Media Coverage
Laurel Industrial Aims to Ensure Compliance with U.S. Export Regulations
By Editorial Staff
Equipment exporter will use compliance solution from TradeBeam’s Global Trade Management Suite
San Mateo, CA, December 8, 2005—Geophysical equipment exporter Laurel Industrial Company has signed up to use global trade management software from TradeBeam in order to give the company an automated solution for managing government export requirements.
With offices in San Jose, California, and Beijing, China, Laurel Industrial is an exporter of geophysical equipment, water resources equipment and marine measurement products. The company has exclusive distributorship to the People’s Republic of China for its venders.
Laurel Industrial needed to automate its export management processes to prevent the risk of noncompliance with regulatory requirements and operational inefficiencies. TradeBeam’s manual restricted-party screening and license determination applications help the company achieve this goal by automating screening checks for all orders processed.
“It’s very important for us to know the laws and have a process in place to ensure regulatory compliance,” said Wei Wang, chief financial officer of Laurel Industrial. “TradeBeam has helped us address this concern by providing us with a solution for managing government export requirements.”
TradeBeam is a global trade management software and services company providing solutions intended to streamline global trading processes for enterprises and their partners. TradeBeam’s solutions provide import and export compliance, inventory management, shipment tracking, supply chain event management and global trade finance solutions such as open account and letter of credit management.
Laurel Industrial is counting on TradeBeam’s Restricted Party Screening and License Determination applications to help the company improve its export management system and ensure compliance with U.S. export laws. In turn, Laurel Industrial will also be able to drive goods through its supply chain in a more efficient manner.
“We believe automating the export management process is just one step to improving global trade operations,” said Graham R.F. Napier, president and CEO of TradeBeam. “To maximize financial results, these types of solutions need to be part of a broader offering encompassing logistics and financial settlement related applications as well.”
TradeBeam said it has over 3,000 customers, with users in over 100 countries worldwide.
