The dawn of artificial intelligence tools like ChatGPT may revolutionize the way both the public and private sector use data to ferret out risks and opportunities in the $32 trillion global trading system.
During the pandemic, government agencies and industries like financial services and telecommunications accelerated their adoption of machine-learning tools. But many involved in trade were caught in analog, paper-laden transactions playing catch-up.
But AI tools are helping many organizations simplify trade-data analysis in ways that may help smooth cross-border commerce — a notoriously labor-, spreadsheet- and carbon-intensive engine of the world economy. Meanwhile, multinational companies like Nestle SA are applying AI tools to increase efficiencies and detect emerging problems across its global value chains. The Switzerland-based food and drinks company uses machine-learning software to detect product-quality issues and ensure Nestle’s manufacturing lines are self-regulating and self-controlling.
“There is a lot of promise but also a lot of hype attached to AI,” said Jake Colvin, president of the Washington-based National Foreign Trade Council. “So we are trying to separate short-term opportunities from longer-term and wishful thinking.”One area where AI applications can have big impact is helping companies and governments better understand changes to global value chains.
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