Technology is set to play a major role in trade finance this year with greater emphasis on information analysis, according to Investec Import Solutions head of corporate accounts, Dr Greg Cline. “Expect to see more artificial intelligence (AI) and selflearning technologies with the potential to predict costings and savings, as well as events that may or may not occur. An example is bad weather patterns,” he says. Cline explains that an AI system can potentially predict the impact of any negative weather patterns on trading times, which allows for better scheduling and the ability to change shipment ports upfront if required. “Another example is production and manufacturing at the start of the supply chain. Such technologies could create more responsive and predictable production times,” he says. This embedded technology would actually allow for a better understanding of when payments are required, proofs are handed over for shipping, or when ships will arrive in port and goods will make their way to stores, he adds.
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Expect to see more artificial intelligence with the potential to predict costings and savings. – Greg Cline
