Commercial goods valuation and classification automation
ChallengeAutomate the process of classification and valuation of commercial goods
SolutionIn-house-built ML models for the classification and valuation of commercial goods based on commercial description and other descriptive fields.
ResultsAutomation of over 80% of the work with more than 95% accuracy.
About the Project
Predict HS codes and prices for commercial goods
International trade is a fundamental aspect of the global economy. With goods moving across the border, governments around the world are able to collect taxes. The goods are typically taxed based on the type of the product that is identified according to the HS code classification system that defines product categories. Considering that there are thousands of categories, it is challenging to identify and validate the correct classification for a product. Moreover, importers tend to misclassify the goods by assigning an incorrect category to pay less taxes.
To prevent this from happening, valuation and classification analysts working at the Client company check each item’s information within a trade transaction to make sure that the declared classification code and price are correct. This process involves many manual steps, like using classification books to find the appropriate classification code for the goods, checking the price against the past transaction data or finding the price on the market, etc. These processes are highly repetitive, time-consuming, error-prone, and subject to human bias.
Based on the Clients’ business needs, we delivered a product that does the following actions:
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