{"id":3028,"date":"2023-06-01T08:00:00","date_gmt":"2023-06-01T15:00:00","guid":{"rendered":"https:\/\/cm-edgetun.pages.dev\/en-us\/innovation\/blog\/ms-industry\/delivering-innovation-in-customs-and-port-operations-with-microsoft-for-public-finance\/"},"modified":"2026-04-09T08:57:00","modified_gmt":"2026-04-09T15:57:00","slug":"delivering-innovation-in-customs-and-port-operations-with-microsoft-for-public-finance","status":"publish","type":"ms-industry","link":"https:\/\/cm-edgetun.pages.dev\/en-us\/microsoft-cloud\/blog\/government\/2023\/06\/01\/delivering-innovation-in-customs-and-port-operations-with-microsoft-for-public-finance\/","title":{"rendered":"Delivering innovation in customs and port operations with Microsoft for Public Finance"},"content":{"rendered":"\n

Customs operations have always been complex. According to the United Nations Conference on Trade and Development Global Trade Update in March 2023, global trade reached more than $32 trillion in 2022, accounting for more than 57 percent of the world\u2019s GDP.1<\/sup> Recent years marked by COVID-19, global geopolitical conflicts, and energy crises, have resulted in three key trends which have further increased the complexity for customs and public finance organizations<\/a>. <\/p>\n\n\n\n

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  1. Trade fragmentation<\/strong>. This trend, coupled with major technological disparities across markets, can affect global growth by reducing trade flows, creating silos and sectoral misallocations, and hindering the foreign diffusion of knowledge. The estimated cost of fragmentation could range from 1.2 to 12 percent of global GDP.2<\/sup><\/li>\n\n\n\n
  2. Growing trade of services<\/strong>. The international exchange of ideas, expertise, and assistance\u2014from architecture and law to logistics and telecommunications\u2014account for half of all global exports and two-thirds of global GDP.3<\/sup> Tracking these import and export transactions is challenging for customs agencies.  <\/li>\n\n\n\n
  3. Crime is moving online and growing in sophistication<\/strong>. Cyber-enabled financial crimes, such as business email compromise, executive fraud, e-commerce scams, and investment fraud, have escalated in nearly every region. Today\u2019s ransomware attacks target \u2018big game\u2019 targets, including major corporations, governments, and critical infrastructure<\/a>.  <\/li>\n<\/ol>\n\n\n\n

    These trends hinder progress and growth within customs and port authorities and addressing them requires immersive data management and cooperation. <\/p>\n\n\n\n

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    Public finance solutions<\/h2>

    Help reignite the economy and drive financial accountability.<\/p>

    Discover more<\/a><\/div><\/div>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t
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    The importance of immersive data management for customs and ports  <\/h2>\n\n\n\n

    Immersive data management starts with a customs and port authority data hub. Data will drive the digital customs of the future, and a data hub provides real business insights and enables better decision-making. A data hub aggregates customs data into one place, applies AI and machine learning analytics, and visually displays the information to the right person, at the right time, in the right place, and on the right device. <\/p>\n\n\n\n

    While the aggregated data provides one version of the truth, it also serves other purposes: <\/p>\n\n\n\n