The Key to Growth in Foreign Trade

Across the world, the processes in any industry are based on data. Big data — understood as the set of large and complex data, especially from new and diverse sources of information — is more than an indispensable tool: it is the structure with which decision-makers are making links and driving their businesses.

The era of digitalization has made data one of the essential assets of modern companies due to the amount of information generated and the immediacy with which it emerges. Google processes 5.9 million searches every minute, and users send just over 230 million emails. 

This has an economic impact. The data usage and storage industry is a significant money-maker. Figures from Allied Market Research show that the global big data and enterprise analytics market was valued at US$198.08 billion in 2020 and is projected to reach US$684.12 billion by 2030, growing at a compound annual rate of 13.5% over nine years. 

The Power of Enterprise Data Management

Recent estimates from Statista regarding the amount of data created or replicated globally point out that, in the last 10 years, the volume of information increased more than 30-fold to 64 zettabytes (1zb contains 1 billion terabytes or 1sextillion bytes) last year. 

In addition, it is expected that, by 2025, it will exceed 180zb, thanks to the development of technologies such as 5G connection, the Internet of Things (IoT), and the penetration of social networks. 

Along with the growth and benefits of adapting to a data-driven culture come challenges, including data organization and how to implement the data correctly. 

Big data is essential in the industry because it helps organizations to make the right decisions, based on tangible information and improving their operational efficiency, while strengthening innovation in companies. 

The power and value of data analytics in a modern, fully connected industry with faster processes can be seen in the success stories of some of the largest technology-driven sectors. Among them are lodging apps, which during the pandemic managed to adapt to the global context, change how they operate and provide a better experience to their customers. 

The leading app in this sector saw a drop of more than 70% in its bookings due to the pandemic, so it changed its approach and, based on its data, adjusted its recommendation algorithm to redefine the way people travel and stay safely, recommending places to stay that were a little further away from big cities. With this, the company managed to stay afloat and reposition itself. 

E-commerce titan Amazon also exemplifies the successful use of big data for commercial purposes, using product recommendation information (what customers search for, what they want, and how long they look at an item) to offer more personalized experiences and establishing itself among the companies that use big data the most, as, with over 197 million monthly visits, it generates an immense amount of data. 

Big Data and Foreign Trade

The current market and its changing landscape bring a challenge in the operation of companies, which can slow down their development, either due to problems of economic volatility or lack of organization; however, today we have prevention strategies in the form of analysis and data management. 

Take the foreign trade ecosystem, for example, which is continuously nurtured by forming new allies and creating solid ties to identify the competition. Due to its competitive nature and constant transformation, this industry relies heavily on big data for better decision-making, especially when carrying out import and export operations. 

Regarding Mexico, the value of exports is undeniable. From January to May of this year, total exports amounted to US$240.168 billion, according to INEGI data, representing a 4.6% increase over the same period last year. 

In this sector, speed in data collection and processing is everything. As an essential pillar of the global economy, foreign trade needs to make informed and analyzed decisions in real time. This allows companies to identify opportunities and risks early and take action to seize or mitigate them.

Why Work With Data in Foreign Trade?

Knowing market movements and their trends is a decisive differentiator in foreign trade, and by using, interpreting, and processing data, it is possible to understand these movements. From this arises the value of data in the sector, segmented into specific benefits, such as the following: 

• It allows enterprises to evaluate their performance in foreign trade, identify areas of opportunity, optimize their strategy, and seek sustainable growth. 

• Improve efficiency in the foreign trade supply chain. By analyzing data, companies can identify opportunities and optimize the flow of products from origin to destination. 

• It allows us to recognize patterns in the international market, seize emerging opportunities, and make appropriate decisions based on tangible information.  

The use and analysis of big data are fundamental to foreign trade and how it can generate links. By effectively gathering and processing information and deciding more robustly and based on solid data, companies will be better positioned to capitalize on opportunities, mitigate risks, and compete in a global marketplace that transforms daily.