AI revolutionizing cross-border trade: 5 takeaways from industry experts

“There’s hardly a topic that I get asked about more these days than AI and what its role is in various categories of software,” revealed Eric Johnson, Senior Technology Editor at JOC.com, during a webinar hosted by Eurora. 

As the significance of AI continues to grow in cross-border trade, we recently convened webinars, bringing together industry experts to delve into AI’s transformative impact on the field. If you missed out, we’ve gathered 5 key takeaways from these insightful conversations, along with exclusive quotes from speakers. Explore more! 

1. Managing exponential data growth is beyond human capabilities

“The amount of data that we’re dealing with, compared to what we were used to in the industry, is exponentially growing. We are really moving beyond human capabilities in processing large data sets. So, AI is playing a really important role in automating the process of providing data.” Chris Lentjes, CEO US and Canada at Eurora. 

As trade regulations change across different regions of the world, the need for precise and real-time data becomes critical. AI offers a solution by automating tasks, such as HS code allocation, that were once prone to human error. This empowers businesses to effectively handle large data volumes, ensuring compliance, reducing customs fines, and improving the customer experience. 

“I was at a conference, and I spoke to a consultant who focuses on technology in the industry. He commented that even the best trade compliance professionals are getting the classification wrong a third of the time.” Eric Johnson, Senior Technology Editor at JOC.com. 

2. Streamlining regulations and cross-border trade compliance with AI

“Cross-border trade is an increasingly changing environment. If you look at new regulations occurring in different parts of the world. We had the Stop Act in the US, CARM in Canada, the UK had the new Customs Declaration System, and the EU had ICS2 Release 2. These changes are impacting routine shipping across borders. So, AI is rapidly becoming essential to keeping up with the pace of the market.” Chris Lentjes, CEO US and Canada at Eurora. 

In the world of changing rules, AI is a quick learner – always updated with the latest regulations. For everyone in the supply chain, this translates to AI efficiently handling tasks such as calculating accurate duties and taxes, checking for import/export restrictions, and identifying the correct HS code. This streamlined approach ensures adherence to customs regulations, while saving time and headaches. 

3. AI adoption: from skepticism to symbiosis

“We’ve passed along human like skills into an AI brain that can do human like activities so that we now can displace that labor and drive out this high cost of labor and things of that nature.” Jonathan Briggs, VP Sales & Solutions at Nimble Robotics. 

Despite initial skepticism, AI is proving its mettle in various sectors, including cross-border trade. As AI technologies advance, businesses are witnessing tangible benefits, from reducing logistics costs to improving inventory management and service levels. Businesses are beginning to realize that a symbiotic relationship between human expertise and AI capabilities can yield remarkable results. 

4. AI’s role in sustainable and environmentally friendly trade

“Sustainability is a really critical topic. AI is meaningful to us because we get rid of all this commuter traffic that’s coming to and from our warehouse across multiple shifts a day, 6 or 7 days a week, depending on the market that we’re working in. So, there’s a lot less commuters, a lot less CO2 that’s driven from there.” Jonathan Briggs, VP Sales & Solutions at Nimble Robotics. 

The focus on sustainability and environmental responsibility is growing in the cross-border trade industry. AI can play a pivotal role in reducing emissions and optimizing delivery routes, leading to more environmentally friendly practices. Additionally, advanced electronic data can provide transparency in the supply chain, enabling authorities to monitor carbon emissions and product safety, thereby facilitating a more sustainable trade ecosystem. 

5. Be an early adopter to stay ahead of the curve

“I think that the willingness to put yourself out there into a position of discovery is very important. So, I think involving the whole team is kind of my all in all pitch. This is such a rapidly moving space that the conversation you’re having with your team around a solution that happened three months ago might not be the case, it might be a new tool with a new product and a company that’s more agile is going to out cape you if you’re not on your toes.” James Dorman, COO at Hailify Inc. 

The cross-border trade is changing fast, and companies that use AI and tech will gain a big edge. Early users are already getting good results from AI, making things work better and cheaper. To stay ahead, businesses need to try new things, use tech, and keep getting better with AI. 

“Early adopters are the ones that are going to be way ahead of the curve. Because they’re going to have their say in the development and the capabilities and so on. And so, the early adopters will be able to wrap this around their business a lot easier.” Jonathan Briggs, VP Sales & Solutions at Nimble Robotics. 

Going further, gain insights from experts on demand

Is your company falling behind in the AI revolution, and are you eager to delve deeper into the advantages of AI to ensure the future success of your operations? Learn from our experts in two exclusive on-demand webinars! 

• Benefits of AI in cross-border trade. Watch now! 

• Exploring the game-changing role of AI and innovation within the supply chain. Watch now!