Retraced's artificial intelligence (AI) algorithms mean apparel brands and their suppliers can automate supply chain audit management to efficiently collaborate on sustainability and compliance.
The tool analyzes documents, extracts crucial data points and generates actionable insights in real-time to support small CSR teams at large fashion and textile brands.
Retraced explained that the traditional approach to managing supply chain audit certificates has long been plagued by labor-intensive tasks, manual data entry errors and inefficiencies.
The company said its automation significantly reduces the time and effort required for factory audit analysis, allowing fashion companies to prioritize sustainability, social impact and transparency.
Retraced CTO and co-founder Peter Merkert said: “Adopting AI to intelligently process and distill audit insights represents the first logical step in Retraced's journey to transform supply chain compliance and practices of sustainability, highlighting the importance of artificial intelligence and the integration of the supply chain.
- Automatic data extraction: The platform automatically extracts essential data points from factory audit documents, including findings, actions, non-compliances and severity ratings.
- Real-time feedback: Users receive real-time feedback on audit documents, enabling rapid review and validation of extracted data, greater accuracy and efficiency for impact.
- Smart Tips: Leveraging advanced AI algorithms, Retraced generates intelligent suggestions for actions based on the extracted data, helping companies address audit findings with corrective and preventive action plans (CAPAs)
- Easy to use interface: With a user interface described as “elegant and intuitive”, the Retraced platform enables CSR managers to easily navigate through audit data and act with confidence.
Chief Product Officer and Co-Founder Philipp Mayer commented: “This is just the beginning of our journey with AI. In the future, our vision for the Retraced platform goes beyond audit processing.
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“We're pioneering data mining to deliver comprehensive ESG (Environmental Social & Governance) risk assessments, automatically updating risk scores for audited companies. It's about leveraging AI to help brands and suppliers create a more sustainable future faster and more efficient.”
Retraced's AI-powered audit management is currently available in beta for brands in the fashion and textile industry, with plans to exit beta status by the end of April.
In December 2021, Retraced partnered with apparel design, manufacturing and marketing company Décor Global to launch a chain-of-custody traceability solution for cotton and other materials.
