The advent of Artificial Intelligence (AI) has heralded a new era in business practices, significantly impacting the way companies operate on both local and global scales. As AI technologies continue to advance, their influence on international business has become more pronounced, shaping strategies, optimizing processes, and creating unprecedented opportunities for growth and success. In this article, we will explore the various ways AI has intersected with and affected international business trends, highlighting its key benefits, challenges, and future prospects.
The future of AI appears promising, with continued advancements anticipated in the coming years. AI will likely play a pivotal role in shaping cross-border transactions, foreign investments, and global supply chains.
Three industry leaders in AI stand out by demonstrating their shared backgrounds and training that led them each to have unparalleled success in AI: Kai-Fu Lee, Harry Shum and Qi Lu.
All these three leaders in AI have studied at Carnegie Mellon University, a college for producing the best leaders and innovations in cutting-edge technology.
1.) Kai-Fu Lee, a Taiwanese computer scientist, businessman, and writer, has been involved in the industry for generations. He has written a total of three books, AI Superpowers, AI 2041: Ten Visions for Our Future, and AI 2041. His VC firm, Sinovation Ventures, currently has around $3 billion in assets spread across 400 portfolio companies in China’s tech spectrum. Its most notable AI investments include Qingdao-based Innovation Technology and Lanzhou Technology.
Lee believes AI will allow for enhanced decision-making and predictive analytics. One of the most significant impacts of AI on international business lies in its ability to process vast amounts of data at lightning speed. Through sophisticated algorithms and machine learning, AI can extract valuable insights from data, enabling businesses to make informed decisions with greater precision. Whether it's forecasting demand, identifying market trends, or gauging customer preferences, AI-driven predictive analytics empowers companies to adapt swiftly to dynamic international markets.
2.) Harry Shum- a former Taiwanese computer scientist, and Former EVP of Microsoft’s AI and Research group, established Microsoft’s Research Asia lab, and is currently professor at Tsinghua University. Shum believes the power of AI will support streamlined supply chain management. For companies engaged in international trade, managing a complex global supply chain has always been a challenge. However, AI is revolutionizing supply chain management by optimizing logistics, inventory management, and demand forecasting. Real-time tracking of shipments, automated inventory replenishment, and efficient route planning have become possible through AI-powered solutions, reducing costs and enhancing efficiency for international businesses.
3.) Qi Lu – was born in China, and worked at Microsoft and Yahoo before joining Baidu in 2017 to head its AI push – including its autonomous driving initiative – as the company’s president and COO. He went on to open his own incubator and investment firm, MiraclePlus, in 2019. MiraclePlus has invested in 258 companies, including 136 AI-driven start-ups. Qu believes we have only scratched the surface of the true capabilities behind AI. AI's data-driven insights provide invaluable assistance when planning market entry and expansion strategies. Companies can use AI to assess market potential, analyze competitor landscapes, and identify untapped opportunities in foreign markets. This level of strategic intelligence empowers international businesses to make informed decisions about where and how to invest their resources for maximum impact.
The future of AI in international business appears promising, with continued advancements anticipated in the coming years. AI will likely play a pivotal role in shaping cross-border transactions, foreign investments, and global supply chains. Moreover, as AI technologies mature, they are expected to contribute significantly to sustainable business practices, helping companies adhere to environmental standards and reducing their carbon footprint on a global scale.
Editor: Guo Lili
