Trade compliance is making sure businesses follow the rules when buying or selling goods internationally.

From customs regulations to economic sanctions, traversing the maze of rules is no joke. A misstep can lead to hefty financial penalties, legal entanglements, and a tarnished reputation. None of this can be helpful for any business, in fact, often, businesses have had to shut down altogether.

Enter Trade Compliance Automation.

This is where technology steps in to simplify and streamline the compliance process. Imagine software that can screen transactions for potential hiccups, manage the labyrinth of documentation, and generate reports at the click of a button. The goal is quite simple:

• reduce risks
• enhance efficiency
• cut down costs

But where does artificial intelligence fit into this picture?

Artificial Intelligence acts as the brain behind import/export compliance automation. It’s like having a super-smart assistant that can sift through vast amounts of data, such as shipping details and trade agreements, spotting patterns or anomalies indicating possible non-compliance.

Real-time transaction monitoring? Artificial intelligence has got it covered, flagging potential issues for a closer look.

Consider natural language processing (NLP), an AI tool that dives deep into trade agreements, fishing out key terms or phrases that might hint at non-compliance. Or think about machine learning, which can study historical trade data, pinpointing trends like unusual shipping routes or transaction patterns that smell fishy.

Behind this AI-driven revolution is Besso, a Swiss brainchild of serial entrepreneurs, trade lawyers, and machine-learning maestros.

Their foundation lies in in-depth research from global academic giants like the IMD Business School and the EPFL technical university. Besso isn’t just about innovation; it’s about integration.

It melds seamlessly with top-tier Enterprise Resource Planning (ERP) systems, ensuring data security that meets the gold standard of the General Data Protection Regulation (GDPR).

So automation in compliance, through the integration of artificial intelligence, can make use of technology to simplify a very intricate procedure. This way, businesses can identify potential issues quickly and more accurately, than is possible with manual effort.