Supply chain and technology run through my DNA. I’ve watched with mixed feelings as high-profile global-scale digitalization projects, such as Maersk and IBM’s TradeLens, HSBC’s Serai, and the Marco Polo Network, have failed.

The leading minds in supply chain management shared the lessons learned at the recent Digital Trade Conference and debated the path ahead (https://lnkd.in/gb3APGHD). The verdict was clear: no one has nailed the business model yet. Here are my top four takeaways:

1️⃣ The business and incentive models come first: Previous projects stumbled due to weak product-market fit and unclear business models. The «right» model should deliver value to all stakeholders and incentivize collaboration.

2️⃣ Trust: The Foundation for Data Sharing: Data sharing is the backbone of digitalization projects. Building trust fosters participation and paves the way for adoption—future success in digital trade hinges on prioritizing trust within its network.

3️⃣ Timing is Crucial, and the Time is Now: Timing can make or break a project. Thanks to the adoption of digital tools, standards, and electronic trade documents, we are now in a more conducive environment for trade digitalization. The increasing complexity of trade data requirements and regulatory changes also push for digitalization.

4️⃣ Think Big, Start Small: While grand digitalization projects have been challenging, the key may lie in starting with smaller initiatives, testing, and scaling up. However, trade’s global and interconnected nature requires a common way to exchange information. A fragmented ecosystem with multiple small solutions is not the answer.

What do you think about the future of digital trade? I’d love to hear your insights.