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Big influence of ChatGPT in Global Trade
  2023/02/22| View:418

ChatGPT has been in the headlines lately on real world applications of AI.


The use of ChatGPT has the potential to cut trade costs, increase efficiency, and stimulate new ideas among businesses. The economic and social effects of ChatGPT are receiving increasing attention, and this has sparked curiosity about the trade implications of AI. While ChatGPT has the potential to significantly alter international trade and business models, trade is also a crucial mechanism through which nations and businesses gain access to the goods, services, people, and data necessary to construct AI systems and to implement AI solutions on a global scale.

Let's see the effects of ChatGPT on LEFA business in the field of agriculture machines. 

1. Predictive analytics on tractor implements exportation:  When we talk about global trade, there is an ocean of complex trade data freely available on the Internet. ChatGPT can further break down this complex date to predict market trends, identify potential markets, and make specific recommendations on GTM strategy for farm equipment across markets. Furthermore, AI-based predictive analytics can help businesses to forecast demand and optimize inventory levels in the filed of agro machinery, which can reduce the risk of stockouts and price volatility for buyers and sellers.

2. Automated Document Creation & Processing: ChatGPT can be used to automatically extract data from documents such as invoices and bills of lading, reducing the need for manual data entry helping exporters scale their operations with minimal effort.

3. Automated Shipment Tracking: Overall, using ChatGPT to automate shipment tracking can improve the customer experience by giving accurate and timely information about shipments, will increase the close connection between clients and factories. 

4. Supply chain optimization: AI can be used to analyze global trade trends to further predict sea freight costs which can help businesses plan their shipments and also optimize sea freight costs. It can allow for more efficient and effective supply chain management by identifying demand and supply gaps which would further help predict global shipping prices and help companies make informed decisions.

5. Risk Management: AI can be used to identify potential risks and fraud in trade transactions and alert the relevant parties, so they can take action to mitigate it. This can help businesses to make more informed decisions and take proactive measures to mitigate potential risks. Additionally, AI can also be used to optimize trade finance, such as letter of credit, invoice financing, and supply chain finance, by automating the process and reducing the risk of fraud.

6. Standardize the content of business emails and improve customer experience

Anyway, if you can well use ChatGPT, it will help you a lot to move your business forward. Really great tools in the global business. 

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