The beneficial impact of companies moving towards digital trade platforms has seen a greater reduction in costs, aiding digital alternatives for open account trading and reduced credit lines of insurance, and has given rise to better efficiencies when engaging in regional and international trade within the goods and services industry.
In terms of trade costs from a broader definition, associated costs include policy barriers, transportation, enforcement, exchange rates, legal, regulatory and local distribution costs as reported by the WTO. Digital trade platforms enhance the entire order-to-cash (OTC) trade process providing a 'one-stop shop' for buyers and sellers.
The current trading process occurs in one of two principal ways: Open Account ~(a sale where the goods are shipped and delivered before payment is due) or Letters of Credit~(a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount). Where both processes that can take up to or more than 7 days to process, digital trade platforms can reduce the process (excluding shipping) to just under 1 hour!
In addition, banks that are offering payment guarantees and financing, by means of digital smart contracts, are opening up new alternatives to reduced credit insurances lines for buyers and sellers within the global value chain (GVC). Furthermore, the OECD tells us that digitalisation has increased the speed and range of trade allowing companies to deliver their products or services to a larger number of 'digitally' connected customers around the globe.
For our second 'Leading the Way' online news edition, we caught up with recently appointed we.trade Head of Sales, Gilbert Cordier, over a virtual coffee to chat about his experience as we.trade Sales and Product Manager in Societe Generale, why we.trade is the 'digital trade platform' of choice for his clients and how companies, big or small, can begin their digital trade journey.
Q: Tell us about yourself Gilbert
Well it was 13 years ago where I started out my career in the energy commodities trading industry. I have worked for companies such as Engie, Statkraft & more recently Societe Generale.
Over the past three years I have had the pleasure of working for Societe Generale, in France, as we.trade’s Sales and Product manager. I have met hundreds of clients listening to their needs and expectations in terms of digital trade solutions and how we.trade can help grow their business across Europe.
As recently appointed Head of Sales within we.trade directly, I will now help banks interested in joining the we.trade platform to help them understand we.trade’s value proposition and how they can generate new revenue lines not only in the bank but also for their clients too.
Join us now as we interview Gilbert via video link to learn more about we.trade and how it can reduce costs, grow your business and maximise your working capital!
Watch the video
Gilbert Cordier — Head of Sales we.trade