HSBC’s Serai boosts ESG visibility in textile supply chain
HSBC’s B2B platform Serai has launched a new tool for the textiles industry to track and trace the origin of cotton and other raw materials used to manufacture clothes and other fabric products.
The platform, currently being trialled in the pilot stage, adds greater visibility to the entire supply chain and helps consolidate data at each stage. The primary benefit is the reduction in manual data management, which often leads to misinformation, human error and inaccuracies. Using the new platform, suppliers can input data on the provenance of their goods at each step along the value chain - from raw material to processed or in-process goods and final shippable product.
More transparent data collection will allow businesses to mitigate risk, Serai says, as well as strengthen compliance and adherence to their environmental, sustainability and governance (ESG) commitments.
Vivek Ramachandran, Chief Executive Officer, Serai says it is now “critical” for businesses to maintain a grip on the origin of the materials and processes that go into their end products. But he admits that the current flow of “fragmented” data passed down from upstream suppliers makes this task difficult, with barriers at each step. The issue widens the the further down the value chain you look, Ramachandran says, but by removing manual management of this data, Serai’s platform makes it “easy for businesses to access and unify complex supply chain information from multiple sources”.
Businesses using the platform need only integrate their information sources once. Serai’s technology then enables their suppliers, and suppliers’ suppliers to access and add to this through a secure platform. The platform is designed with customisation in mind, allowing each business to tailor it to their needs and role within the value chain.
“Making it easy”
The apparel industry is one of the largest and most complex in the world, comprised of many SMEs: everything from farming and production raw materials to manufacturing labour, fabric treatments and finishing. The complexity of ESG in this sector makes information and data a valuable commodity for ensuring each link in the chain is compliant and above board.
Speaking to Global Trade Review, Ramachandran says that businesses are often intimately familiar with the practices of their immediate suppliers, and their tier two suppliers, “but beyond that, there isn’t much visibility”.
“Serai combines multiple data sources into a single view making it easy for businesses and their supply chain partners to have an overview of information that they may not have had access to before,” says Ramachandran. “Not only does this allow for a seamless flow of information, it could help them identify gaps and inefficiencies in their current processes.”
New speakers announced for Procurement & Supply Chain Live
Two leading executives in supply chain transformation have been confirmed for this year's Procurement & Supply Chain Live event.
Procurement & Supply Chain Live is the perfect opportunity to hear from prominent executives at the world’s leading procurement and supply chain businesses. The event will be streamed live from Tobacco Dock, London via the leading networking platform Brella.
The three-day show, running 28-30 September 2021, is an essential deep dive into the industry, with influential speakers sharing insights and strategies from their organisations, group roundtable discussions, and fireside chats.
We take a look at the latest additions to the already amazing lineup of speakers announced so far, and what they will bring to the flagship event.
VP Global Supply Chain at Macmillan Education Ltd
Shaun Plunkett has over 30 years of supply chain leadership experience in FMCG, entertainment and media sectors, supporting multi-billion euro businesses including Universal Music, EMI, Sony Music, Harper Collins and Associated British Foods. He has a track record of successfully delivering transformational change coupled with award winning operating models and developing and coaching global teams. Plunkett says that challenging the status quo is at the heart of what drives him on a daily basis - and encouraging others to continuously push the boundaries.
Read more about Plunkett’s involvement in Macmillan Education’s supply chain transformation HERE
Digital Transformation Lead, Oracle UK and Board Member, CILT at Macmillan Education Ltd
Vikram Singla is digital transformation director at Oracle, UK. He helps supply chain and finance business leaders leverage technology to deliver meaningful business outcomes for their organisations. He also serves on the board if CILT (Chartered Institute of Logistics and Transport) – UK and is an Honorary Visiting Fellow at Anglian Ruskin University. Singla has more than 25 years’ experience in the technology sector, and in global supply chain transformation, including deploying business transformation programmes for Fortune 500 firms. In his spare time, Singla is a passionate brand ambassador for Cancer Research.
Plunkett and Singla join a growing line-up of speakers, including: Sheri R. Hinish, IBM; Robert Copeland, G4S; Daniel Weise, BCG; Mark Bromley, Mastercard; David Loseby, Rolls Royce; and Ninian Wilson, Vodafone Procurement Company.