Big Data Management in international contract and settlement operations

Abstract

The fourth industrial revolution and digital economy put forward new requirements for developing a complete ecosystem for contract management in foreign trade, for organization of business-processes based on the latest innovative digital technologies. In the article, the authors present a model for managing foreign trade contracts and making international settlements with digital online-infrastructure tools, steady and fully-fledged data exchange via digital platforms, which allows to take into account and analyze a big range of influencing factors fixed in the systemic working processes via machine learning and intelligent analysis and provides high accuracy of forecasting the target indicators and accounting for all possible links and correlations between them. Th e applied model algorithms make it possible to determine not only the countries for successful and safe business, but also to choose the most optimal business partner using a big range of individually selected parameters with application of Big Data und taking into account current local legislation, trade, banking, insurance and taxation systems, then to choose innovative digital tools for making payments and international settlement operations in compliance with appropriate balancing of foreign trade contracts.