Roberto Azevêdo the Director General of WTO had said even two years ago that technology and trade are closely interlinked and that ‘the Internet of Things, artificial intelligence, 3D printing and Block chain have the potential to profoundly transform the way we trade.’ Golden words indeed and it’s already happening.
With the advent of Technology B2B exports and Imports have changed the way in which they operate. The important thing is to see how technology is harnessed. Digital trading features have replaced traditional methods to get in touch with targeted buyers or sellers as the case may be. Today’s consumers make purchases sitting at home via the internet. In B2B also companies can do business without leaving their seats thanks to internet penetration. Competition has grown and the demand and supply chains face new challenges every day. New technologies have emerged to tackle the growing demands. We must remember that B2B industry means that the trade is between two business entities and not directly with normal customers and the horizon of such type of trade has been widened with technology and the ease of doing business has gone up significantly with overseas partners thanks to digital economies. Ii is said that the “…efficient use of ICT equipped with high speed internet and secured servers is a crucial milestone for unlocking the e-trade potentials for developing- and least-developed countries.” In this scenario B2B is a sure shot winner.
Let us figure out the benefits of using technology to power B2B exports and imports.
- The traditional hassles of doing business are dispensed with because technology helps to control businesses remotely. There are faster negotiation processes, fewer commercial visits and almost every job is done by just the click of a mouse, whether it is pitching for a price reduction or increasing one’s margin.
- With integration of technology data from any transaction can be integrated into the system to be leveraged at any given time.
- It does away with personalization in business to business commerce where the question of favours taken or given can often arise thus cutting out the corruption.
- With digitization there are more demands and offers thereby increasing the competition.
- Communication also has improved, not just the speed but in terms of security thus making it easier to conduct B2B exports and imports.
A country thus needs to be technologically advanced since such innovations lead to better access to world markets and helps to scale and grow profits. Businesses come in touch with world class companies that give good competition. Helps them to get exposure to expertise and novel ideas which motivate them in turn to stay abreast of market trends thus improving business. It further improves trade between countries, all thanks to the growth of the internet.
In order for technology to be properly implemented and be effective a country, as said earlier must provide the necessary infrastructure thus boosting exports and imports. B2B companies can thus penetrate overseas markets with less investment and improved logistic solutions will help them to grow. The role of technology can never be overestimated and businesses can start off by imparting the right technical training to its concerned staff and going paperless for a starter. Integrating the different arms of business with technology could also be another step in the right direction.
Today technology encompassing AI, IOT, data analytics and other forms of automation have come together in a novel way to boost exports and imports. Today every move in the business from production to supply chain is tracked seamlessly thanks to AI and ML thus preventing many failures. The world is closer than ever before and it has proved to be a positive for B2B businesses which could never have imagined this growth a few decades ago. Optimization is a result of these technological advancements and has revolutionized B2B trade not just by creating seamless processes but also by reducing trade costs because the world is now much closer than ever before.
A B2B transaction is when a business sources raw materials or when it is in need of operational assistance. In B2B settings, decisions are often taken by a group of people and technology improves the communication and automation helps to increase the business by making things more effective given the fact that decisions are often about products that have a high value. Hence technology is a good and effective way to improve and increase your trade internationally.