Revolutionising International Trade: The AI-Powered Hanse Analytics
In 2020, the innovative minds at High Digital Ltd achieved a significant breakthrough when they secured funding from Innovate UK's Sustainable Innovation Fund. This funding marked a turning point for the Hanse Analytics application, propelling it beyond its initial Minimum Viable Product (MVP) stage, and paving the way for a remarkable journey of digital transformation.
Hanse Analytics began as an MVP, offering international trade insights by tapping into the extensive UN Comtrade Database. With the backing of this funding, High Digital embarked on a mission to evolve the software, enhancing its functionality, utility, and scalability. The outcome was a revamped Hanse software application that stood out for its comprehensive international trade analytics. It brought monthly goods data from the UN Comtrade Database to the fingertips of users, expanded the array of reporting countries, and introduced a wealth of fresh analytics reports.
This application was not just a tech experiment; it was designed with a mission in mind. Originally intended to serve the needs of Small and Medium-sized Enterprises (SMEs) involved in international trade, Hanse Analytics stepped onto the scene at a time when challenges were mounting. The tumultuous aftermath of Brexit and the unprecedented wave of the COVID-19 pandemic had left importers and exporters in the UK grappling with uncertainty. In response, Hanse Analytics emerged as a beacon of hope, offering valuable data-driven insights to guide strategic decisions.
Dr Ousmène Mandeng, the visionary Founder of East-West International Trade Analytics Ltd, succinctly sums up the situation: "Covid-19 and Brexit have significantly complicated international trade relations and demand innovative tools to help SMEs navigate this new environment successfully."
But here is where the story takes an exciting turn. High Digital introduced a game-changing feature set to Hanse Analytics: a suite of AI-powered functionalities. These AI (Artificial Intelligence) features opened doors to users, enabling them to delve deeper into the data, revealing hidden trends, patterns, and opportunities that might escape the eye during manual analysis.
Oliver Mackereth, the driving force behind High Digital Ltd, explains it best: "AI features from the Microsoft suite enable us to swiftly integrate AI-powered capabilities into the Hanse Analytics application, equipping users with incredible capabilities to query extensive datasets."
These AI features are not just run-of-the-mill. They encompass natural language processing, allowing for a Q&A function, as well as smart data analysis to spot key influencers and anomalies, all the while offering insightful suggestions. Importers and exporters can now harness these capabilities when navigating the labyrinth of data and seeking out alternative markets or suppliers.
But here is a twist in the plot: Hanse Analytics was not just embraced by businesses. It garnered attention from academics, researchers, and journalists eager to uncover hidden gems within import-export data. The situation in Ukraine, with its ripple effects on international trade, provided a perfect case in point. Following the invasion of Ukraine in February 2022, exports to Russia witnessed a stark decline, and allegations emerged that Russia was sourcing critical components, including semiconductors, from everyday household electronic items, such as washing machines and laptops, for its military machinery. While exports to Russia in these products plummeted, they surged in countries considered friendly to Russia.
The curious uptick in exports of washing machines and computers to countries like Armenia, Georgia, and Kazakhstan led to a revelation - Russia might be seeking alternative supply routes for sanctioned hardware. The power of anomaly detection and quick insights was exemplified as exports of washing machines from Germany to Kazakhstan tripled since Russia's invasion of Ukraine up to April 2023, compared to the average level. Likewise, exports of washing machines from Italy to Georgia soared tenfold during the same period. Extracting these critical insights without the assistance of AI would have demanded an in-depth understanding and a sizeable chunk of time.
As AI continues its relentless advance, the Hanse Analytics team remains dedicated to enhancing the application's functionality. The aim is clear - to deliver vital insights tailored to users' specific sectors and countries. Moreover, the team is exploring the intriguing possibility of merging Comtrade data from Hanse Analytics with other sources, such as climate and migration data, to provide a richer and more comprehensive analysis. The future of international trade insights holds the promise of excitement and innovation, so stay tuned for what is in store.
High Digital, headquartered in the vibrant city of London, is a software development company with a mission - to build data products that drive innovation and transform industries. Hanse Analytics, on the other hand, stands as a trailblazing analytics software, ready to redefine how users explore critical international trade relationships with the power of AI.
