For example, he said that about 70 percent of all transactions based on letters of credit are rejected because of errors. "It's a huge area of pain for our customers, especially those with outsourced manufacturing who are dealing with customers on a global basis," according to Datar.

Proper standardization of the processes can boost efficiency and cut costs for users, he said.

Version 7.0 automates customs warehousing processes, which will help companies to defer or eliminate duty payments, SAP said. In addition, GTS 7.0 supports adherence to mandatory Automated Export System filing requirements, the company said.

The latest version of GTS is available now. Pricing varies, depending on process scenarios, and takes into account transactional volumes.