Making Fashion Supply Chains Transparent Faster: Retraced Automates Audit Management with Their AI-Powered Platform
Press release | Düsseldorf, April 23, 2024
The Retraced platform introduces cutting-edge innovation, taking supply chain transparency in the fashion industry to the next level. Apparel and textile brands can efficiently collaborate with their supplier network to increase their sustainability performance, trace their products and minimize their supply chain compliance risks.
By integrating AI into their platform, Retraced GmbH is taking the next step in supporting the often small CSR teams of large fashion and textile brands in their journey towards more sustainability and compliance.
Working with supply chain audit certificates has traditionally been a labor-intensive and time-consuming task, often involving manual data entry, human error, and inefficiencies. Corrective and Preventive Action (CAPA) had to be derived by the CSR team manually from the many different audit types. However, with the introduction of AI to the Retraced platform, fashion brands and suppliers can now experience a paradigm shift in how audits are conducted and managed.
Retraced Leverages AI as a First Step to More Sustainable Supply Chains in Fashion
Retraced utilizes state-of-the-art AI algorithms to analyze audit documents, extract key data points, and provide an applicable corrective and preventive action plan in real time. This significantly reduces the time and effort required for analyzing factory audits, allowing fashion companies to focus on driving sustainability, social impact, and pushing transparency.
Key features of the new AI-driven audit management in Retraced’s platform include:
- Automated Data Extraction: The platform automatically extracts essential data points from factory audit documents, including findings, actions, non-compliances, severity ratings, and more.
- Real-Time Feedback: Users receive real-time feedback on audit documents, enabling swift review and validation of extracted data, enhanced accuracy, and efficiency to create impact.
- Intelligent Suggestions: Leveraging advanced AI algorithms, Retraced generates intelligent suggestions for actions based on extracted data, helping businesses swiftly address audit findings with Corrective and Prevention Action Plans (CAPA).
- User-Friendly Interface: With a sleek and intuitive user interface, the retraced platform is designed for ease of use, allowing CSR managers to navigate through audit data effortlessly and take action with confidence.
“This is just the beginning of our journey with AI. Moving forward, our vision for the Retraced platform extends beyond audit processing. We're pioneering the extraction of data to offer comprehensive ESG (Environmental, Social & Governance) risk assessments, automatically updating risk scorecards for companies. It's about leveraging AI to help brands and suppliers to create a more sustainable future faster and more efficiently.”
Philipp Mayer, CPO & Co-Founder of Retraced
“Adopting AI to intelligently process and distill insights from audits represents the logical first step in Retraced’s journey towards transforming supply chain compliance and sustainability practices, highlighting the importance of AI and supply chain integration.”
Peter Merkert, CTO & Co-Founder of Retraced
Retraced audit management, enhanced by AI, is now available in beta version for the brands Retraced collaborates with. The official launch date is May 15, 2024. Sign up to our webinar "Making Impact Achievable in Fashion: How AI Plays a Crucial Role" with Peter Merkert on May 15 and learn more about AI for supply chain transparency.
About Retraced:
Retraced enables fashion and textile companies to digitize and trace their supply chains, efficiently manage compliance data, and achieve greater transparency, from raw materials to finished products. With this advanced platform focused on supplier data collection, all stakeholders in textile and fashion supply chains can connect and collaborate seamlessly. Retraced empowers fashion brands and consumers to make informed decisions for a more responsible future. Currently, Retraced brings together over 10,000 suppliers and collaborates with hundreds of fashion brands, including: Victoria's Secret, Mara Hoffman, Desigual, Calzedonia, Marc O'Polo, Brownie, and many others. For more information, visit www.retraced.com.
Contact for interview requests and further PR material: Sarolta Hershey, PR & Content Manager,sarolta.hershey@retraced.com, +49(0)176/24783764
