Irmak Parlat Yilmaz, Head of Marketing & Communications
International trade is complex. In each transaction there are 20 stakeholders on average (think importers, logistics operators, shipping lines, customs, financial institutions, ministries, trade associations, exporters, and more) with over 5,000 data elements (think figures, volumes, costs, weights, timelines, approvals, signatures, revenues, etc).
And for every transaction, traders must submit around 30 documents! Imagine the workload for government agencies tasked with verifying them. And think of how any hiccup in this process would cost both governments and traders time, revenue, and trust.
So, among this overwhelming complexity, how can they ensure goods move from Point A to Point B as fast and secure as possible?
The answer is technology for trade facilitation. Let’s take a closer look at how technology is revolutionizing trade.
What is trade technology and why is it important?
Trade technology refers to the use of advanced technologies such as AI to digitize and streamline global trade processes. It integrates technology into every layer of trade, replacing traditional, manual methods with automated systems.
Why trade tech?
By reducing inefficiencies and ensuring transparency, trade tech makes global markets more inclusive and equitable. This is especially critical in today’s world of global uncertainties.
What is its impact on economy?
With trade tech, businesses and governments benefit from better decision-making, reduced costs, more transparency and less fraudulent activities.
What are the challenges with trade tech?
Not surprisingly, trade tech comes with its own problems. Regulatory alignment, data security and international collaboration are just a few of them.
What are the potential benefits?
- Efficiency and cost reduction
- Supply chain transparency
- Sustainable trade outcomes
- Faster trade timelines
Now it’s time to explore the real-world enabler behind trade tech advancements.
Here at Webb Fontaine, we take immense pride in creating the technology to solve the complexities of international trade.
We believe in looking beyond barriers to empower governments, traders, and entire economies to do more, faster and with trust. Using cutting-edge technologies including AI, we streamline trade processes in several ways.
But how do we deliver value for the governments?
Governments are responsible for overseeing trade operations, ensuring they are seamless, secure, and compliant with international norms. Here’s how our solutions make that mission easier.
- 1. Revenue & fraud reduction: We enable governments to protect their revenue streams and reduce illicit trade activities. With e-payment modules and centralized tracking, it’s now much easier for authorities to detect fraud or smuggling in real time.
- 2. Seamless trade facilitation: We help governments cut through delays, streamline approvals, and enable corrective actions when bottlenecks arise (by automating and standardizing trade processes).
- 3. Bridging technological gaps: From upgrading infrastructure to connecting different customs administrations, our solutions enable collaboration between agencies and stakeholders.
- 4. Ensuring compliance with global standards: We align trade processes with WTO and WCO regulations, ensuring governments meet international benchmarks.
- 5. Enhancing governance: Real-time monitoring tools allow ministries to track vital KPIs and generate reliable statistics, helping with audits and making data-driven policy decisions.
This is only one side of the story. Now, let’s explore how traders benefit from Webb Fontaine when engaging with Customs and governments that utilize our solutions:
- 1. Faster processes: Traders using our solutions reduce clearance times, which helps them get goods to market quicker.
- 2. Reduced costs: By eliminating inefficiencies, we lower the transaction costs for businesses.
- 3. Paperless efficiency: Our systems (Single Window) offer a single point of entry for all trade documentation, removing the need for physical submissions to customs, banks, or ministries.
- 4. Streamlined trade operations: We ensure smoother workflows across every stage of the trade life cycle.
- 5. Eliminating delays: By automating approvals and clearance processes, traders can expect faster operations and reduced downtime.
It goes without saying, you would need to invest heavily in research and development to be be the company that delivers solutions to help governments and traders in several ways. Webb Fontaine has the largest R&D centers in the industry, to keep pushing the boundaries of trade technology. From piloting the latest innovations in data science to applying AI in real-world trade scenarios, we’re setting the standard for the future.
I believe another key reason behind our success is our global expertise spanning Africa, Latin America, MENA, Europe, and Southeast Asia, which gives us unique insights into how trade operates in different regions. This experience is a gold mine that enables us to create tailored solutions that maximize value.
Finally, our deep industry knowledge, built by people who come from the very heart of trade technology, Customs, ports, and beyond, makes us truly unique in the international trade facilitation world.
To wrap up: Trade tech is a long transformation journey, and at Webb Fontaine, we’re proud to be part of this journey with all stakeholders including governments, Customs, ports, traders and ultimately serving the greater good of international trade worldwide.
Keep an eye on our LinkedIn page where we constantly share behind-the-scenes insights into trade tech and the work we’re doing to empower businesses!
Thank you for reading this, and if you're curious to explore more, visit us at webbfontaine.com.
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About Webb Fontaine
Webb Fontaine is revolutionising international trade by empowering governments and communities with technology powered by AI. We offer comprehensive solutions across the trade spectrum, ranging from risk management to customs systems, single window, and beyond. Webb Fontaine is headquartered in Dubai, UAE with a presence across Europe, Middle East, South America, Asia and Africa.
