Globalization means it’s becoming increasingly common for companies to work with international partners. As an organization expands and gets partners worldwide, they’re faced with the challenge of complying with an increasingly long list of regulations, including the EAR, BAFA, UK Export Control Act, and ITAR.
Keeping track of these individual regulations is not easy. Still, automation can make it easier for businesses to comply with relevant regulations, saving time and increasing the business’ efficiency. Investing in compliance automation tools can offer many benefits to your business, including:
1. Reduced Risk of Penalties
Failing to comply with export regulations can result in significant fines and restrictions on your business going forward. In severe cases, there may be criminal penalties. Using export control automation systems reduces the risk of penalties by removing human error from the equation.
2. Reduced Penalties if Errors Are Identified
By using tools to track and automate your export controls, you put yourself in a better position to identify errors early. Many countries offer voluntary self-disclosure programs that allow businesses to report mistakes in their export controls. Voluntary disclosures are typically addressed with more leniency than other non-compliance issues.
3. Better Security and Privacy
One often overlooked challenge with export control compliance is record keeping. Compliance requires extensive and meticulous record keeping, and depending on how these records are stored, there may be the risk of data tampering, unauthorized access or leaks. A good shipping logistics platform can restrict access to compliance documents and customer records, so only those who need to access the systems can do so.
4. Increased Efficiency
A robust logistics platform makes it easier for export control officers to ensure compliance. When many key tasks are automated, your team can focus on other tasks and generally work more productively. You’ll spend less time dealing with mistakes and worrying about packages that have been delayed at customs. This will increase customer satisfaction as the logistics process will be smoother and more reliable.
5. Improved Safety
When dealing with hazardous substances, compliance becomes a critical issue for all involved. Regulations regarding the transportation and storage of hazardous materials exist to reduce the risk of handling these goods. Automating your hazmat processes will reduce the likelihood of errors that could put people at risk.
In the intricate dance of global trade, automation emerges as an invaluable partner. It not only ensures compliance but also optimizes operations, fortifies security, and prioritizes safety. As businesses continue to expand their global footprint, embracing automation in export controls will be instrumental in navigating the challenges of international trade. Verizeal stands at the forefront of this transformation, offering solutions that simplify and automate export compliance, ensuring businesses remain agile and compliant in an ever-evolving global marketplace.