Regulatory Review, 2017

rearview mirror - reflection

 

2017 ushered in many things for the supply chain world, including a major focus on industry automation (driverless vehicles, self-operating containerships), more ocean carrier alliances, a tumultuous hurricane season, blockchain technology, and, a new US administration, to name a few. The regulatory world remained fairly status quo in terms of exporting or importing goods to the US marketplace, though we did see updates to things like the EPA Proposed Rule, the Toxic Controlled Substances Act, Screening Requirements for US Importers, and Specific Customs Fee adjustments.

michael trade talk 1 of 1
Chief Compliance Officer Michael Ford speaking at the Philadelphia Regulatory Conference in May 2017

While there were not any earth shattering regulatory changes that occured, some of the new policies introduced by the Trump administration did change how we looked at and managed some of the current processes. These updates caused us to take a closer look at how data is managed along with the necessary documents that are essential for managing your risks and predictability in the world of trade.

So what should a company do to prepare for managing a successful supply chain in 2018? In today’s world where data travels at lightning speed and customers demand a new caliber of service, information is power.

Michael Singapore Supply Chain Summit
Ford speaking at the recent BDP Supply Chain Summit in Singapore.

Knowledge is everything - it is a new currency that can multiply if you have the right processes and tools in place to sustain your business.

In the past, if companies knew what they needed to do, they had the full advantage. But in this ever-evolving world, information is readily available to almost everyone. Therefore the advantage will be given to those who not only have the best understanding of what the information means, but also the optimal way to implement it.

In order for your business to have the full advantage, you need a robust supply chain and a detailed regulatory compliance plan. BDP International will host our 29th annual Regulatory Compliance Seminar in February, where we will outline and discuss best practices to ensure your knowledge currency multiplies.