How to end paperwork and lower costs

The key benefits of automation will include reduction of paperwork and lower transaction costs. As different parties all agree the standards for exchanging data, they will gain by, for example, more easily identifying low-risk traders and having increased transparency that will enable more agencies to share data to more easily allow cargo to cross borders. For example, going forward, agencies will be able to easily identify every supplier along a supply chain as well as their locations, financial viability and global relationships. The days of stamping paper documents is fast being replaced by electronic verification via RFID and other M2M and IoT platforms. But to make this work effectively there needs to be clearer, recognized digital standards that allow all parties to collaborate. Here again the US is very much in the driving seat. Sector or regionally focused consortiums such as the IIC (industrial Internet Consortium) formed by AT&T, Cisco, GE, IBM and Intel are a key step forward but the aim is for global standards with scale to be established across all industries all probably using a global unique entity identifier.