Driving Innovation and Growth
April 5, 2022
GLOBAL MIDWEST ALLIANCE TO HOST FOOD INDUSTRY PROGRAM, THE CRUCIAL ROLE OF INFORMATION TECHNOLOGY IN FOOD TRADE
CHICAGO – Global Midwest Alliance, a business-led, region-wide, not-for-profit education organization dedicated to transforming the Midwest into an internationally-recognized leader in innovation and business growth, is hosting its annual upcoming food industry program, The Crucial Role of Information Technology in the Food Trade, on May 18, 2022, in Chicago. The program will be hosted by Wintrust Financial Corporation and is sponsored by Kerry and the Federal Reserve Bank of Chicago.
U.S. trade in food and agricultural products looks likely to set a new record this year, even though the global pandemic still lingers. However, food trade must overcome numerous obstacles as logistical challenges and broken supply chains continue to stress the sector. In addition, cybersecurity has come to the forefront as a primary focus for food companies, given hacking incidents and the potential exposure of business data. Ongoing developments in information technologies shift the playing field, providing both new opportunities and challenges for firms as they move forward in this evolving environment. Digital technology will play an ever more crucial part in the future of global trade, especially for food and agriculture.
Innovations in information technology could provide fixes to backlogs and choke points in the global trade system through the implementation of blockchain, electronic data interchange, and other new applications. Sensors and the Internet of Things also have parts in this story as well. Moreover, changes in international food safety standards and priorities of global regulators could present a prime opportunity for digital technologies to shine. Besides food safety, digital tools can help improve people’s health, boost immunities and the traceability of ingredients. A safer and more sustainable food industry can benefit from new information technologies, while lowering the costs of production and transportation (boosting profitability).
Food and agriculture is an important sector for the Midwest economy, especially as a generator of new markets and employment. World trade connects Midwestern companies to distant markets—ever more so as information technologies close the distance and enable enhanced responses to changing governmental policies and consumer desires.
Global Midwest Alliance is a business-led, region-wide organization dedicated to transforming the Midwest into an internationally-recognized leader in innovation and business growth. The Alliance aligns and integrates resources throughout the Midwest helping businesses to grow by leveraging existing resources to develop new products and find customers throughout the world. The Alliance is the Private Sector Liaison Office for the World Bank and a member of Global CONNECT. Through these and other affiliations, the Alliance facilitates access to global business opportunities for Midwest business through 160 groups in 107 countries around the world. The Alliance offers educational and networking opportunities through a variety of programs and resources designed to promote innovation, technology development and access to global opportunities in the clean technology, energy, food, logistics, manufacturing and water industries. For more information, visit www.globalmidwestalliance.org.