Today, a leading provider of next-generation cloud-based manufacturing and supply chain solutions, QAD, introduced significant enhancements to its Import Management solution during the Gartner Supply Chain Symposium/Xpo 2024. Among these updates, QAD Import Management, a component of QAD Global Trade and Transportation Execution (GTTE), now integrates a cutting-edge product classification tool driven by artificial intelligence. This tool facilitates the assignment of commodity identification codes, aligning with the World Customs Organization’s (WCO) Harmonized System (HS), essential for customs processing, and duty and tax calculations in international trade.
Carter Lloyds, Chief Product and Marketing Officer at QAD, emphasized the pivotal role of product classification in international trade, noting its complexity and time-intensive nature. He highlighted QAD’s commitment to leveraging artificial intelligence to streamline such tasks, reflecting the company’s ‘Pragmatic AI’ strategy.
Powered by machine learning algorithms, the tool analyzes data against pre-classified products to generate a list of recommended items and corresponding HS codes based on similarity percentages. This approach expedites classification processes by commencing from known HS codes of identical or similar products. Upon user confirmation of the suggested HS code, the system refines its learning based on feedback, enhancing future comparisons.
Lloyds anticipates transformative impacts on traditional product classification practices, emphasizing the tool’s ability to work backward from established classifications, thereby optimizing efficiency, accuracy, and consistency. QAD anticipates real-world applications of these advancements.
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