Data Analytics

Data Analytics

Adopting data analytics to improve customs and trade compliance activities

Data Analytics and Visualization

Data Analytics can give businesses a significant competitive advantage

The world of international trade is awash with data. Information from suppliers, paperwork that must be submitted to customs authorities and new free trade agreements all require attention from importers and exporters, and this can quickly become overwhelming. However, getting to grips with this data isn't just about maintaining compliance and ensuring you're paying the correct amount of duties on goods. With the right tools, you can also tap into information to derive critical insights into your operations and the wider market that can help optimize your activities.

The power of data analytics in global trade

Business intelligence has been a core capability in customs management for many years. It allows companies to analyze their complex supply chains, monitor the compliance of their business activities, and identify significant cost saving opportunities through process optimizations and the avoidance of penalties caused by incorrect fillings. Traditionally, this required the use of either data warehouse solutions or a fixed set of custom-developed reports or queries; the first option being quite cost-intensive, the latter quite inflexible. Advances in analytics technology and the establishment of Software as a Service allows MIC to use cutting-edge tools and technology in the global trade management field and offer an analytics product as part of our GTM software suite. 

By providing such insights, the MIC Data Analytics & Visualization solution aims to enable businesses to interpret data in a smarter way, make better decisions and optimize their worldwide customs processes. It also helps businesses to identify new opportunities for optimization.

The MIC Data Analytics stack is optimized for large data volumes as well as fast and responsive insight into data. 

Benefits

Cost Savings and Competitive Advantages

Collecting and analyzing customer and trade data provides insights to optimize customs duties through the potential usage of special customs regimes and/or through leveraging free trade agreements, in turn increasing competitiveness and therefore customer loyalty

Identification of Problem Areas

It enables an insight driven organization to ensure compliance and efficiency in terms of supply chain, inventory and accurate customs documentation

Increased Compliance

Early identification of potential risks, ensuring timely reactions and improved compliance, thereby avoiding fines and penalties

Highlighted Product Features

MIC module-specific datasets

The solution provides pre-defined module specific datasets for various data flows (e.g. import, export, Instrastat,…) from different sources (MIC GTM but also external sources). For example, an import dataset contains information about the importer, imported goods, invoice, supplier, declarant, price, transportation, duties & taxes, fees and much more.

GTM-tailored ETL (Extract, Transform and Load) processes

Collects, translates and transforms data from different sources (e.g. authority reports, broker declaration data, MIC GTM, internal IT-systems) into readable language according to WCO, EU and specific data sets. In context with trade content such as customs tariffs and free trade agreements, these data sets are enriched and transformed into valuable information.

Flexible BI charting and analysis platform

The embedded web-based Apache Superset BI tool supports the creation of charts and dashboards and the visualization of data. It comes with predefined analytics queries based on the available datasets, as well as predefined charts and dashboards. A highly intuitive user interface allows end users to easily make individual adjustments. Superset provides a security model which allows even a row level security (definition of access rights for a specific user or role on a specific dataset).

Highly customizable solution and reporting

In case you need an individual analytics solution based on the MIC technology stack, we offer our professional experience to find the right solution for you.

Interconnectivity

Integration with inhouse BI solutions: RESTful API allows you to integrate the data into your own ERP system, BI tool or reporting tool by using pre-defined datasets. Data can also be exported in various file formats (e.g. CSV, JSON).

Fast and easy access

The SaaS solution enables fast and easy access to dashboards, reports, and key metrics.

Person that gives IT support

Get in touch

Have questions about our company or products? Reach out to us, and our sales team will be happy to assist you. Or take advantage of the opportunity to explore how MIC solutions can elevate your business, with expert guidance from one of our specialists.