ResourceWise, a leading provider of pricing, market intelligence and sustainability solutions, is proud to announce the launch of Forest Trackt, an end-to-end compliance solution designed to help companies adhere to the European Union Deforestation Regulation (EUDR). This innovative technology is set to transform how businesses demonstrate supply chain transparency.
Forest Trackt integrates advanced technology, including automated geo-location of source coordinates, machine learning, and advanced algorithms, to enable businesses to trace the origins of wood-based commodities accurately. Forest Trackt enhances transparency across the supply chain, providing a robust framework for meeting the stringent requirements of the EUDR.
Marketing Tech Insights: DoorDash Research: Delivery Boosts Grocery Access for SNAP Users
Key features of Forest Trackt include:
- Geo-Location Data Acquisition: Employs the user-friendly ForestLogger mobile app to collect precise geo-location data with no cellular connection. This ensures accurate and efficient data gathering and polygon definition, even in remote areas.
- Point-to-Polygon JSON Files: Automates the creation of required geo-location data files to comply with EUDR. One significant challenge for EUDR compliance is the requirement to provide vast amounts of geo-location data. Forest Trackt replaces manual data entry, reducing cost and errors while providing more accurate data and ensuring full traceability of wood-based products.
- Predictive Risk Assessment: Offers multi-factor risk assessment to pre-qualify tracts, conduct the required risk assessment, and demonstrate a robust risk management program as required by EUDR.
- Tokenization System: Tracks wood-based raw materials from the forest through the supply chain to the end product and market, solving the many-to-many problem of forest and sawmill residuals.
- Centralized Data Package Delivered to the EU: Transfers all data from a centralized database to the EU via API.
Marketing Tech Insights: UserTesting: 88 Percent Prefer Human Help for Insurance, AI Rising
Forest Trackt is engineered to streamline compliance, minimizing manual workload while maximizing compliance accuracy and assuring audit readiness. Businesses that adopt this solution can look forward to increased efficiency and reduced risk of non-compliance penalties, thus future-proofing themselves against evolving regulatory landscapes.
“The penalties for failing to comply with EUDR are steep. For example, US manufacturers of pellets, pulp, paper, and lumber have roughly $4 billion in revenue at risk. At ResourceWise, we recognize the challenges companies face in implementing transparency standards,” said Pete Stewart, CEO of ResourceWise. “With Forest Trackt, we aim to simplify compliance processes and empower businesses to achieve their sustainability goals with confidence and ease.”
“The regulatory environment for the forest products industry is becoming more complex,” said Stewart. “With the launch of Forest Trackt, ResourceWise continues its commitment to helping those in the forest products industry meet their financial and sustainability goals.”
Marketing Tech Insights: Magnolia Integrates DXP with Veeva Vault for Life Sciences
Source – PR Newswire
For media inquiries, you can write to our MarTech Newsroom at news@intentamplify.com
