KOTRA Enhances Trade and Investment Platform 'Tryvic'
Built to Support Digital Export for SMEs and Mid-sized Companies
Applies Latest AI Algorithms to International Statistics and Overseas Trade Center Data
Won Jun-young, head of the Big Data Team (right), and Kim Ja-jung, manager, who participated in the establishment of KOTRA's trade and investment big data platform 'TryBig', are introducing the service.
[Asia Economy Reporter Kim Heung-soon] 'Trybig' is the new name of the trade and investment big data platform provided by the Korea Trade-Investment Promotion Agency (KOTRA). Aiming to support digital exports for domestic small and medium-sized enterprises (SMEs) and mid-sized companies, the service offering related information was launched in March last year, and after undergoing an enhancement process, an improved homepage was unveiled last month. Trybig signifies the provision of big data related to the global export market structured around three axes: 'promising markets,' 'export items,' and 'potential partners.' It analyzes approximately 150 million pieces of big data, including international trade statistics, overseas companies, customer management systems, business-related information, and overseas market information collected from 127 overseas trade centers operated by KOTRA in 84 countries worldwide, guiding exporters on necessary items. The platform also incorporates the latest artificial intelligence (AI) algorithms to recommend promising export markets, items, and potential partners tailored to individual members.
This platform was planned by KOTRA's Big Data Team. Team leader Won Jun-young explained in an interview with Asia Economy on the 17th, "As KOTRA approaches its 60th anniversary next year, we started developing a big data-based platform in 2019, driven by the need to utilize trade-related data accumulated domestically and internationally to prepare for the digital era." Prior to this, in 2018, external experts in the field were recruited to form a big data team of eight members. Manager Kim Ja-jung also joined at that time. Manager Kim was responsible for semiconductor and display yield improvement at Samsung Electronics and studied big data in graduate school.
Trybig allows users to query export statistics of Korea and the world using the Harmonized System (HS) codes, which comprehensively classify traded goods. Previously, only the internationally common 6-digit HS codes were used, but after enhancement, it now supports up to 10 digits to provide export-related information on more detailed items.
The platform also provides information on Korea's major export countries, promising and sluggish items, and schedules of major exhibitions and fairs by countries of interest. Users can also find local information collected by KOTRA trade centers, cases of trade fraud, and Free Trade Agreement (FTA) information. Notably, the platform goes beyond listing data numerically by utilizing visual elements such as graphs. Manager Kim said, "Most other sites only provide statistical data, making it difficult for SME managers to interpret. Considering this, we included graphics to make it intuitively understandable."
Furthermore, the platform differentiates itself by providing customized information and potential partner details for businesses with one or more registered members. Based on information entered by members, it recommends promising markets or businesses, or, using the HS codes input by the company, AI provides information such as business lists, main phone numbers, and addresses of potential overseas partners. In fact, KOTRA conducted a pilot project in the first half of this year utilizing 'company-specific potential partner information' linked with Trybig, which was applied for by 158 companies, with 36 of them achieving export results worth $420,000. Team leader Won said, "I feel rewarded when I hear that export companies, restricted from face-to-face work due to COVID-19, used this platform to discover new overseas customers and achieve sales locally, overcoming difficult situations."
Due to these achievements, Trybig won the Asia-Pacific Best Future Intelligence category at the 'IDC Future Enterprise Awards 2021,' hosted by the global IT consulting firm IDC, marking the first time in the trade and investment sector. This event selects companies and institutions that have successfully led digital innovation in 12 Asia-Pacific countries, with KOTRA being the only Korean awardee.
KOTRA's Big Data Team plans to strengthen the Trybig platform from next year by integrating big data and AI analysis functions into import-related information as well. Manager Kim said, "When AI first appeared, there were concerns it would take away human jobs, but it has been confirmed that collaboration is possible. I hope Trybig helps export companies reduce trial and error and make faster decisions."
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