siliconindia | | NOVEMBER 20248As 2024 approaches, the face of trade finance is all set to be transformed by the best of new-age technologies and innovative practices. Many are being led by trade finance automation as it turns that entire global tracking of goods and services completely on its head. With advanced technologies helping companies streamline trade-related functions, enhance customer service, and cut thousands of dollars in costs, this automation marks the kind of shift that makes a difference in making corporate supply chains more productive and efficient.Pushkar Mukewar, Co-Founder and Co-CEO, Drip Capital, says, "The digitization of trade processes is enabling a massive flow of goods worldwide as global trade is exploding. Advanced analytics is ensuring better decision-making and emboldening trading partners. From enhancing supply chain efficiency to improving transparency and enhancing trust, new-age technology adoption is improving the financial health of world trade".Can Technology Minimize Trade Finance Risks and Compliance Costs?A world where the right goods are accessed on time needs trade finance to optimize supply chain operations. Trade finance plays a very essential role, ensuring there is necessary financing extended to manufacturers, suppliers, and distributors at all stages of the process, manufacturing and distribution. This kind of cooperation fosters teamwork with the ultimate aim that the goods reach their destination on schedule. Businesses face the intricacies of international trade, hence the impulse towards sustainability and resilience increases. Long-term trends in trade finance have been anticipated over the next year and alter the landscape of cross-border transactions, enabling organizations to quickly and remarkably push through counterattacks. This is something that businesses can be able to embrace in ensuring their success in an ever-changing global market in preparation for a better future and more efficient ways of being sustainable.AI Revolution: The world of trade finance is set to experience change, wherein artificial intelligence and machine learning are now increasingly being introduced in order to achieve this revolution. AI and machine learning would enable financial institutions to execute complex transactions through automation, run deeper risk analyses, and cater to the different needs of businesses with personalized financial solutions. Combined with the developments in optical character recognition which improve the precision, AI-based credit scoring models, and predictive analytics tools, these will give institutions EDITORIAL EXCLUSIVEIS TRADE FINANCE TECH KEY TO CHANGING GLOBAL TRADE?
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