Thomson Reuters ONESOURCE Global Trade to improve trade operations for Danfoss’ Mexico-based supply chain hub.
Thomson Reuters and EY have been selected by Danfoss – a Danish global engineering corporation focusing on infrastructure, food, energy and climate solutions – to implement a trade automation and management system for its Mexico-based operations.
Thomson Reuters ONESOURCE Global Trade™ software solution will improve the efficiency of Danfoss’ trade operations and better manage its trade compliance operations.
The system will also allow Danfoss to more efficiently deliver and exchange accurate information with Mexican customs and trade authorities – including the declared values of goods imported and exported from Mexico. It will also improve Danfoss’ operating environment by more efficiently calculating associated fees for goods moving across borders, such as brokerage fees, taxes and tariffs.
Danfoss trade management team had relied on disparate information sources and systems to manage compliance and reporting requirements. Thomson Reuters ONESOURCE Global Trade™ will provide a singular performance management operating environment to closely track all associated trade costs.
Danfoss participates in the Mexican IMMEX Program (Manufacturing, Maquila, and Export Service Industry) – a trade and investment incentive program of the Mexican government. As such, Danfoss requires a singular information source to access all compliance information related to Mexican customs and trade – to be integrated as information feeds into its ONESOURCE Global Trade™ application.
In 2014, EY joined the Thomson Reuters Certified Implementer Program to help companies better automate trade operations by using the ONESOURCE Global Trade product. EY will support integration of Danfoss’ SAP enterprise resource management system with the ONESOURCE product.
As Danfoss is managing an extensive supply chain extending across the Americas, EY and Thomson Reuters will provide trade specialists to help Danfoss analyze the composition of goods being traded to and from Mexico. Highly specialized trade compliance information, workflow tools, and calculation engines specific to Danfoss operations will be generated from this analysis and incorporated into the company’s new trade system.
“Mexico is a hub for multi-country manufacturing activity where effective global trade management is essential to business success,” said William M. Methenitis, EY Global Trade Director. “The ONESOURCE Global Trade is a unique and innovative offering in the Mexican market and we are very excited to be able to work jointly with Thomson Reuters to add value to our clients’ supply chain operations.”
“We are very enthusiastic about the collaboration between EY and Thomson Reuters as it will result in high quality Global Trade Management solutions for clients such as Danfoss in Mexico,” said Taneli Ruda, senior vice president and managing director for Thomson Reuters Global Trade Management business. “With this new Global Trade Management system, Danfoss is expected to reduce trade brokerage fees, improve supply chain efficiency, save time and energy and have greater assurance they are compliant with all Mexican trade regulations and fees schedules.”
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