How to navigate global trade – 5 essential tools
Navigating global trade can be a complex task that may require certain tools. Here we’ve gathered five tools that can help you better navigate the complex landscape of international trade while gaining a competitive advantage.
Navigating global trade can be a complex task that may require certain tools. Here we’ve gathered five tools that can help you better navigate the complex landscape of international trade while gaining a competitive advantage.
1. LEI code
One of the most important tools in global trade is a Legal Entity Identifier (LEI). An LEI code is a global identification number assigned to legal entities that trade in shares, securities and the like. This code helps to identify and track legal entities across different jurisdictions, which is essential to ensure transparency and efficiency in trading transactions.
To obtain an LEI code, companies must register with an authorized LEI registrar. Registrars are responsible for validating and verifying the company information and issuing LEI codes to the registered companies.
2. Trade data analysis
Another important tool in global trade is trade data analytics. By analyzing trade data, companies can gain insights into market trends, competitor behavior and customer preferences. This can help businesses make informed decisions and develop effective trading strategies.
To perform trade data analysis, businesses need access to reliable trade data sources and analysis tools. There are several trading platforms and software that can help collect and analyze trade data.
3. Global network
A third tool that is important is a global network. A global network allows businesses to connect and collaborate with other players in international trade. This can be crucial for finding new markets, identifying potential business partners and exchanging knowledge and experience. A global network can be built through participation in international trade fairs and conferences, establishing cooperation agreements with foreign companies and using professional networking platforms such as LinkedIn. By building a global network, companies can expand their horizons and increase their opportunities for international success.
4. Compliance tools
The Compliance tools are essential for navigating global trade. Compliance refers to adherence to rules and regulations that apply to international trade. In a global trade context, there are a multitude of rules and regulations that must be adhered to, including import and export restrictions, customs procedures and sanctions.
5. CRM system
Finally, a Customer Relationship Management (CRM) system is an important tool. A CRM system helps companies manage and organize their customer relationships and sales activities. It allows you to keep track of contact information, follow up on sales leads and manage customer interactions. A CRM system can also provide insights into customer preferences and past purchase history, which can help companies customize their offerings and improve customer satisfaction.
To get the most out of a CRM system, it’s important to choose a solution that suits the needs and size of your business. There are many different CRM systems on the market, offering different features and prices. It’s also important to ensure that employees are trained on how to use the system and that the data in the system is kept up to date and secure.
An example of such a system for the insurance industry is Agent Portal.
