How AI Is A Gamechanger For Global Trade

Credits: Tara Winstead/ Pexels

Technology, including artificial intelligence (AI) and the metaverse, is the ultimate tool for transforming our world for the better. Never have we been so privileged as we are now – to have software so sophisticated that we can bring ideas to life at speed on an international scale.

Transition To Digital Era

Digitalisation has elevated the manual processes of yesterday, accelerating how data is shared and applied, how we can better serve communities, and how we revolutionize the ways trade flows across the world. These technological feats wouldn’t be a reality without adopting a level of bravery to push the boundaries and transform what is possible. The courage to imagine a new, creative solution to a problem is what triggered the transition from paperwork to the digital era in the first place. In the logistics industry, technology is our innovation. It is opening up a whole new world of possibilities. As a combined force, these will help us realize a smarter, more synchronized planet that empowers industry, frees communities, and protects our natural world.

Unlocking Possibilities

Let’s put this in the context of the Metaverse: perhaps the most innovative technological product of our age. On paper, the Metaverse is a shared virtual space where people can experience things that aren’t possible in the real world. From the perspective of gaming, its possibilities are endless. But when applied to an industry such as logistics, the advantages could be life-changing on a societal, economic, and even environmental level. Taking trainees out of our real-world work environments means freeing experienced staff to continue working without causing delays, as there won’t be trainees using key equipment. Further, we eliminate the risk of equipment or human-based training incidents, ensuring workflows aren’t disrupted and keeping employees safe. 

On a far bigger scale, putting DP World’s global network, an interconnected web of 295 business units spread across 78 countries, in the Metaverse could have two significant benefits. Firstly, We can see at a glance how and where cargo is flowing throughout the world, so we can better manage customer expectations and create timely solutions to disruptions. Secondly, we can imagine and virtually test new routes, solutions and scenario responses without disrupting real-world operations – or impacting those whose lives depend on them.

Digitising Trade Finance

This smart thinking is helping us expand and refine our services in other ways, too. Trade Finance, our capital solution for small businesses, came into being thanks to our CARGOES Finance programme, identifying inefficiencies in how small businesses are able to access funds to trade on a global level. These learnings enabled us to build a streamlined finance website – one which cuts out the paperwork and bolsters transparency between SMEs and the world’s leading financial institutions, empowering them to lend with confidence. Trade Finance’s success has been twofold: we’ve created a sound foundation for global SME trade, a previously untapped market worth $1.7trn.

Innovation is afoot wherever you look in my line of work. And the strides we’ve made have all been possible thanks to technology. To continue unlocking and sustaining future opportunities, we must educate and inspire the next generation about the potential of innovation and technology combined. This new chapter of future-ready innovation, fuelled by technology, is an exciting one, and the benefits are already clear. By working together across industries and generations, we can ensure its potential is freed to enable a more prosperous, efficient and beneficially creative future for all.  

Did you subscribe to our daily newsletter?

It’s Free! Click here to Subscribe

Source: Shiptechnology



This site uses Akismet to reduce spam. Learn how your comment data is processed.