The ADAMftd platform’s development is concentrated on increasing supply chain transparency and traceability. By providing access to a wealth of data and analytics, the platform hopes to make it easier for businesses and customs agencies to track the movement of goods and identify potential risk areas.
This increased degree of visibility offers numerous advantages, such as:
- End-to-End Tracking: The platform is intended to enable users to track the movement of goods from their point of origin to their final destination. This exhaustive view of the supply chain can help identify discrepancies, potential bottlenecks, and areas of risk.
- Beneficial Ownership Identification: The ADAMftd platform seeks to assist in identifying the true beneficial owners of goods by leveraging the power of data. This information is essential for addressing issues related to money laundering, tax evasion, and other illegal activities.
- Sourcing Insights: The platform intends to provide insights into the sources of goods by company and country, enabling users to make more informed decisions about their supply chains and better understand their exposure to risks such as geopolitical unrest or environmental catastrophes.
- Compliance and Due Diligence: Increased transparency and traceability can assist businesses and customs agencies in ensuring compliance with international trade regulations and conducting more effective due diligence on their supply chain partners. This can reduce the financial and reputational risks of non-compliance.
- Collaboration and Trust: By fostering greater transparency and traceability in the supply chain, the ADAMftd platform aims to promote collaboration between various stakeholders, including businesses, customs agencies, and regulatory entities. This increased degree of trust can contribute to smoother operations, better enforcement of regulations, and overall more efficient supply chains.
As the ADAMftd platform develops, the objective is to provide the tools and resources required for enhancing transparency and traceability in the global supply chain. Once launched, businesses and customs agencies will be able to better manage risks, ensure compliance, and ultimately enhance the overall efficiency and effectiveness of their operations.