The Business Need

A global information provider needed to enhance the efficiency of its commodity pricing processes and streamline cargo compliance and vessel tracking for trade finance operations. They faced challenges in extracting critical data from handwritten bills of lading, which included various inconsistencies. They also faced difficulties in integrating real-time pricing updates from multiple web sources into their working models. Compliance with regulations, including HS code classification and dual-use identification, was another pressing concern. They required a scalable, automated solution to address these challenges while supporting seamless data integration.

Challenges

Extracting data from handwritten bills of lading

The client faced significant hurdles in processing essential information from handwritten and scanned bills of lading. These documents often contained inconsistencies in how data such as commodity descriptions, quantities, and shipment details were recorded. Furthermore, variations in currencies, units of measure, and product names across different documents and data sources made it difficult to standardize and validate the extracted information.

Integrating real-time commodity pricing

The client needed to integrate live commodity price updates from multiple web sources to ensure competitive and accurate pricing. However, consolidating this information was complex, as the data came in varying formats.

Ensuring compliance with regulatory standards

Compliance with trade regulations was a critical requirement, including accurately classifying commodities with appropriate HS codes and identifying dual-use items for civilian and military applications. Manual methods of ensuring compliance were time-consuming and prone to errors. 

Scalability

The volume of trade data they managed increased exponentially. This growth demanded a scalable solution capable of processing high volumes of data without compromising on speed or accuracy.

Solutions

Leveraging Xtract Data Automation Suite, an end-to-end cloud-based solution was developed, powered by automation and machine learning: 

Text mining

An automated text mining solution was designed to address the challenges associated with extracting critical shipment data from handwritten bills of lading. Unstructured data such as commodity descriptions, quantities, and shipment details were extracted.

HS code classification

We automated the prediction and assignment of HS codes to commodities, ensuring full compliance with tariff regulations. NLP technique was utilized to interpret product descriptions and assign the correct HS code based on the commodity’s characteristics. The solution was powered by machine learning, which continuously improved the prediction accuracy by learning from historical data and evolving patterns in product descriptions. Products that are potentially classified as dual-usage goods were also automatically flagged using machine learning algorithms.

Historical cost comparison

The commodity pricing data was aggregated and integrated from various internal and external sources. The data was then compared against historical cost data to identify key deviations, trends, and anomalies. Current prices were compared with seasonal trends, flagging discrepancies and providing insights into predictable fluctuations based on historical pricing behavior. 

Scalable integration

Processed data is aggregated into a centralized, cloud-based repository, with modular APIs enabling seamless integration across client systems and departments. This provided real-time, actionable insights that drive informed decision-making, empowering them to implement data-driven strategies with greater efficiency and precision.

Results

• Delivered real-time commodity pricing insights with over 95% accuracy.
• Eliminated manual data extraction bottlenecks, providing a flexible cloud-based solution capable of handling high data volumes.
• Improved compliance, reducing regulatory risks and ensuring adherence to trade regulations.
• Customizable dashboards and APIs enabled easy access, streamlined collaboration across departments, and boosted overall operational efficiency.