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Cost Reduction and Control Best Practices: The Best Ways for a Financial Manager to Save Money, 2nd Edition by Institute of Management and Administration

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Chapter 12

Export Costs

BEST PRACTICES

STRATEGIES TO STREAMLINE EXPORT ADMINISTRATION AND COSTS

In IOMA’s latest survey, Best Practices in Managing Export Operations and Costs export professionals nationwide were asked to share their most effective strategies for streamlining export administration and cutting costs. Six out of ten possible strategies listed in the survey are favored by between 46.9% and 67.6% of respondents, indicating that there is no single, “magic-bullet” approach to this challenge. However, two strategies do pull away from the pack: “improved the accuracy and timeliness of shipping documents,” cited by 67.6% of respondents as their most effective tactic; and “changed or worked more closely with freight forwarders,” singled out by 65.9% (see Exhibit 12.1). Respondents also described how the particular strategy was implemented and (when possible) quantified its results. The following discussion covers the top 10 strategies listed in the survey; survey data is broken down by company size (number of employees).

Exhibit 12.1 Most Effective Strategies to Improve Export Administration and Reduce Costs during 2003, by Number of Employees

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1. Software improves accuracy and timeliness. Many export professionals citing “improved the accuracy and timeliness of shipping documents” as a top strategy are automating the documentation process. As the export supervisor at a ...

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