Global Company Looks Forward to Reduced Risk, Fewer Customs Delays, and a Faster Cash Conversion Cycle
EAST RUTHERFORD, NJ, April 5, 2011 – Management Dynamics, a leading provider of global trade management solutions, today announced that Sandvik Mining and Construction has selected the Management Dynamics' Export On-Demand solution to automate its global export compliance processes. Headquartered in Sweden, with worldwide operations, Sandvik Mining and Construction is a leading global supplier of equipment, cemented-carbide tools, service and technical solutions for the excavation and sizing of rock and minerals in the mining and construction industries.
As a global company with hundreds of thousands of cross-border shipments every year, Sandvik Mining and Construction must comply with numerous, dynamic regulations governing the movement of its products. To manage its trade compliance, it has traditionally depended on manual processes and a restricted party screening tool that had limited functionality. This fragmented process proved to be time-consuming and unreliable. For example, new EU sanctions regarding trade with sanctioned countries meant that Sandvik Mining and Construction had to review and assess its trading relationships with some countries a painstaking manual process that had to be implemented across multiple export centers.
The company realized it needed a centralized database of all relevant compliance information and an automated system for ensuring global compliance. It chose Management Dynamics’ Export On-Demand solution, a modular and scalable solution that has trade compliance regulations information for 122 countries. The on-demand solution establishes a strong compliance program and improves team productivity to support increased export volumes without having to increase staff.
Reducing risk, improving operations
“Management Dynamics’ solution stood out for its global coverage, its hosted solution architecture, and the comprehensiveness of its trade content,” said Mattias Lovensjo, Manager, Trade Compliance at Sandvik Mining and Construction. “Implementing this solution will greatly facilitate our ongoing trade compliance with the various authorities worldwide and thus minimize our risk exposure. It will also eliminate avoidable Customs bottlenecks and provide a full audit trail for Customs authorities. We fully expect to gain a faster cash conversion cycle as a result.”
With the Global Product Master module, Sandvik Mining and Construction will be able to determine the HS and ECCN code for each of its export products and store and manage all relevant global compliance information. The Restricted Party Screening module will enable the company to automatically screen at both the sales and pre-shipment stages for embargoes, sanction and black-listed parties across more than 175 global sanction party lists maintained by Management Dynamics. Using the License Determination and Management module, it will be able to check the export license requirements for every item on every sales order.
Implementation will begin immediately at Sandvik Mining and Construction’s four major export hubs in Sweden, Netherlands, USA and Singapore, before being rolled out company-wide.
James Preuninger, Management Dynamics' CEO, commented: “Sandvik Mining and Construction is demonstrating real industry leadership by adopting an advanced trade compliance solution. It will be able to support national and international security policies while minimizing corporate and executive risk and streamlining the company’s global supply chain.”
Sandvik is a global industrial group with advanced products and world-leading positions in selected areas – tools for metal cutting, machinery and tools for rock excavation, stainless materials, special alloys, metallic and ceramic resistance materials as well as process systems. The Group had at the end of 2010 about 47,000 employees and representation in 130 countries, with annual sales of nearly SEK 83,000 M. Sandvik Mining and Construction is a business area within the Sandvik Group and a leading global supplier of machinery, cemented-carbide tools, service and technical solutions for the excavation and sizing of rock and minerals in the mining and construction industries. Annual sales 2008 amounted to about SEK 38,700 M, with approximately 16,800 employees.
About Management Dynamics, Inc.
Management Dynamics is a leading provider of global trade management solutions that improve the performance of global supply chains for importers, exporters, logistics service providers, and carriers. The company's solutions synchronize the flow of information among trading partners, optimize supply chain execution decisions, and streamline import and export processes to ensure regulatory compliance and minimize cost and risk involved in cross-border transactions. Management Dynamics’ time-proven solutions are used by more than 14,000 global users at some of the world's most successful 3PLs, carriers, manufacturers, retailers, and high technology companies. For more information, please visit www.ManagementDynamics.com or call (201) 935-8588.