Role of technology in international trade
How does technology facilitate international trade?
Technology facilitates international trade by enabling efficient communication, enabling global supply chain management, facilitating online transactions and payments, supporting logistics and transportation systems, providing market research and information, and enabling e-commerce platforms that connect buyers and sellers across borders.
What are some examples of technology-enabled global supply chains?
Some examples of technology-enabled global supply chains include the use of advanced analytics and artificial intelligence for demand forecasting and inventory optimization, blockchain technology for enhanced transparency and traceability in supply chain transactions, Internet of Things (IoT) devices for real-time monitoring and tracking of goods, cloud computing for collaborative supply chain management, and digital platforms or marketplaces that connect buyers and suppliers globally. These technologies enable businesses to streamline operations, improve efficiency, reduce costs, enhance visibility, and effectively manage global supply chains.