Trade Compliance Solution Offered
Published: August 26th, 2013
Livingston International has released TradeSphere, software designed to automate trade compliance and reduce human error in the highly regulated and complex world of international trade.
With governments around the world constantly introducing new international trade regulations, TradeSphere’ s automated steps assist with compliance by keeping track of these updates, ultimately allowing its users to import and export goods with fewer delays and incidents, the company said in a press release.
Livingston has collected client input since April 2012 to further enhance TradeSphere. Already more than 200 users across several industries use the software, including manufacturers and distributors of pharmaceutical and medical devices, consumer goods and chemicals.
TradeSphere, which automatically updates daily to keep current on ever-changing compliance regulations, helps companies: manage their global trade processes, control fixed costs, maintain a comprehensive audit trail, and increase inventory turnover.
“TradeSphere has pioneered automation solutions for global trade management operations, embedding trade compliance expertise into a robust enterprise software platform,” said Chadd Westhoff, Livingston’s in-house TradeSphere expert. “Guided by our internal team of trade professionals, we have developed a solution that is adaptable to our clients’ individual business needs, allows for greater trade compliance automation and requires less maintenance for companies to stay on top of new and updated regulations.”
Realizing that individual businesses have individual needs, Livingston has developed TradeSphere software in such a way that smaller companies can select only the individual modules that make sense for their business needs, while larger, multinational players can access the entire software suite to meet their global, more complex requirements. For example, small businesses may need only Restricted Party Screening, which helps them stay compliant by compiling data from more than 70 government lists into one source, making screening against denied parties quicker and more accurate.
On the other hand, medium or large companies may benefit from the Exporter or Importer bundles to help them automate more completely. TradeSphere Exporter allows users to perform order and shipment trade regulation screening, restricted party screening, order and shipment consolidation, international shipping documentation, export declaration and export license management and decrementing. Importer enables them to take control of product classification and entry consolidation filing through a broker, and captures final entry data for verification and a complete audit trail.
Other functions include TradeSphere IMMEX and Finance. IMMEX helps companies automate and manage shipping goods in and out of Mexico, while leveraging applicable IMMEX trade programs. Finance interfaces with a company’s financial institutions and payment vendors to automate and facilitate transaction reconciliations for open account and letter of credit settlements.