THE PROBLEM
“The flow of trade is highly inefficient because shipments and their related information are handled by many parties throughout the length of the trade pipeline.”
In order to address these issues, we must understand that the objective is not the creation of the Digital Economy for its own sake, but the restoration of global economic health. Experts worldwide agree that global trade is a key factor to create sustained economic growth. Thus, we must start with trade in order to nourish the global economy.
The challenge remains that the flow of trade is highly inefficient because shipments and their related information are handled by many parties throughout the length of the trade pipeline. Making trade more efficient and reducing its cost has the potential to directly affect every household around the world, positively impacting every single human life.
THE SOLUTION
"The 21-6-ETEI represents the foundation to understand current trade-efficiency levels and the opportunity to achieve peak performance based on what technology makes possible today."
These elements have never been quantified or assembled as an interrelated group. The N-MSG brings together, for the first time, the 21st Century Six Elements Trade Efficiency Indicators (21-6-ETEI):
- Integration is defined as the ability to connect all participants involved in the flow of a shipment within a seamless, dynamic information-sharing environment
- Processes are generally defined as the blueprint for how to maximize the use of available tools and manpower to achieve a desired output in a specific vertical environment
- E-Documentation is defined as the creation, storage and transmittal of necessary data related to a shipment or trade participant in purely electronic form
- Tracking & Visibility is defined as the ability to obtain real-time information regarding a shipment’s location and movements
- Competence is achieved when a defined obligation is met on time, with optimal quality and at minimum cost
- Cargo Security is defined as the establishment and uniform practice of policies and procedures that secure the flow of commerce against acts of terrorism
The 21-6-ETEI represents the foundation to understand current trade-efficiency levels and the opportunity to achieve peak performance based on what technology makes possible today.
THE BENEFITS
“Peak efficiency creates sustained economic growth”
The 21-6-ETEI represents the foundation in understanding current trade-efficiency levels and the opportunity to achieve peak performance based on what technology makes possible today.
A solid foundation for sustained economic growth, enabling a new era of prosperity around the world, will be created when real-economy participants achieve peak efficiency levels by leveraging the digital economy through the 21-6-ETEI standards.