With each passing year, the international trade landscape gets more dynamic. New events continue to shape global trade. If we talk about the last decade, there have been some phenomenal changes in almost every sector and aspect of societies. Global trade is not operating in isolation. Today, on a global scale, the experience of doing business is simply better. It’s interesting to pause sometimes and reflect upon the ways in which global trade has evolved over the past ten years. With an in-depth perspective and broader overview, we can make informed business decisions. Let’s look at world trade through the lens of the changes and what trade data solutions are suggesting.
Transformations in Transportation
At the core of global trade is logistics. How would anything be transported from point A to B? With the goal being cost-effectiveness, least environmental impact, faster delivery, and risk mitigation, we have seen extraordinary leaps over the years in how goods are transported. For vast distances, supplies are moving at a mere fraction of the cost in the past. We have newer, more advanced, shipping containers and supertankers as well. The ports in cities across the world have also seen significant improvements. Global trade is faster than ever before and we can only imagine the role of technology in this.
Conducive global environment for trade
If we talk about geopolitical turmoil and protectionist measures in global trade, we have come a long way. The leading international organizations such as the UN, WTO, and the World Bank, are playing a crucial role in creating a favourable climate for free trade, despite the trade wars, embargos, and protectionism in some aspects.
Global Brand Positioning for Companies
In a globalized world, there is so much that businesses in different parts of the world, can build upon by leveraging their mutual strengths. Every geography has something to offer in terms of resources, talent, and capabilities. And that’s the power of globalization. The world is so much smaller today than it was, literally speaking. Companies are in a position to uniquely present themselves on a global scale, thus increasing their trade business footprint. All this has been a boon of technology, better ways of communicating, and optimization of supply chains as per the needs.
Access to Trade Data Solutions Online
One need not scan through the Yellow Pages to find information about buyers, suppliers, vendors, etc. anymore. Online portals have simplified the search and provide relevant data that helps companies make informed decisions. Collecting this data, tracking it, and analyzing it, is a cumbersome task. While companies can now focus on their core operations, these online portals provide data from everything to import-export, important documents, changing compliances, competition, and so on. The ease of doing business has increased greatly with global trade data solutions on digital platforms, software as a service (SaaS) companies, and online service portals. All you need to invest in is how to use these trade data solutions for the benefits of your business.
With the ever increasing demand, the scale of logistics operations expanded significantly. This does have an impact on the environment but businesses realised it soon enough and began to explore the benefits of green logistics. Going green has not only helped them optimize their supply chain, and mitigate costs, but also helped them build a credible brand image that cares about sustainability and environment. A decade ago, a green supply chain would not have been a complex idea but the commitment and technological developments have made it possible today.
Improved Channels of Communication
Great communication is at the heart of a great business. We must not forget that any industry is driven by it’s people, and the global trade landscape is no exception. With people understanding the dynamics better, and businesses improving their channels of communication, the scope to innovate and do better has tremendously increased. Policies are more clear in their objectives and outcomes. Consulting companies have also come forward to help businesses with their chances of success.
Technology has redefined the Business Processes
Today, we are looking at Big Data, AI, Internet of Things and such cutting edge technologies being incorporated into operations. At every step, the effort is towards enhancing the process, simplifying it, and helping the end consumers. Furthermore, there have been incredible improvements in navigation too.
Ten Years Ahead
In the last ten years, there have been extraordinary changes in global trade industry and it will be interesting to observe how the next ten years will evolve. Efficiency combined with sustainability can do wonders, if supported by top-notch technology and relevant trade data solutions. There are lessons we must not let go and there are learnings to be gained. But one thing is certain, there’s no looking back!
Also Read: Demystifying Global Trade