The future of trade compliance: How Generative AI is transforming the way we do business globally

During the past three months, the world has witnessed the revolutions of generative AI and ChatGPT . It demonstrated how businesses would create value for their customers.

As trade rules become more complex and businesses have to deal with increasing amounts of data, generative AI will become a crucial tool for companies that must comply with trade laws.

iCustoms is at the forefront of adapting current technologies and changing the customs technology used in $22tr global trade.

Here are some ways generative AI used in the trade compliance industry:

Automation:

One of the ways that generative AI is impacting the trade compliance industry is through the automation of compliance processes.

Traditionally, trade compliance processes were very manual, and it took a lot of time and money to ensure that all rules were followed.

With generative AI, businesses can automate a lot of these tasks, which lowers the chance of mistakes and speeds up compliance checks.

In its Intelligent Document Processing module, for example, iCustoms uses AI to automate the processing of documents.

IDP takes information from any customs document in any format (image, semi-structured, PDF, XLS, etc.) and fills in customs declarations in seconds with 99% accuracy.

Risk Management:

Generative AI can also improve risk management in the trade compliance industry. AI can find areas of risk for businesses, like transactions that may be more likely to break trade rules, by analyzing a lot of data from various sources.

This can help businesses better manage risk and ensure they stay in line with trade laws and rules.

iCustoms AI Rules Engine functionality assesses transactions against thousands of customs rules in real time, ensuring the accuracy of 99% of customs declarations. This is ground-breaking technology.

HS code lookup:

Finding and allocating the correct HS codes is one of the main challenges in the trade compliance industry.

There are legal implications for using incorrect HS codes and, as a result, paying incorrect duties and taxes.

iCustoms HS lookup service is the most advanced tool in the market, which requires only the product name to predict the HS codes with an accuracy of over 95%. It uses multiple layers of machine learning and AI technologies, including generative AI.

It analyzes the features and characteristics of a product and generates a detailed description that includes information about its composition, materials, intended use, and other relevant details. This description is then used to determine the appropriate HS code in real-time.

Generative AI helps streamline the HS code-finding process and reduce the risk of errors or misclassification, ultimately saving time and money for businesses involved in international trade.

In conclusion, generative AI could change the customs technology industry in a lot of interesting ways.

From making products to managing the supply chain and making things more personal for each customer, AI can help businesses make their operations more efficient and effective while giving customers more value.

However, it is essential that businesses use generative AI responsibly and carefully, to ensure that it is used to promote the public good and not to harm it.

Email the iCustoms team at [email protected] to learn how we are revolutionising the trade compliance business with AI and cutting-edge technologies.