Nov 23, 2017
Amie Ahanchian, managing director in KPMG LLP’s Trade and Customs practice discusses the role of data analysis in import or export data in order to unlock hidden value for the purpose of facilitating effective decision making in risk management, cost savings, and performance.
Amie Ahanchian: Trade data and analytics is the analysis of an organization's transaction-level detailed import or export data in order to unlock hidden value for the purpose of facilitating effective decision making in three key areas, risk management, cost savings and performance.
Companies need access to their trade data now so that they can better understand the landscape in which they're operating to help them make effective decisions. For example, many companies rely on customs brokers and freight forwarders when they're importing or exporting into foreign jurisdictions. Without access to transactional level import or export data, it's difficult for a trade director to make decisions about savings opportunities or risk management.
Secondly, we understand that many government authorities are sharing data across borders. It's imperative for companies to have that same access to their trade data in different jurisdictions so that they can keep up with what the governments are doing as far as analyzing their data.
Additionally in this era of mergers and acquisitions, trade data is integral in order to understand what company or entity has acquired has been doing from a trade perspective so that you can identify risks and also identify savings opportunities.
And last but not least, around the world when there are economic events or environmental events, it's important to have access to trade data so that trade directors can be nimble with their operations.
KPMG can assist a company with launching an effective data and analytics program by first identifying which sources of data to use for the trade data and analytics. For example, it could be data from your ERP solution or from a third party like a customs broker or even from customs itself.
After identifying the data sources and how often we can extract the data, we will work with you to cleanse the data and normalize it in order to provide us with the most accurate source of data for purposes of our analysis in gaining insight from the data and analytics.
Then we will establish a platform that will enable you to have accurate and timely reports of your trade data in order to truly help the trade director in gaining valuable insights from the trade data so that the trade director can be proactive and strategic in making informed decisions about the future direction of the company's trade strategy.
For more information on Trade and Customs services, contact Amie Ahanchian at firstname.lastname@example.org.
This information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.
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