Moreover, data analytics can be a powerful enabler for more flexible, multitiered responses to disruptions. IoT, for instance, can enable consistent monitoring of goods with real-time updates, allowing SMBs to manage congestion at ports better. Importers can use emerging technologies such as AI, ML, robotics and IoT to increase operational efficiency and streamline the movement of goods across borders. Financing solutions such as buy now, pay later or inventory finance allow SMBs to offer flexible payment terms to their exporters, giving additional days to pay for their imports. With the Fed tightening its monetary policy and potential recession looming, most sellers worry about buyers defaulting on payment, leading to sourness in their relationship. While diversifying their sourcing networks, importers should also remember-a robust buyer-seller relationship is at the core of building a resilient supply chain. Although the task requires intense efforts, it may result in broader gains and is worth considering.
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