Harnessing AI to Find Ideal Business Partners in International Trade - Hindustan Times

Harnessing AI to Find Ideal Business Partners in International Trade

Published on Nov 29, 2023 06:36 PM IST

This article explores how cutting-edge AI tools are innovatively tackling persistent challenges

Revolutionize the Trade Network with AI: Connect with the Best in Business
Revolutionize the Trade Network with AI: Connect with the Best in Business
ByHT Brand Studio

India – Business Wire India

Securing trustworthy business partners in international trade has always been a challenging task, requiring years of meticulous and painstaking groundwork, careful analysis, and the courage to deal with uncertainty. This article explores how cutting-edge AI tools are innovatively tackling these persistent challenges.

Evaluating potential partners from their online presence has been a formidable hurdle. There are no foolproof methods to ensure the competency and reliability of these entities based solely on their digital footprint. Conducting in-person visits, although insightful, is both time-consuming and costly. Moreover, transactions with unfamiliar buyers could result in bad debts, while dealings with unknown suppliers might yield subpar products or even lead to a total loss of the advance payment.

These hurdles are particularly daunting for professionals in the export-import industry aiming to broaden their global trade reach. As a response, these professionals are strategically using online trade data tools to navigate these challenges. Take Volza, for instance, an AI-enabled trade data portal. Volza provides an extensive global trade database, including complete shipment details through bills of lading. This tool arms users with essential information about active exporters and importers, capturing years of their export-import experience, current buyers and suppliers, transaction frequency, ongoing orders, shipment volumes, pricing, consignment numbers, and an exhaustive trade history. With this wealth of data, users can confidently assess and choose suitable business partners.

Vijay Sethia, Director of Chamanlal Sethia, one of India's foremost rice exporters, testifies to the transformative impact of these tools. According to Sethia, the introduction of trade data portals has empowered them to dramatically expand their business operations. Gone are the days of protracted struggles, with years spent on marketing, traveling, and product sampling. Today, importers and exporters can swiftly map out their market, efficiently identifying trustworthy and reliable business partners in just a matter of hours.

While other trade databases like Panjiva and ImportGenius offer similar services, they seem to cover fewer countries. A glance at the Volza website shows it provides trade data for more than 80 countries, while Panjiva and ImportGenius support a trade base across 10 and 14 countries respectively.

Michael Robinson, Director of Volza, emphasizes their mission to expedite the entire process of identifying suitable business partners. "We aim to make it quicker, more cost-effective, and feasible. Users can bypass years of relentless effort, elevating their businesses to new heights with confidence, and in a fraction of the traditional timeframe," he explains.

Platforms like Volza also overcome the obstacle of procuring direct contact details for key decision-makers. Whether it's the export head, import head, or other relevant stakeholders, Volza's built-in function provides access to their contact information and even links to their LinkedIn profiles.

In conclusion, AI's integration into international trade is ushering in a transformative era. Platforms like Volza are making the identification and evaluation of business partners more efficient and reliable. By offering extensive trade data and essential contact information, these platforms are setting new benchmarks in the sector. It's clear that AI-powered Trade data tools are more than clever business strategies; they are now a prerequisite for success in the globalized marketplace. As AI and Big data technologies continue to evolve, its impact on facilitating international trade will only expand, heralding a future where global business expansion is seamless and confident.

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.

Hindustan Times - your fastest source for breaking news! Read now.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away! -Login Now!
Share this article
Story Saved
Live Score
Saved Articles
My Reads
Sign out
New Delhi 0C
Friday, March 01, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On