A cloud solution to fully automate your classification process, transform your workflow and get valuable insights into the quality of classification data.
In today’s political environment where global trade regulations change at an incredibly fast pace, organizations are reconsidering their trade compliance strategy and looking for ways to optimize processes, minimize manual efforts, and focus resources on driving strategic value.
Classification is an important part of trade strategy as it defines amongst other, tariff and non-tariff measures and the duty rate applicable. Classification errors can lead to fines and penalties, over or underpayment of duties, missed opportunities, risks in preferential origin calculation and operational inefficiencies. Companies are facing multiple challenges in the classification process such as resource constraints, high turnover of products, human errors, inconsistencies in the existing classification codes.
To help organizations overcome these challenges, Deloitte has built TRADEclassifier, a cloud solution that utilizes Machine Learning for autonomous decision making through supervised processing, learning, and acting. TRADEclassifiers’ algorithms see the patterns within the data and learn how certain classification is reached. The solution is available as a stand alone tool (SaaS contract) or as a hybrid delivery model (outsourced classification by Deloitte).
TRADEclassifier is a cloud solution to transform your trade classification process, making it faster and more accurate leveraging automation and machine learning technologies.
Generates classification recommendations
Automation with accuracy and classification conﬁdence
Captures a full classification audit trail and stores the results
Contains operational and performance dashboards
Uses client specific master data, vocabulary, product descriptions
Allows identiﬁcation of gaps and areas of risk
Live AI based learning
Detects classiﬁcation errors and suggests corrective actions
How it works
Augments and facilitates human expert classiﬁcation review and conﬁrmation
AI Classiﬁcation Engine
Makes classiﬁcation recommendations by conﬁdence level based on AI training
Optimized classification process
Defines “Low/medium confidence” data, “High confidence” data and next steps
Can leverage optional Robotics Process Automation to automate data gathering to support classiﬁcation
Performs post-processing activities, like accuracy review, automated upload and impact assessments
Get in touch
Need improved insight into dynamic financial reporting?
Look no further, get in touch and request a demo.