Digitalization of Administration of Foreign Economic Transactions of Industrial Enterprises

Expanding industrial production capabilities means gaining a competitive advantage not only for large corporations and small and medium-sized businesses, but also for leading economies to maintain, and in some cases improve their position in international trade. Undoubtedly, the Industrial Internet of Things is aimed primarily at developing the tertiary sector of the economy, but this development will take place in parallel with the transformation of manufacturing operations into open digital ecosystems that integrate various market players. The process of digitalization and the introduction of artificial intelligence into economic activity also have enormous potential for the administration of foreign economic transactions of industrial enterprises by customs authorities. Customs administration of foreign economic transactions of industrial enterprises should not be an exception in the process of universal digitalization and application of artificial intelligence. Customs administration tools need to be built on modern technology, given that they are of critical interest to the government in relation to foreign trade sustainability and national security. The large volumes of complex information submitted during customs procedures require the latest technologies, based on digitalization and the application of artificial intelligence, to be able to read texts at high speed, recognize relevant terms and images, exchange information between executive authorities as well as customs administrations, interpret the context and draw conclusions from it. These measures will assist customs in implementing strategic goals and objectives, i.e. finding a smarter way to ensure border security, protect society, ensure timely and full payment of customs duties and promote the economic competitiveness of industrial enterprises.