This 10+2 announcement reflects Arigo's enduring commitment to its customers and marketplace allowing them to get in front of regulatory compliance issues while optimizing their private label global supply chain
North Billerica, MA (Vocus) April 6, 2010
As of January 26, 2010, an importer can face a $5,000 fine per filing if their ISF data is not timely, accurate, and complete as set forth by regulations. Many retailers have been scrambling to put together enterprise-wide solutions to ensure correct and timely filings, yet most of today’s ERP solutions are unable to compile the various types of data needed from the multiple parties involved in import transactions, in order to support the ISF requirements.
Given the granularity of data needed, validating the accuracy of these filings is one of the most significant challenges retailers are facing. As the Importer of Record, retailers are required to comply with regulations to avoid costly fines, penalties, and delays. Arigo has provided the tools and capabilities needed for any size business to accurately prepare for ISF electronically by mapping key 10+2 data points from suppliers and factories. “This 10+2 announcement reflects Arigo’s enduring commitment to its customers and marketplace allowing them to get in front of regulatory compliance issues while optimizing their private label global supply chain,” says Donny Askin, CEO of Arigo.
The direct consequences for submission of invalid filings will negatively impact time to market with longer lead times, higher landed costs, and higher inventory costs. Arigo strives to help companies recognize the competitive edge that can be gained with a compliance strategy supported by cross-functional teams. By improving visibility and controls of international transactions, retailers are able to comply with this mandatory regulation, accelerate speed to market, and employ better supply chain planning and processes.
Arigo is the leading provider of Global Sourcing & Trade Management software solutions for private label retailers, brand owners and wholesalers. Arigo solutions help businesses optimize complex supply chain processes and visually manage assets to improve sourcing and global trade transactions. Annually, Arigo helps customers source over $100 billion in goods from over 50 countries; manage over 40 million SKUs; track over 2 million containers; provide production visibility into 75,000 suppliers; and manage critical information across their organizations. To learn more about Arigo’s best practice tools and tips to improve Global Sourcing operations, please visit http://www.Arigo.com.