Oracle added new trade management capabilities within Oracle Fusion Cloud Supply Chain & Manufacturing (SCM) to help organizations manage the complexities of import tariffs and trade agreements by automating global supply chains processes, increasing order shipment visibility, and enhancing supply chain decision-making.
“Supply chain leaders are rising to the moment by seeking new ways to manage their business with global trade agreements and international tariffs in a state of flux,” says Chris Leone, EVP of applications development, Oracle. “To help our customers with this complexity, we have added new capabilities within Oracle Global Trade Management that enable supply chain leaders to quickly respond to changes and minimize disruption to their global supply chains.”
Key takeaways:
- AI-powered product classification helps logistics managers quickly and accurately classify new and modified products based on tariff schedules, export control lists, and munitions lists by utilizing machine learning-based product classification.
- U.S. foreign trade zone support helps logistics managers defer or reduce duties and tariff exposure on U.S. imports by managing foreign trade zone status, auditing inventory levels, and generating foreign trade zone reports.
- Trade incentive program processing relief helps logistics managers mitigate the impact of tariffs on the supply chain and better utilize duty drawback programs by tracking goods and duties from import to export.
- Trade incentive program reporting helps logistics managers reduce costs by quickly generating the required data and reports needed to prepare and file drawback claims with customs authorities.
