New Product Introductions – Trade Compliance and Master Data
New product introductions (NPIs) are the life blood of most any organization and it’s all too often that compliance considerations get left out of the entire process. Too often NPIs get delayed when goods are held at the borter by CBP or PGAs for missing information costing the organization precious time and money.
Depending on the industry, a company can introduce hundreds, if not thousands of new products per year. If those goods are imported and/or exported, the ability to manage the trade compliance aspect of New Product Introductions (NPI’s) at the item level can become a daunting task.
This is especially true when products have additional requirements that include adherence to Partner Government Agency import regulations, export controls and proof of qualification for Free Trade Agreements. Whereas management of an organization’s Product Master Database (PMD) is essential for existing products, it is especially relevant when bringing new goods to market in a timely and compliant manner.
We’ll be covering topics and mini-case studies that include:
- The need to engage trade compliance professionals early in the product development cycle;
- How product classifications drive trade compliance fields in the Product Master Database;
- Factors to consider when creating a PMD for imported finished goods-Product Master Data essentials for imported raw materials;
- Tying raw materials to finished goods via a Bill of Material-Factors to consider when creating a Product Master Database for new product exports-NPI’s and trade compliance for duty drawback.
When: Thursday, July 29th, at 2 p.m. EST
Speaker: Dan Gardner, Business Solutions Consultant, 3rdwave