Small And Medium Sized Businesses Are Losing Money When They Send Funds Overseas

Small And Medium Sized Businesses Are Losing Money When They Send Funds Overseas

For every company, protecting and increasing cash flow is one of the main concerns. However, so many companies do not have the resources to properly evaluate where they have unnecessary losses and how to optimize systems to increase their cash flow. This is especially true of small and medium-sized enterprises, also known as SMEs. 

SMEs  make up over 90% of businesses around the world and approximately half of employment. In the U.S., SMEs account for 44% of all U.S. economic activity and produce the bulk of GDP output. 

SMEs are crucial to the economy but that doesn’t mean they always have the necessary support to excel in the growing technological world. Artificial Intelligence (AI) and big data have the potential to revolutionize the workforce. These technologies are able to increase efficiency and diversify revenue streams, among other things. However, the companies utilizing these technologies are often large enterprises like Microsoft MSFT, IBM IBM, and Nvidia NVDA and government agencies. 

FatBrain AI (LZG International, Inc.) LZGI (“FatBrain”) is looking to change this status quo. FatBrain markets itself as “AI for Everyone” and caters to SMEs. The company is interested in simplifying decision-making for SMEs and giving them the power to harness big data and AI to grow and expand their businesses. 

FatBrain believes that SMEs often do not have the manpower or capital to derive plausible solutions for their business because there is too much data and too many variables to contend with. This is where AI comes into play. AI allows these businesses to make effective changes toward growth and efficiency without depleting their resources. 

For example, one product the company offers is its FX Transaction Offering. Its program, FatBrain FX Fair Value Report (FVR) reviews your foreign exchange (FX) transactions and performs possible savings calculations. According to the International Monetary Fund, banks charge up to 25x more in transaction costs than the market FX rate. This impacts the bottom line of SMEs that engage in global commerce. 

FatBrain is an expert in foreign exchange and international payment services; the company has worked across a diverse amount of sectors that engage in global commerce and has helped companies find the most competitive rates of exchange along with recommending hedging strategies. 

FatBrain uses its cutting-edge AI for in-depth analysis of a company's historical transactions to identify FX cycles. From there, FatBrain makes recommendations and provides expert coaching to anticipate currency dynamics and match the company’s purchase cycles to unlock FX transaction savings. For SMEs, this makes a world of difference.

Featured Photo by Ibrahim Boran on Unsplash

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