As the world continues to shrink under the immense advancements of technology and innovation, the demand for varying goods and commodities among customers all over the world is only increasing day by day.
While recent news has been very high on tensions and the changing face of tariffs and the regulations governing them, globalization has witnessed a huge change in its structural foundation, something that has missed the observation among headlines.
In short, trade service, as we know it, is going a change with the undercurrent of globalization to drive it further.
Despite this transformation of globalization, the perception that outsourced trade service focuses more on the past and not on the future is something that needs addressing. The whole landscape of globalization is witnessing a big change, and never before were the parties involved in this mix were so many countries and trade enterprises.
Understanding this change better will help the stakeholders to figure out things that need to be done to do it all linearly, while also giving a clear definition of the role of trade consulting services in realizing globalization all over the world.
How Globalization is Being Redefined
- Changing Global Demand is Revamping Global Value Chains
While a significant part of the overall global demand was once directed towards only the progressing economies, things are now changing. Companies are now re-evaluating their value chains and are looking forward to tapping into any potential market that they can.
A big instance of this change is visible in China, where a huge chunk of the working population, has become a key market segment and is poised to become the most dominant in the coming years. High demand also presents exporters with opportunities to enter new markets
- Introduction of Technologies into Global Value Chains
Cross-border data flows and their extent has been ballistic if truth be told. The sheer amount of content and communication that has been going from one destination to another is being facilitated through many digital paths.
Cost-effective and instant digital communication makes one clear impact- it enables increased trade flows and reduces the costs of each transaction in the process. However, the more innovative technologies and their impact on the global supply chain might not be this simple. While the impact obviously cannot be evaluated before it happens, trade service can be rendered a little hollow for better service flows.
The Time is Right for Companies to Re-Evaluate Their Global Strategies
With or without the help of trade training and consulting services, trade organizations need to understand that being flexible is the only way of moving forward. With increased flexibility, it becomes possible to reduce time to customers and also increase customer engagement to a level that fosters growth and development.
Trade Technologies has been assisting companies to ensure this flexibility for more than two decades, and have been foundational in delivering a workflow that caters to international trade standards and guidelines.
International trade has been the backbone of the global economy and commerce since the first time it broke through the scene.
While things were going about smoothly, the coronavirus pandemic brought unforeseen disruptions in the world of global trade service.While supply had to be cut down following the global lockdown restrictions, demand also witnessed a proportionate drop.
Manufacturers had a tough time making things work and staying afloat in these trying times.Despite all the chaos, trade didn’t get totally surrendered, thanks to how technology made adjusting to the new normal much easier than everyone could have imagined.While the world is on the road to recovery now, the focus has shifted to certain developments that have taken top accolades amidst this global revival.Better Trade Growth AboundA report from UNCTAD (United Nations Conference on Trade and Development) states that trade recovery after COVID-19 touched a new high in Q1 of 2021, which can be attributed to a significant performance boost in exports during and after this time.While the products in context are medical supplies, their increasing demand has made recovery quicker.Leading trade consulting services over the world have brought attention to some trends that will continue to impact global trade service in the time to come.Technological Trends for Global Trade Future1- Transformation of Supply ChainsWith China coming to a standstill, a lot of flaws were exposed in the worldwide production process and supply chain.
The main reason for the global economic collapse was the skyrocketing demand for essential items which could not be met.The global supply chain is bound to witness a transformation with respect to technology that will help make this happen.
Identification of flaws in the supply scenario through the right trade consulting services will prove to be very fruitful in the time to come.2- Automation and Digital TransformationNo technological trend was thrust ahead more dominantly than the one we all know as digital transformation.
As human interaction was happening at a minimum, automation and significantly advanced technologies like Artificial Intelligence took front seat.From better and more sorted logistics to cohesive supply chain management, this trend will again keep continuing in the time to come.3- Increased Regional Trade OpportunitiesWith initiatives that encourage local purchasing, expansion of comparatively compact supply chain from a regional perspective will be high on the priority list for various training and consulting services offering a perspective on better international trade.While a positive traction is already being seen, it is to be understood that better regional trade will instil a better road for international trade too, as competition will try to penetrate markets with better deals.4- Better Documentation for Better Global Trade ManagementInternationl trade is a complex process, and ensuring compliance on all related factors is not as easy as it looks from a distance.
Wipro offers integrated trade services to complement TPM solution through actionable insights, corrective actions to improve performance in collaboration with customers.
Wipro’s comprehensive services ensure that investments in trade spend are justified and accrue maximum sales and returns on investment
