Finding international trade partners just got a whole lot easier
New hope has arrived for those in the import-export business or who deal in some way with international trade. The answer, as with so much these days, is artificial intelligence.
Finding the right people with whom to conduct business internationally always has been a challenging task. It involves years of painstaking and meticulous groundwork, careful analysis, and the risk-taking ability to deal with uncertainty.
Trying to find partners online is a daunting task. It is extremely difficult to ensure the reliability and competency of potential partners judging largely from their online presence.
Traveling to another country to check personally on potential traders can work, but it is costly and time-consuming.
A major problem is that transactions with buyers whom you do not know abroad can result in bad debts that you are unable to recover. Problems can occur with suppliers who are unfamiliar to you because of inferior products or might result in you losing your entire advance payment.
Now tools that are powered by artificial intelligence and machine learning, such as that by Volza, allow professionals to navigate the challenges and make informed decisions.
Volza provides an extensive database for global trade, including complete shipment details through bills of lading.
The Delaware-based company says its 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. This wealth of data, Volza says, enables users confidently to assess and select 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," explains Michael Robinson, director of Volza.