The solution can be used to trace order flow throughout the supply chain, manage supply chain risks and collect data for compliance needs

The solution can be used to trace order flow throughout the supply chain, manage supply chain risks and collect data for compliance needs

HSBC's business-to-business apparel trade platform Serai has strengthened its offering with the launch of a traceability solution that allows businesses to track cotton and other raw material going into their product.

The solution, being piloted by industry leaders, can be used to trace order flow throughout the supply chain, manage supply chain risks and collect data for compliance needs. The company says it continues to get feedback from clients and will continue to adapt and evolve the solution based on its customers' needs. 

"It is critical for suppliers, manufacturers and brands to show and trace the origins of their products. However, it can be difficult for businesses to have full visibility over their complex supply chains as much of this data is currently fragmented and managed manually. Serai makes it easy for businesses to access and unify complex supply chain information from multiple sources," says Vivek Ramachandran, Chief Executive Officer, Serai.

Businesses using the new solution only need to integrate information sources once. Serai then enables them to share this with multiple parties over a secure platform. The solution is customisable, able to accommodate the needs of each company.

"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. Not only does this allow for a seamless flow of information, it could help them identify gaps and inefficiencies in their current processes," adds Ramachandran. "In today's climate, it's critical that apparel businesses take a proactive approach in tracing and being transparent about their product journey. Such practises will help them build a more resilient, sustainable and compliant supply chain."

Serai helps businesses map upstream suppliers and track environmental, sustainability and governance (ESG) commitments.

Last month, Serai offered its members access to risk information and monitoring services through insurance firm Coface, enabling them to identify, monitor and mitigate counterparty risk.

Click here to read a recent interview with Vivek Ramachandran in which he talks about his ambitious vision for the interconnected global trade network.