USA: ThreadeXchange Takes Global Apparel Sourcing Online
ThreadeXchange today announced the Version 1.0 release of its web-based technology platform, or Production Optimisation Engine (POE). Designed to guide retailers, wholesalers and manufacturers through the entire sourcing process, the POE allows apparel buyers to cut the cost of their purchases, reduce production lead times, and reduce procurement inefficiencies. "Our vision is to create a new standard of technology-driven efficiency, collaboration, and process control throughout the entire sourcing process," said Adam Patti, president and COO of ThreadeXchange. "With the added online functionality of our web-based platform, we continue to strengthen our customer relationships."ThreadeXchange built its technology in association with Lante, a developer of powerful, vertical Internet marketplaces. "The creation of a technology platform in the apparel industry will revolutionise the way business is conducted in this sector," said Karen Walker, program manager in Lante's New York City office. The platform is entirely web-based, alleviating the need for costly software implementation and time-consuming customer training. Using the system, apparel buyers may now electronically submit Requests For Quotes (RFQs), review supplier bids, and track the production and logistics of their orders, eliminating the lengthy paper trails associated with the current sourcing methods. ThreadeXchange's platform works on an RFQ basis, optimising the sourcing process by matching customer product specifications with overseas production facilities in 52 countries. This takes into account facility specifications, quota constraints and facility and country specific variables. ThreadeXchange requires that factories undergo a rigorous 150-point inspection, as well as a third-party certification, in which each partner factory must meet stringent standards in such areas as human rights and labour conditions, production capacity, and financial stability.
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