LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global trade management software (GTM) market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The GTM software market is mainly driven by the need for optimizing the supply chain. The software also helps to avoid overstocking of inventory and mitigate the trade compliance risks. Another major factor that is driving the market is the use of GTM software in handling exports and imports by taking into consideration the restrictions imposed on trade in some countries.
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The top three emerging market trends driving the global trade management software market according to Technavio research analysts are:
- GTM software adapting to globalization in trade
- Use of business intelligence and analytics in GTM
- Increasing automation using GTM software
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GTM software adapting to globalization in trade
Many companies are using global trade as a way of expanding their businesses and to increase their profit margins. To cope with the increasing changes in the global trade sector, GTM software activities are also becoming more globalized. GTM has moved away from the traditional global trade approach and is driven by the growth of e-commerce, omnichannel, and other distribution approaches. The globalization of trade and the related changes in the GTM software help companies to manufacture anywhere and to ship anywhere.
Use of business intelligence and analytics in GTM
The integration of business intelligence and analytics with GTM software is becoming a major trend in the trade management landscape. Business intelligence when integrated with GTM software, provides valuable real-time insights into the trading partner performance and internal operations and helps to make better supply chain decisions. It also helps to identify trends and patterns and provides sufficient information on performance improvement. It further tracks the service provided by company's trading partners and benchmarks their performance with the global shipping community.
“The integration of GTM with analytics helps the companies to understand rules related to documents and global or domestic compliance to conduct domestic as well as international trade. Vendors such as Oracle, Amber Road, and Precision Software offer GTM solutions integrated with BI and analytics capabilities,” says Amrita Choudhury, a lead analyst at Technavio for enterprise application research.
Increasing automation using GTM software
Trading companies are using GTM to overcome the inefficiencies of manual processes, delays, and complications in noncompliance penalties. Also, the automation of the trading processes using GTM software improves the quality, accuracy, and reliability of these processes.
Companies started automating the trading processes with the GTM software to effectively meet the global trade demands and sustain in the highly competitive market. Some of the automated GTM processes include import management, export management, and duty management. The software gathers all the information necessary to make decisions on trade management.
“Financial transactions are provided with a direct interface that enables transactions among trading companies, financial institutions, and payment vendors. It also helps to reduce inaccuracies while managing transactions and settlements. The automation of restricted party screening helps reduce the risk of penalties for accidental transactions with restricted parties or products,” says Amrita.
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