Oracle has added new commercial management features to the Oracle Fusion Cloud Supply Chain & Manufacturing (SCM) to help organizations manage the complexities of import tariffs and trade agreements. Already available, the latest updates to Oracle Fusion Cloud Global Trade Management allow customers to automate global supply chain processes, increase order shipment visibility, and enhance decision-making.
“Supply chain leaders are currently excelling, seeking new ways to manage their businesses with global trade agreements and international tariffs in a constantly changing landscape,” said Chris Leone, Oracle’s Executive Vice President of Application Development. “To assist our customers with this complexity, we have added new features to Oracle Global Trade Management that enable these leaders to quickly respond to changes and minimize disruption in their global supply chains.”
Oracle Global Trade Management enables organizations to centrally manage international business processes, increase visibility and control over orders and shipments, minimize tariff exposure, and adapt to rapidly changing trade regulations. The latest features 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, using machine learning-based product classification.
- Support for US foreign trade zone: helps logistics managers defer or reduce fees and tariff exposure on US imports by managing foreign trade zone status, auditing inventory levels, and generating foreign trade zone reports.
- Relief in processing commercial incentive program: helps logistics managers mitigate the impact of tariffs on the supply chain and better utilize tax refund programs by tracking goods and fees from import to export.
- Reports from commercial incentive program: helps logistics managers reduce costs by quickly generating necessary data and reports to prepare and file duty drawback claims to customs authorities.
Part of Oracle Fusion Cloud Applications Suite, Oracle Cloud SCM allows customers to seamlessly connect supply chain processes and respond quickly to changes in demand, supply, and market conditions. Additionally, embedded AI acts as a consultant to help analyze supply chain data, generate insights, and enhance or automate processes to improve business operations and create a resilient supply network in the face of changes.
To learn more about managing global trade, visit the Global Trade Checklist: 3 Ways to Navigate Complexity
For additional information on Oracle Cloud SCM applications, visit oracle.com/scm
