Import Managment System (IMS)

IMS (IMPORT MANAGEMENT SYSTEM)

In today’s time all the countries in the world are dependent on each other and international trade plays a crucial/critical role in the business strategies. Companies of different sizes engage in importing the goods to their market which may be difficult for them to manage due to its complexities and this is where the IMS (Import Management System) comes into play, revolutionizing how businesses manage the import related activities.

WHAT IS AN IMPORT MANAGEMENT SYSTEM?

• IMS (Import Management System) is a software solution in form of website designed to facilitate and streamline the process of importing the goods and services in India. Its work is to automate and manage the various tasks that are involved in the import operations which includes compliances, documentation, logistics and financial transaction. By cooperating with the various aspects of the import of goods and services process, an IMS (Import Management System) ensures efficiency, accuracy, and compliance with according to the international trade regulations.

IMPORTANCE OF IMS (IMPORT MANAGEMENT SYSTEM)

There are various importance to IMS (Import Management System) and some of them are discussed as under:

• Compliance And Risk Management : One of the most critical/crucial aspects of importing of goods and services into Indian market is adhering to international trade regulation and compliance requirement. IMS (Import Management System) helps the domestic business to stay updated with all the latest rules and regulations, also make sure that the all the necessary documents are accurate and complete. This helps in reducing the risk of legal penalties, delays in processing and helps to avoid any additional cost while importing the good.
• Cost Efficiency : With the help of IMS (Import Management System) one can reduce the cost involved in the process of import activities. By automating all the processes that were manual before it helps them in various ways such as minimizing the chances of errors and the delays in processing, cost saving in storage, demurrage and the avoids the fines and penalties. With the help of IMS (Import Management System) it optimizes the supply of goods and services between the importer and exporter thus help them to negotiate with the suppliers and the exporters.
• Enhanced Visibility And Control : IMS (Import Management System) helps the importers to have control over their business. It helps them to keep an eye on the functioning of the business. IMS (Import Management System) helps them to track the shipments, monitor the compliances, and help them to maintain their inventory regarding the stock. This helps them to look further into their business and make some decision for their business and improve their business supply chain.
• Improved Collaboration : IMS (Import Management System) makes a better collaboration and coordination among various stakeholders involved in the process of importing, including suppliers, logistics providers, customs brokers, and internal teams. By providing a centralized platform, it ensures seamless communication and coordination between all the platforms, leading to smoother operations for import.

Key Features Of An Import Management System

There are several features of IMS (Import Management System) as discussed below:

• Automated Documentation : IMS (Import Management System) has automated all the process related to the creation and management of all the essential documents such as the invoices of the product, packaging list, and the certificate of the origin all these documents are managed online at there website to ensure the accuracy and compliance with international standards.
• Compliance Management : The IMS (Import Management System) keeps all the business updated with the changing regulation and make sure that all the import activities in respect to the required compliance standards so that no business can face any fine or penalty. This check includes the tariff classifications, customs declaration, and other important regulatory requirements.
• Financial Management : IMS (Import Management System) helps the business to integrate with the financial system to manage all of their payments, duties, taxes, and other payments associated with the importing of goods and services. This helps the business to prepare a budget plan for the next financial period and future use.
• Reporting And Analytics : With the help of IMS (Import Management System) business get an advance insight to the foreign trade to know about the new trends, optimize their operations and help them to make some informed decision.

Services Under Import Management System

There are few services that fall under the IMS (Import Management System) and are as under:

• Import authorization for the restricted goods is required to authorization prior to the importation. Without the authorization the goods could not be handed to the consumer.
• DGFT (Directorate General of Foreign Trade) has notified the TRQ (Tariff Rate Quota) on the import of various goods and services. TRQ (Tariff Rate Quota) allows to import lower tariff rate on the goods to be imported but to a certain quantity.
• Registration certificate may be applied for in case of the transitional arrangements as per the foreign policy. Registration certificate could be used several times as per the update from time to time.

Implementing An Import Management System

There is a specific process for the implementation of the IMS (Import Management System) which is specified as under:

• Needs Assessment : The first step is to evaluate the current process involved in import of goods and services so that the system can identify the pain points and areas of improvement for the business.
• Choosing The Right System : Secondly choose a best IMS (Import Management System) for your business that fits the business requirements making sure about some factors such as scalability, ease of use, and other capability.
• Integration : The third is to integrate the IMS (Import Management System) selected with the current system, including ERP, financial software, and supply chain management tools.
• Integration : Fourthly the new IMS (Import Management System) requires a trained staff that can handle the system efficiently.
• Continuous Improvement : The fifth step is to regulate the import system and the IMS (Import Management System) setting so that they can adapt to the changing regulations and business needs.