Technology Already In Use
After answering the first question, what are the current limitations of global trade. Now it’s time to move on to the second key question on how technology and trade are correlated. That second question would be; what technology is already implemented in global trade?
Technology in trade
Global trade has been using new technology for decades to decrease shipping time and increase profitability. Without the use of technology, it would be basically impossible to keep up with the demand for goods and services that comes from all over the world. With transactions that occur millions of times a day, cutting edge technology is required to keep up with the everyday demand of global trade.
Technology in use
The global trade market first embraced technology with the creation of the internet. Much like every other aspect of everyday life the internet made the flow of information faster and way more efficient. People could now trade with others from around the world and complete transactions in seconds. This implementation of technology has easily had the biggest impact on trade because it connected the globe and you could now trade with new partners you could have never done before. Now more trade has shifted to the internet, and in addition there is been increase in mobile payments as well. This allows money to change hands faster and for bills to paid as soon as they are incurred.
The internet isn’t the only technology that has been adopted by the trading industry. Another technology would be artificial intelligence. Companies use AI to find inventory in warehouses and complete orders. This has allowed for workers to focus on more important jobs like designing new products, which increases the productivity and effectiveness of a company’s workforce.
With this technology already in use it’s hard to tell how much more advanced technology can get, but if I had to guess, I think we’re just getting started.
