Closing the Technology Gap in U.S.-Mexico Supply Chain and Trade
Title: Technology Gap Widens in U.S.-Mexico Cross-Border Trade and Logistics
A technology gap between carriers and supply chain providers in the U.S.-Mexico cross-border trade and logistics industry is widening, according to officials at Panacea Strategy, a Mexico-based technology company focused on digital innovation.
Manuel Farias Martinez, a consultant for Panacea, expressed concerns about the growing technology gap in Mexico, emphasizing the importance of embracing tools such as ChatGPT and smart cameras with facial recognition technology to stay competitive in the market.
Alaster Love, the chief technology officer at Panacea, highlighted the need for companies to adopt innovative technologies to avoid losing business to competitors. He mentioned the rise of digital services between the U.S. and Mexico, as evidenced by the increasing trade volumes between the two countries.
While larger companies like C.H. Robinson are making significant investments in technology and infrastructure, smaller carriers are lagging behind in technology adoption. Frank Kenney, director of industry solutions at Cleo, emphasized the importance of technology investment for all players in the supply chain to improve efficiency and competitiveness.
The potential of AI in streamlining cross-border supply chains and mitigating crises was also discussed. Kenney and Love mentioned the benefits of AI tools in providing real-time visibility for shipments, improving customs brokerage entries, and reducing errors in processing.
Despite the growing opportunities in cross-border commerce, Farias Martinez stressed the need for faster tech investments in Mexico to address challenges such as cargo theft and infrastructure issues. He urged Mexican companies to proactively embrace technology to avoid becoming obsolete in the rapidly evolving market.
In conclusion, the push for technology adoption in the U.S.-Mexico cross-border trade and logistics industry is essential for driving innovation, improving efficiency, and staying competitive in the global market. As companies increasingly rely on AI and advanced technologies, stakeholders in the industry need to prioritize tech investments to unlock growth and future opportunities.