QAD Inc. , a leading provider of next-generation cloud-based manufacturing and supply chain solutions, today announced key new features for its Import Management solution at the Gartner Supply Chain Symposium/Xpo 2024.
QAD Import Management — part of QAD Global Trade and Transportation Execution (GTTE) — now includes a product classification tool powered by artificial intelligence. Product classification assigns an item a commodity identification code based on the World Customs Organization’s (WCO) Harmonized System (HS). This code is used by customs authorities to process imports and exports and to calculate duties and taxes.
“Product classification is arguably the most important element of international trade, but it is also one of the most time-consuming and complex tasks that trade professionals must complete,” said Carter Lloyds, Chief Product and Marketing Officer at QAD. “This new capability underscores QAD’s ‘Pragmatic AI’ strategy of using artificial intelligence to help people solve problems.”
The algorithm, based on machine learning, compares the data with that of already classified products and outputs a list of recommended products and their corresponding HS codes based on the percentage match. By starting with a known HS code of an identical or similar product, classifications can be performed much faster. If the user confirms the recommended HS code, the result is returned to the system, which in turn “learns” from the response and can adjust the results accordingly for future comparisons.
“This will fundamentally change the way product classification is traditionally carried out today, as it will allow the importer to work ‘backwards’ from an established product classification. This will save companies a lot of time whilst promoting the speed, accuracy and consistency of classification,” added Lloyds. “We look forward to seeing these technological advances in practice.”
For more information about how QAD solutions can drive your transformation, visit qad.com .
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