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Artificial Intelligence in Foreign Trade: news and benefits

Technology is increasingly present and integrated into our daily lives. When comparing with past decades, there is an increase in data processing speed and efficiency in the expected result. The process remains the same. Information is collected, stored, recorded, studied, worked on and published by channels that distribute it to its desired receiver.

However, the process required many intermediary agents to obtain the result, bringing the need to consolidate the analysis method. This leads us to the development of Artificial Intelligence, capable of reproducing the data processing method for different and customized purposes.

In the international scenario of foreign trade, there is a large volume of information when starting an operation, such as: description and details of the goods; exporter and importer data; identification codes; statements about routes at origin and destination; between others.

As only a few select data are needed at each stage of the operation, a lot of information is wasted, since there is information needed in more than one stage of the operation and others that will not be used at any time. Artificial intelligence is able to select specific data based on pre-defined conditions for the operation method and analysis scenario, generating time savings and a broader and more reliable analysis of the situation.

How has technology changed buying and selling relationships?

The presence of technology is very strong in commerce. Where there is a supply, there is also a response to it: demand. Among other aspects, the agility of data processing and its impact on the purchase and sale relationship stands out.

The exporter will be able to check their available stock online based on the production in progress and other specific variables (order cancellations, batch quality problems, among others). With this, the exporter is able to assure the importer of its availability promptly, already moving forward with other aspects necessary for the negotiation.

In communication, when carrying out prospecting services in which there is a search for a specific product or supplier, we come across websites consolidating a list of suppliers and products, or even the product area with highlights to the most important information for the supplier. This occurs based on the specific parameters linked to the flow of information that the artificial intelligence of that platform operates. Such responses are processed in advance for recording and later use.

Some countries are very interested in cataloging and exposing their key suppliers and products on a single platform. This facilitates access and sorting to the importer and exporter, ensuring that when looking, find what you were looking for, increasing the possibility of closing a deal.

In addition, many of these platforms and companies offer, as a first contact, interaction with artificial intelligence, which is responsible for screening (telephone calls and the like) and presentation of company data (when receiving an automatic email confirming that your request is in analysis). Taking advantage of these services greatly reduces data processing time and costs, as artificial intelligence has the lowest cost when seen in the long term and higher level of service, being able to serve more customers at the same time, for any time.

How can artificial intelligence help international trade?

Artificial intelligence helps in several stages of foreign trade. It is present at the beginning of the order, in the communication with the supplier when contacting and having to answer questionnaires before starting the direct dealings with the company's employees, as well as at the end of the operation, when an invoice is issued, taking as based on the information of the import declaration and such data are recorded in the system confirming the entry into stock. 

It is important to mention that the verification of data by artificial intelligence is what integrates the steps of the process. Any consolidation of data for artificial intelligence is the possibility of a versatile calculation with different purposes. With this, new strategies and decisions are established.

Another way is the categorization of information through codes. In foreign trade, we work with the identification of products through NCM. Such codes identify the characteristics of the products according to the classification parents and children.

Foreign trade has several integrations along the stages through its codes, which also have a specific administrative treatment. This facilitates the processing and polishing of data, dividing the steps and information only to interested parties, for example, when a product is approved by an authorizing body.

In international transport, having the support of routing systems helps the shipowner in his travels. All displacement is based on the initially planned route, with origin and destination. Such a route is traced by artificial intelligence so that the quantities to be embarked and disembarked in ports along the way, observing the loading and unloading time, available and available space, among other conditions.

All this analysis is automatic and greatly speeds up the travel time, increasing the shipowner's level of service and savings with possible fuel wastage. As support, there are also other artificial intelligences focused on other activities, such as monitoring the weather, so that an accident is avoided with a new strategic decision based on results simulated by artificial intelligence.

Another possibility is the continuous recording of information supporting future statistical analyses. Having access to such customized data helps the user to assemble their own strategies and evaluate scenarios throughout the analysis period.

In addition, in a currency analysis, it is possible to study the behavior of currencies over a period. All these actions, supported by artificial intelligence, can help to reduce costs and make strategic decisions more quickly, enabling the repetition of the operation.

Main investments in artificial intelligence for export?

As already discussed, recording information helps in decision making. A company that wants to export can rely on government platforms that record statistical data from other previous exports. By integrating with other responsible artificial intelligences, such as those for monitoring the exchange rate or simulating import costs, the strategic decision for new operations is strengthened.

Market research is a dynamic activity. It is necessary to filter and parameterize the sales conditions that are interesting and that will generate new orders. Through digital ads and the artificial intelligence behind this activity, one can help the development of specific new businesses, narrowing the market of interest, providing a new point of view to be observed.

As artificial intelligence can be versatile in its data processing, if the study scenario is not positive, parameters can be quickly changed so that a new investigation can be started.

In exports, there is a language barrier that can directly impact the closing of new business. However, there are several technologies for automatic translation of texts, messages, websites and documents. This helps a lot in communication and in strengthening ties between exporter and importer.

There are several benefits that artificial intelligence can provide in foreign trade as a whole, however, it is important to be aware that analytical parameters pre-conditioned to artificial intelligence must also be updated according to new scenarios. This maintenance is important, as it provides the expansion of possibilities.

Monitoring the processing of information by artificial intelligence must be done periodically, preventing good opportunities from being lost due to lack of critical analysis of the situation. In this way, artificial intelligence must walk together as a support and with great attention.

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