CHARLOTTE, N.C, Oct. 1, 2024
/CNW/ -- 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.
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.
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."
For more information about Forest Trackt and how it can benefit
your business, visit www.resourcewise.com/foresttrackt.
Contact:
Suz-Anne Kinney
Vice President, Marketing
ResourceWise
Phone: +1 704 451 7312
Email: suz-anne.kinney@resourcewise.com
About ResourceWise:
ResourceWise is a commodity price reporting agency with
proprietary datasets and deep expertise in forest products,
biofuels and low-carbon feedstocks, biomaterials, and chemicals
industries. We help our customers make better decisions by
providing accurate data and analytics, which we supplement with
strategic consulting. Because our markets are energy-intensive, we
use our data and expertise to help our customers identify and
navigate decarbonization pathways and industry-related regulatory
requirements.
ResourceWise legacy companies include Chemical Intelligence,
Fisher International, Forest2Market, Prima Markets, Tecnon
OrbiChem, and Wood Resources International.
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SOURCE ResourceWise