Oracle has 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. The latest updates to Oracle Fusion Cloud Global Trade Management enable customers to automate global supply chains processes, increase order shipment visibility, and enhance 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,” said Chris Leone, executive vice president 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.”
Oracle Global Trade Management enables organizations to centrally manage cross-border trade processes, increase visibility and control over orders and shipments, minimize tariff exposure, and adapt to fast-changing trade regulations. The latest capabilities include:
- 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.
Part of Oracle Fusion Cloud Applications Suite, Oracle Cloud SCM enables customers to seamlessly connect supply chain processes and quickly respond to changing demand, supply, and market conditions. In addition, embedded AI acts as an advisor to help analyze supply chain data, generate content, and augment or automate processes to help improve business operations and create a resilient supply network to outpace change.
