The challenge

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).