Cloud technology firm Infor is developing a new platform for global B2B trade management, the company said Monday (Feb. 5), and has enlisted Integration Point to help.
A press release revealed that the firms are partnering to develop a global trade management (GTM) platform. The solution will offer companies a streamlined portal through which they can manage various global trade processes, including trade finance, compliance, logistics, customs and more. This joins Infor’s various other supply chain management solutions, including warehouse management, supplier management and procure-to-pay tools.
“Connectivity with trading partners and regulatory agencies, together with localized knowledge, enables our customers to stay ahead of changing regulatory requirements,” said Integration Point CEO Tom Barnes in a statement. “This combined solution enables customers to conduct automated due diligence for 206 countries and territories before and during the transaction lifecycle, streamlining document creation and customs clearance – thereby reducing cycle times and risk.”
Integration Point, which also provides GTM solutions, will collaborate with Infor to consolidate data and enable sharing of information between all trading partners on the platform. Trade content and compliance data from Integration Point will integrate into the platform to ensure partners are up-to-date with compliance and filing requirements, the companies explained.
The new portal, dubbed the Infor GT Nexus Commerce Network, will be headed by Kurt Cavano.
“Trade compliance becomes more strategic when you connect it directly to your supply chain processes,” said Cavano in the report. “Companies often experience cargo delays due to inefficient systems and processes, or overpay in duties because they’re not set up to take advantage of programs or systems that can reduce their net fees.”
In 2016, Infor announced a deal with Predictix, which sees Infor investing $25 million in exchange for rights to resell Predictix applications, which provide predictive analytics solutions.