PYMNTS. 5 Ways AI Can Help Mitigate Impact of Tariffs on Business
President Donald Trump continues to push his tariff agenda. In fact, the deadline looms for several countries to either work with Trump, or face the tariff ‘pause’ withdrawal.
PYMNTS and its journalists have covered the ongoing trade war. Recently, it reached out for expert advice on how businesses can mitigate the impact of tariffs by leveraging AI. The publication asked 555vCTO.com founder Vaclav Vincalek what his thoughts were on a strategy.
AI technology to source raw materials to mitigate tariff impacts
The trade war has taken its toll on businesses not just in America, but across the world. Speaking to PYMNTS, tech advisor and fractional CTO Vaclav Vincalek advised businesses to leverage AI to source components from other companies.
“Various AI models optimize for price, quality, and time delivery, while minimizing the disruption for your own customers,” said Vaclav Vincalek, CTO at Hiswai, in comments to PYMNTS.
Vincalek suggested that businesses can also use AI to feed it with various documents to better understand the legal framework under which the tariffs are implemented.
Other ways AI can help mitigate the impact of tariffs
The PYMNTS’ article goes on to list various other ways that AI can help businesses reduce the risk of tariff impacts. Other experts suggested monitoring and anticipating tariff changes in real time, strengthening supply chain resilience, scenario planning, lowering costs and boosting productivity. There is an almost infinite number of AI tools available for businesses to act on this advice.
As the article mentions, tariffs impact businesses differently, and it’s up to the individual organization to identify its own needs and research the most appropriate tools to fill those needs.
Connect with 555vCTO.com and we’ll identify the tools to best mitigate impact of tariffs
If your organization could use fractional CTO services to identify and evaluate possible technologies to mitigate the impact of tariffs, then reach out to the advisors at 555vCTO.com. Our team can quickly assess which of your processes would most benefit from AI technologies to automate and streamline operations.
As tariffs continue to evolve, your business can remain just as agile with the right tools. Contact us today to learn how.