Retraced’s artificial intelligence (AI) algorithms means apparel brands and their suppliers can automate supply chain audit management collaborate efficiently on sustainability and compliance.
The tool analyses documents, extracts crucial data points, and generates actionable insights in real-time to support small CSR teams of large fashion and textile brands.
Go deeper with GlobalData
Retraced explained the traditional approach to handling supply chain audit certificates has long been plagued by labour-intensive tasks, manual data entry errors, and inefficiencies.
The company claimed its automation significantly reduces the time and effort required for factory audit analysis, allowing fashion companies to prioritise sustainability, social impact and transparency.
Chief technology officer and co-founder of Retraced Peter Merkert said: “Adopting AI to intelligently process and distil 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.”
Retraced’s AI-driven audit management tool features
- Automated 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 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 address audit findings with Corrective and Prevention Action Plans (CAPA)
- User-friendly interface: With a so-called ‘sleek and intuitive’ user interface, the Retraced platform allows CSR managers to easily navigate through audit data and take action with confidence.
Retraced chief product officer & co-founder Philipp Mayer commented: “This is just the beginning of our journey with AI. Moving forward, our vision for the Retraced platform extends beyond audit processing.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“We’re pioneering the extraction of data to offer comprehensive ESG (Environmental Social & Governance) risk assessments, automatically updating risk scores for audited companies. It’s about leveraging AI to help brands and suppliers to create a more sustainable future faster and more efficiently.”
Retraced’s AI-powered audit management is currently available in beta to brands in the fashion and textile industry, with plans to transition out of beta status by the end of April.
