Avalara, Inc., a leading provider of tax compliance automation software for businesses of all sizes, announced the launch of Automated Tariff Code Classification, an AI-based system that uses a pioneering combination of proprietary, advanced AI, machine learning, and natural language processing methods and technologies to classify large product catalogs quickly and efficiently to Harmonized System (HS) or Tariff Codes.
Automated Tariff Code Classification is a cost-effective solution that helps supply chain and logistics providers, e-retailers, and global marketplaces calculate customs and duty taxes and comply with international shipment requirements in near-real time. Key features include:
- Advanced AI technology: Avalara uses advanced AI and machine learning algorithms to analyze product descriptions, attributes, and other relevant information to determine HS Codes. The system scans the World Customs Organization and individual country websites and automatically extracts updates to the HS Code and tariff schedules.
- Comprehensive database with global coverage: Avalara maintains an extensive global database of HS Codes and product descriptions to help ensure appropriate HS classification. The system uses the latest HS Code information to classify goods.
- Continuous feedback loop: As an HS Code gets validated or verified, the product and corresponding HS Code are added to the system database and the AI system learns from it. This continuous improvement ensures the system is constantly learning and is regularly updated with global, country and industry-specific information.
- Integration with other Avalara solutions: The HS classification service seamlessly integrates with Avalara’s other tax compliance solutions, providing a comprehensive end-to-end tax automation platform.
Also Read: Cloudera Launches New Machine Learning Accelerators
“Classification for large product catalogs is a challenging and time-consuming process that often requires specific expertise,” said Craig Reed, GM, Cross Border at Avalara. “The launch of Automated Tariff Code Classification helps businesses simplify the management of the complex HS or Tariff Code Classification process, supporting efficient use of business resources and helping to protect business margins by replacing manual processes.”
Automated Tariff Code Classification is the latest solution born out of Avalara‘s ongoing investment into automation and AI, helping Avalara customers and partners around the world accelerate digital tax compliance.
SOURCE: PRNewswire
