinational corporations to tie together key supply chain information to gain complete visibility of their end-to-end global trade process -reducing risk, maintaining regulatory compliance, enabling quick and accurate movement, and maximising profit, said Tanela Ruda, managing director of the Thomson Reuters global trade management business."

In a press release announcing the launch, Thomson Reuters summarises some of the key issues impacting trade compliance:

  • International trade represents almost half of global GDP
  • The value of all traded good and services has increased by more than 500% in the past 20 years.
  • In 1994, there were 100 free trade agreements (FTAs). By 2014, there were more than 371

Trade compliance includes valuing or classifying goods crossing borders, reporting on the country of origin for all parts, and complying with national trade prohibitions such as restricted parties or export controls.

Processes that slow down trade operations may result in lost time, work stoppages, and reduced margins. Additionally, if a good is misclassified or a declaration improperly passed to a broker, the result may be increased fees, taxes, and tariffs, or revoked export licences. Making matters more difficult, many corporations rely upon disparate internal information programs to manage the growing complexity of global trade.

Thomson Reuters ONESOURCE Global Trade solution combines workflow tools with real-time information and analysis. With workflow management tools, the system facilitates information exchange between a corporation's trade team and their logistics, compliance, finance, and strategic planning departments. It also connects trade teams with external partners responsible for managing a complex global supply chain, including customs brokers, freight forwarders, customs, shippers, regulators, and banks.

ONESOURCE Global Trade offers six modules and multiple country editions. Modules include Exporter and Importer workflow tools, and information and analysis modules for Foreign Trade Agreements, Special Programs, Restricted Party Screening (RPS) and Trade Finance. The system is designed to integrate with a company's Enterprise Resource Planning (ERP) or Warehouse Inventory Management (WIM) systems.

ONESOURCE Global Trade solution is based on the expertise of Softway, which Thomson Reuters acquired in 2013. Thomson Reuters currently supports a customer base of more than 300 multinational corporations with its trade solutions. 

Localisation

ONESOURCE Global Trade has been localised for Brazil, Argentina, and Mexico. These country editions include information on all trade laws, customs regulations, tariff and tax rates, and licensing requirements particular to a country. This information is gathered and analysed by in-country Thomson Reuters trade specialists, who also provide insight on various special trade programmes offered in these countries.  Thomson Reuters is currently localisng the ONESOURCE Global Trade solution for a number of additional countries, with the aim of serving multinational companies with a single trade automation solution in all countries where they have significant operations. Further launches in China, India, United States, Japan, Korea, Colombia, Chile, Peru, Singapore, and Thailand are also planned for 2015.

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