By Steve Barbour, Director of Sales, Content, Global Trade Intelligence, Descartes Systems Group
One of the main highlights of the 2023 OTM User Conference was a focus on automation in compliance processes in relation to Oracle global trade management systems. This is not something new. It’s a point that we all have long known about.
But it is important to keep automation in mind, even in the general supply chain use cases, because the changes and updates in international trade regulations seem to be occurring at a more rapid pace these days, and it has become more onerous to incorporate them in existing compliance processes.
Delegates and attendees alike heard expert speakers say that while the main driver of trade compliance was to align with national security goals and mitigate risk, they also stressed that the major business benefit was the enablement of growth.
Key Takeaways
- The OTM user conference is a platform for exchanging knowledge and best practices related to Oracle Transportation Management and Global Trade Management systems to facilitate efficient supply chains.
- The 2023 OTM event was attended by more than 400 people from some 160 organizations.
- Trade content for Oracle GTM compliance included denied party screening lists, tariff data and free trade agreements.
- Compliance with trade regulations aligns organizations with national security objectives.
- Compliance also enables business growth.
What is the Aim of the OTM Conference?
The OTM is an annual conference for Oracle Transportation Management (OTM) and Global Trade Management (GTM) users, Oracle representatives and other industry parties to connect and exchange knowledge and best practices about technical and business issues related to requirements to maintain the smooth running of global supply chains.
Held in Philadelphia from July 30 through August 3, the event attracted more than 400 attendees from about 160 companies. Including Amazon, Coca-Cola, General Electric. Scholastic, Schneider Logistics, Starbucks, and TJX, to name just a few.
Descartes Systems Group, which is a certified Oracle partner, was also present, including taking part in the vendor exhibition.
Descartes’ Alex Traxler, Matt Moran and Steve Barbour at the 2023 Oracle Transportation Management (OTM) User Conference
For more information about trade content related to international trade compliance, read these articles: What is Global Trade Content?, and Why is Global Trade Content Separate from Global Trade Management Software?.
Oracle Global Trade Management Automation
Speakers pressed the point that the margin for error is the slimmest it has ever been, and that automation is the best way to run compliance optimally. These were the sentiments expressed in a series of sessions on Trade Content for Oracle GTM encompassing denied party screening data including specialty lists, export and import tariff data, and country regulatory data and free trade agreements.
All this content, which is also supplied by Descartes, is housed within the Oracle OTM and GTM systems to drive trade compliance at countless organizations around the world.
The importance of trade content was underlined in the opening general session of the conference, which attracted strong interest in terms of how companies can optimize their compliance through Oracle. A number of sessions were devoted to this topic such as “Power Up Your GTM with Innovative Solutions for FTA and Product Classification”, “Implementing Oracle OTM with GTM to Create Integrated Global Transportation and Trade Processes” and “Global Trade Management Restricted Party List Systems.”
How Descartes Can Help
Having accurate and up-to-date trade content is more critical now than it has ever been to the smooth running of an organization’s supply chain from both the compliance and business growth perspectives.
Descartes CustomsInfo has the trade content companies need to fuel their Oracle Global Trade Management system, which include:
- Harmonized Schedule codes to more than 160 countries
- ECCN classification codes;
- Schedule B codes;
- Free Trade Agreement data;
- Rules of Origin data;
- Denied Party Screening Lists;
- Among others.
Content supplied is updated on a timely basis with revisions flowing automatically into Oracle GTM solutions to increase productivity, improve compliance, mitigate risk, enhance visibility and reduce costs. Above all else though, we help enable growth. Contact us for more information.