Thomson Reuters has launched a software solution to provide global companies with key supply chain information.

The Onesource Global Trade software solution enables multinational corporations to “gain complete visibility of their end-to-end global trade process – reducing risk, maintaining regulatory compliance, enabling quick and accurate movement, and maximising profit”, says Taneli Ruda managing director of the Thomson Reuters Global Trade Management business.

The solution will also help companies improve the efficiency of their trade compliance operations, including complying with national trade prohibitions such as restricted parties or export controls, which, if managed ineffectively, could result in lost time, work stoppages and reduced margins.

According to a statement issued by Thomson Reuters, many corporations rely upon disparate internal information programmes to manage the growing complexity of global trade, which can make matters even more difficult.

“Thomson Reuters Onesource Global Trade solution combines workflow tools with real-time information and analysis. With workflow management tools, the system facilitates information exchange between a corporation’s trade team and their logistics, compliance, finance, and strategic planning departments. It also connects trade teams with external partners responsible for managing a complex global supply chain, including customs brokers, freight forwarders, customs, shippers, regulators, and banks,” reads the statement.

The solution offers six modules and multiple country editions. Modules include exporter and importer workflow tools, and information and analysis modules for foreign trade agreements, special programmes, restricted party screening (RPS) and trade finance. The system is designed to integrate with a company’s Enterprise Resource Planning (ERP) or Warehouse Inventory Management (WIM) systems.

The product has been localised for Brazil, Argentina and Mexico, and there are plans to extend this to additional countries.

These country editions include information on all trade laws, customs regulations, tariff and tax rates and licensing requirements particular to a country. This information is gathered and analysed by in-country Thomson Reuters trade specialists, who also provide insight on various special trade programmes offered in these countries. Thomson Reuters currently supports a customer base of more than 300 multinational corporations with its trade solutions.