Note: This article predates our launch as Worldly.
The consumer goods industry is on the brink of a traceability technology revolution. In 2021, businesses experienced a fragile supply chain on top of growing pressure to systemically address climate change. The through line is the need to gain a granular understanding of a businesses value chain, which has been commonly deprioritized for years.
Our CTO, John Armstrong, had the opportunity to share his 2022 predictions with readers of VMBlog last week in which he shared his belief that the accelerated innovation of traceability technology will help us navigate these crises.
Some leaders in traceability like Subway and Nike have started using technology to track and disclose product-level data from inception to point of purchase. But traceability initiatives have been nascent in recent years, and soon it won’t only be those who can apply massive amounts of financial and human capital who achieve traceability. New options and technologies are emerging to help businesses of any size gain detailed and verifiable visibility into every step of the product journey.
We believe that the solutions worth investing in are those that embrace collaboration. From mapping one’s supply chain, to establishing a baseline, and then reducing impact over time, this process will likely require the convergence of multiple stakeholders. Complementary solutions that allow data streams to be interpreted side-by-side are most likely to scale alongside companies as their needs morph. In fact, this understanding was a key reason to build our recently announced traceability program. To help businesses identify supply chain hotspots while also driving down environmental impact, Higg’s sustainability impact data is now available across multiple product lifecycle management (PLM) platforms. By helping businesses collect accurate supply chain data that can be easily shared between factories, brands, and retailers, we’re helping rebuild a modern, de-risked, and more sustainable supply chain.
2022 will usher in a new chapter of rebuilding the supply chain through the lens of environmental responsibility and operational efficiency. New regulations and consumer demand ensure that, as the supply chain reforms, it will do so with traceability, transparency, and collaboration at its core.