Companies are going global because the risk of not doing so greatly outweighs the comfort that staying domestic brings. According to a World Trade Organization (WTO) report issued in October 2004, "Despite the rise in oil prices the volume of world trade is likely to grow by 8.5% in real terms by the end of 2004." The liberalization of trade, the reduction of tariffs, the elimination of quotas, the continued rise in China as an industrial force, and the rise of outsourcing as a cost reduction opportunity, all create an environment that is full of opportunity and fraught with hazards. The ability to effectively manage global commerce will be a key strategic competitive differentiator. Global commerce management (GCM) is what is required by companies to win in this tougher, more competitive environment.
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