Sweden- April 8, 2020. Material Exchange Ventures AB; is proud to be part of and assist in the development of the Best Practices Guideline for Exchanging Raw Material Attributes created by members of the GS1 US Apparel and General Merchandise Initiative. Material Exchange Ventures is a Stockholm based start-up and provider of the Material Exchange; a digital platform that enables footwear and apparel brands to digitize their material supply chains. GS1 US is a not-for-profit information standards organization that facilitates industry collaboration to help improve supply chain visibility and efficiency through the use of GS1 US Standards, the most widely used supply chain standards system in the world.
To develop the best practices guideline, GS1 US assembled industry stakeholders and experts together to provide recommendations for how to apply GS1 US Standards for raw material attributes associated with apparel and general merchandise products. The best practices guideline provides direction on how to define, compare, and communicate raw material attributes for use in commerce applications across retail operations. The raw materials included; leather, synthetic materials, knit and woven. Material Exchange together with our partner PTC acted as advisers in relation to digitizing material attributes.
Standard attribute definitions increase efficiency and minimize costs related to raw material sourcing and product information. Material Exchange has implemented the GS1 US standards within the platform to further simplify the sourcing and selection of digital raw materials for brands and retailers.
Within the Material Exchange platform, material suppliers can upload a digital twin of a physical material. When materials are uploaded online, we lose the touch and feel; we lose physical attributes. This means material suppliers have to provide more information, in order for brands to understand the key attributes of a material. This is why the best practices guideline was created, to solve these issues and create a framework for the digitization of materials and their attributes.
To have a clearly defined set of international standards, simplifies the structure of material attributes, every stakeholder can follow the standards and understand what each attribute equates to. Digital material sourcing is a relatively new concept, it is important that everyone involved has a universal framework to reference from. Clearly defining attributes has a significant impact on the credibility and accuracy of digital materials, and builds a strong foundation for more supply chains to incorporate digital materials and digital sourcing into their processes.
For the Official GS1 US Best Practices Guideline for Exchanging Raw Material Attributes: Click Here
About Material Exchange
Material Exchange (ME) was founded in Stockholm, Sweden, in August 2016. The company is the brainchild of Darren Glenister, a digital transformation expert and pioneer in digitalization and supply chain innovation. Material Exchange has a global network of operations including Europe, USA and China. Material Exchange is key to the digital development evolution of footwear and apparel brands. Built hand-in-hand with the world’s leading brands and suppliers, and backed by the FDRA and USFIA, the ME transforms an antiquated material selection process to decrease costs, decrease environmental impact whilst increasing speed and innovation.