Incorporating AI in Global Business

Since the release of ChatGPT in late 2022, generative Artificial Intelligence (AI) has been a growing focus area among global business leaders. While fears around the misuse of AI persist, more and more teams are finding practical, daily applications for this technology that enhance productivity, increase operational efficiency and uncover data-driven insights.

In short, AI is here to stay. Forward-thinking teams have a responsibility to embrace AI and make the most of it in order to stay relevant and stand out in their industry. In this guide, we’ll walk through a few of the ways business leaders in global trade development, real estate and other key industries are leveraging AI to improve business outcomes.

Streamlining supply chain operations

AI is already helping leaders in international trade find ways to streamline their operations. Its ability to analyze large data sets quickly is helping teams automate inventory management — from real-time monitoring of supply to lightning-fast detection of anomalies. Meanwhile, these same models can help businesses anticipate demand more accurately so that supply doesn’t outpace demand and lead to waste, according to a white paper from the United Nations Economic Commission for Europe.

AI can also closely monitor weather patterns, traffic data, and road conditions, then use these insights to optimize trade routes. Businesses can choose the most efficient trade routes, which lower transit times and reduce costs, according to Catalyst Magazine.

The World Economic Forum also says modern AI tools can help businesses in global trade comply with international mandates. For instance, enhanced traceability of shipments can help prevent fraud, align trading practices with environmental regulations, and streamline paperwork at customs.

The Port of Singapore is an example of AI-powered supply chain efficiency in action. Its governing body, the Port of Singapore Authority (PSA), has equipped the port with an AI hub that helps better coordinate vessel allocation, which decreases waiting times, improves container handling efficiency, and curbs emissions.

Driving efficiency in the real estate industry

Real estate is a people-first industry, which can sometimes slow the field’s embrace of digital transformation. But real estate developers and management companies are now using AI to increase operational efficiency and plan effectively.

Real estate professionals are using AI to drive sales and improve marketing efforts. For instance, conversational chatbots powered by generative AI are being used to better engage customers and influence sales decisions. And generative AI’s ability to quickly write and edit content and code is helping teams like Cushman & Wakefield save thousands of hours a year in content creation and reporting. Overall, McKinsey & Company estimates that real estate companies have gained 10% in net operating income through the use of AI models.

In a data-rich industry like real estate, AI is also helping businesses analyze large data sets related to their properties, tenants and operations. New tools can help teams quickly read and summarize lease or partnership agreements that are thousands of pages long. This organization of large data sets should help real estate teams make more informed decisions around investments, leasing, warehouse utilization and site design, according to an article from NAIOP Commercial Real Estate Development Association.

Business leaders in real estate must prioritize good data before using AI models. Data can often be unstructured, fragmented and inconsistent — investing in clean data can help real estate teams make the most of this technological transformation.

Powering a more sustainable approach to business

Leaders across the business landscape are looking for ways to build sustainable operations in order to benefit the community and comply with environmental regulatory standards.

According to a recent JLL study, real estate carbon emissions account for 60% of all global emissions in large cities. AI can offer teams deeper visibility into existing buildings, helping construction teams quickly read a property’s extensive building and maintenance records. Real estate teams can then use this data to develop important insights about how to retrofit a building to be more energy-efficient, while reducing waste.

For example, commercial real estate giant JLL has partnered with Jupiter Intelligence, an AI-powered climate risk analytics firm, to gain a better understanding of certain regions’ specific climate perils. The firm then uses this data to strengthen decarbonization strategies and inform asset valuations.

Similarly, the supply chain is a major source of global emissions. Using AI to render 3D models of certain supply chains can help businesses identify portions of the supply chain that generate waste. In a complex system like the supply chain, real-time monitoring of emissions isn’t simple. AI enables teams to get a deeper view, giving them the data they need to make informed, effective changes.

Unleashing a more creative workforce

AI’s impact on labor has been a consistent media narrative since the widespread adoption of tools like ChatGPT in recent years. The IMF estimates that AI will impact 60% of jobs in advanced economies. The automation of repetitive tasks has been an economic norm since the days of the printing press — but AI also has the chance to impact white-collar jobs and automate more complex, “knowledge work” tasks.

Global business leaders, and leaders of small- and medium-sized enterprises (SMEs), must be prepared for the many ways AI will transform the workforce. Ideally, AI enables teams to automate repetitive tasks, then free up employees to take on more ambitious tasks and open up new avenues for growth. For example, Design Army, a Washington D.C.-based creative strategy firm, uses AI-powered tool Midjourney as an “assistant” throughout the design process, helping designers take on more visually ambitious campaigns, then deliver them more quickly. It’s not replacing designers — it’s helping them.

The AI transformation is a leadership opportunity for business executives. Proactively organizing your teams and clearly defining roles can ensure you make the most of this opportunity — using AI to push human intelligence to its greatest potential.

Looking ahead

The AI revolution isn’t something that’s on the horizon or a few years away. It’s happening right now — and companies are already harnessing its potential to compete and succeed in international markets. Of course, technological sea changes aren’t without their challenges. Just like certain companies fell to the wayside amid the dotcom boom, companies that aren’t proactive with AI might get lost in the shuffle.

To learn more about how you can incorporate AI into your business operations, register now for the 2024 WTCA Member Forum, to be held October 27-29 in New York City. With the theme PIONEER the Global Network: Pathways for Innovation, Opportunity, Networking, Empowerment, Excellence, and Resilience, the Forum will feature two sessions on AI — "AI in Global Trade: Navigating the Future of International Business" and "Transforming Your World Trade Center Business with AI" — that offer practical day-to-day applications for AI in business so that your organization can stand at the forefront of this exciting transformation.