Learn 5 ways to stay ahead of the regulatory rollercoaster. Be prepared and avoid potential costly mistakes.
Centralize Your Customs Data
With more than 1,100 products subject to new tariffs, businesses need to work quickly to determine which of their goods are affected and find alternatives if needed. By establishing a single technology platform for all supply chain data, organizations can pull historical reports with a few clicks to review harmonized tariff classifications and ensure compliance.
Stay Ahead of Regulations
Keeping current on import regulations can be a full-time job, particularly for sensitive goods that are subject to review by multiple agencies. A supply chain partner with specialized customs expertise can help ensure compliance and keep your goods moving freely. For example, when one tire manufacturer received a CBP notice that its goods were subject to anti-dumping duties, the company worked with its provider to prove that the tariff didn’t apply in its case, saving the manufacturer from significant expense.
Vet Your Vendors
Customs compliance isn’t just about your organization, but all the companies you do business with, too. The US government ultimately holds importers accountable for their goods, so another vendor’s actions could result in fines and penalties. A technology platform that captures data on all vendors allows you to review documentation and classify item masters from a single location, making it simpler to stay compliant.
Audit, Audit, Audit
As the US government cracks down on imports, a simple typo could result in delays and/or fines. Following strict auditing processes can help minimize the risk of errors as well as time spent on post summary corrections and petitions. For one furniture retailer, working with its supply chain partner to improve auditing helped to slash its error rate from 7 percent to 0.5 percent while freeing up additional time for its team.
Get C-TPAT Certification
The Customs-Trade Partnership Against Terrorism (C-TPAT) aims to improve security for goods entering the United States. While achieving C-TPAT certification requires an upfront time investment, it can yield big efficiency benefits for importers. A supply chain partner can manage the necessary legwork, such as performing on-site analysis and training overseas factory workers, to help your business receive a higher level of C-TPAT certification. Taking that additional step not only improves your cargo security, but can help reduce cargo exams and other delays.