MIC Customs Solutions has been recognised as a technology leader in the global trade management (GTM) market, according to new findings published by Quadrant Research.
The research also highlighted MIC’s superior technology platform, comprehensive suite of customs and trade compliance software solutions, product features, and high level of customer impact.
As part of a wider research initiative into ‘Global Trade Management Global Market Outlook’, Quadrant’s competitive landscape analysis of the GTM market compares the vendors’ technological capabilities in providing different applications.
Quadrant research analysed vendors in terms of sophistication of technology, product capabilities, customer impact, ease of use, visionary innovation and future roadmap.
Founded in 1988, MIC Customs Solutions is the market and technology leader in the GTM software market for global customs and trade compliance software solutions.
The company has more than 700 customers located in over 48 countries on six continents, and is well recognised for its comprehensive software portfolio, industry know-how, and customer service in the customs and trade compliance software market. MIC’s software suites are available both as on-premise licensed applications, as well as software-as-a-service solution models.
MIC Customs Solutions has a broad network with customs and trade compliance governmental organisations on national (e.g. US Trade and Support Network), regional (e.g. EU) and global (e.g. World Customs Organisations) levels.
The company also provides Global Trade Content Service (GTCS) in over 150 countries for the various customs processes including tariff, sanction lists, FTA rulings, export control regulations and such others.
Quadrant Knowledge Solutions industry research manager Piyush Dewangan said: "Managing international trade is becoming increasingly complex and riskier than ever before, driven by growing and varying import and export customs requirements and compliance with export control regulations.
"Users are looking at software solutions to mitigate compliance risks, improve efficiencies and ensure transparency in trade compliance processes.
"MIC Customs Solutions’ comprehensive suite of customs and trade compliance software modules, based on one single global IT platform, helps companies in achieving the mentioned aims across the customs supply chain.
"MIC’s advanced and user friendly software suites help companies in classifying goods, managing free trade agreements including the calculation of preferential origin, complying with changing regulations, and handling customs processes / regimes, duty and tax issues as well as export control regulations."
MIC Customs Solutions’ comprehensive customs and trade compliance software solution portfolio includes all major required features from automation of import and export declarations and customs procedures; tariff classification functionality; origin calculation, supplier solicitation, and export control management.
MIC’s GTM solutions include the followings:
- MIC-CUST® (Customs Solution): MIC-CUST is a standard customs solution for automating import and export declarations in 48+ countries on 6 continents. MIC-CUST helps companies in improving operational efficiencies, transparency, ensuring compliance, and cost savings on customs duties. It enables automation of imports, exports, special customs procedures with economic impact and duty deferral programs, such as inward processing relief, outward processing relief, bonded warehouse, processing under customs control, and free zones / foreign trade zones (FTZ).
- MIC CCS (Central Classification System): MIC CCS is a global customs product master and a tool for increasing the automation level in the multi-national customs tariff and export control classification process, to achieve consistent tariff classification globally across products. MIC CCS simplifies the designation, validation, and assignment of the classification and provides visibility of all content information in a user-friendly format.
- MIC OCS (Origin Calculation & Supplier Solicitation): MIC OCS is a tool for managing free trade agreement (FTA) processes by automating origin calculation helping to ensure compliance, reduce duty costs, and improve cash flow. The tool enables users to solicit and store origin data from suppliers (solicitation) via an innovative supplier web-portal and calculates origin for manufactured products. MIC OCS supports over ninety free trade agreements.
- MIC ECM (Export Control Management): ECM software helps in managing export control compliance by covering denied party list screening, license determination, export control classification, and others. The ECM functionalities include screening of numerous sanction lists at any time, integration into various ERP systems; maintaining of internal black lists, white lists, and positive lists; audit trail of screening results, identification of licensing requirements, automatic blocking of shipments in case of export control violation, and such others.
In addition to above software solution, the company also provides robust services including software configuration, product implementation, ERP integration, project management, long-term system and application support, and maintenance to ensure compliance with ever-changing customs and trade compliance regulations.
Driven in part by increased globalization, international trade has become an integral part of businesses in many different industries.
With increasing global trade volumes, manual processes or third party tools for managing global trade and compliance processes are becoming increasingly ineffective and uneconomical.
Increased global expansion, mergers and acquisitions, and outsourcing trends are further making the processes very complex.
While in the past companies may have deployed multiple country-specific trade compliance solutions; increasing cross-border trading and growing complexities of trade compliance requirements calls for a single, unified approach towards global trade management.
MIC’s single unified technology platform leverages the similarities within global customs laws centralizing customs and compliance processes.
MIC’s integrated suite of software is helping companies to replace multiple country-specific solutions with a single, corporate GTM solution, helping clients in automating global customs and trade compliance requirements.
MIC Customs Solutions is well positioned to help companies improve customs and regulatory trade compliance processes and enable significant savings in time and customs expenses.