ResourceWise Unveils Forest Trackt™: Your EUDR Compliance Ally
ResourceWise Introduces Forest Trackt™ for EUDR Compliance
ResourceWise®, a renowned leader in market intelligence, pricing, and sustainability solutions, has unveiled its innovative compliance tool—Forest Trackt™. This state-of-the-art application is aimed at assisting companies in adhering to the European Union Deforestation Regulation (EUDR) guidelines. The launch of Forest Trackt signifies a transformative shift in how businesses can showcase transparency in their supply chains.
Key Features of Forest Trackt™
At the core of Forest Trackt are several advanced technological features designed to streamline compliance processes. One standout feature is the automated geo-location technology, which allows businesses to accurately trace the origins of wood-based commodities. Integrating machine learning algorithms ensures that companies have access to reliable data throughout the supply chain.
Geo-Location Data Acquisition
Using the intuitive ForestLogger mobile application, users can easily collect accurate geo-location data even in remote areas without cellular signals. This feature promotes efficient data gathering and precise polygon definition, making compliance much easier.
Point-to-Polygon JSON Files
Another significant enhancement is the automatic generation of geo-location data files necessary for EUDR compliance. The regulations require extensive geo-location details, and Forest Trackt replaces the traditional manual data entry method. This not only cuts down on errors but also improves accuracy, ensuring full traceability of all wood-based products.
Predictive Risk Assessment
Additionally, Forest Trackt offers a predictive risk assessment feature that evaluates multiple factors to pre-qualify tracts effectively. It assists companies in conducting necessary risk assessments and demonstrates a comprehensive risk management strategy as mandated by the EUDR.
Tokenization System
The innovative tokenization system is another key aspect of Forest Trackt. It tracks raw materials from the source all the way through to the end products, addressing the complexities involved with forest and sawmill residuals. This system is instrumental in maintaining transparency across supply chains.
Centralized Data Package for Regulatory Compliance
Forest Trackt simplifies data management by allowing businesses to centralize their information, which is then delivered to EU regulators via API. This centralized data package ensures all essential documentation is readily available and accessible.
Enhanced Efficiency and Risk Management
By employing Forest Trackt, organizations can streamline their compliance procedures, significantly reducing manual workloads and enhancing accuracy. With stringent penalties for non-compliance, ResourceWise aims to help businesses protect their interests, further reducing risks associated with EUDR adherence.
"The stakes are high for non-compliance with EUDR. Businesses like US manufacturers of lumber, paper, and other related industries face potential losses of around $4 billion in revenue," explains Pete Stewart, CEO of ResourceWise. "Our aim is to make compliance processes straightforward and empower companies to confidently pursue their sustainability ambitions."?
Stewart adds, "The evolving regulatory landscape poses increasing complexities for the forest products industry. With Forest Trackt, we remain committed to equipping businesses with the necessary tools to navigate their financial and sustainability objectives effectively."
Why Choose Forest Trackt™?
Choosing Forest Trackt means opting for a future-proof compliance strategy that not only assures adherence to current regulations but also prepares companies for upcoming changes in the regulatory environment. Embracing this technology can elevate a business's operational efficiency and ensure they meet compliance obligations with confidence.
Contact for More Information:
Suz-Anne Kinney
Vice President, Marketing
ResourceWise
Phone: +1 704 451 7312
Frequently Asked Questions
What is Forest Trackt™?
Forest Trackt™ is an end-to-end compliance solution designed to assist businesses in complying with the European Union Deforestation Regulation (EUDR).
How does Forest Trackt™ ensure compliance?
The software integrates geo-location technology, predictive risk assessments, and automated data file generation to streamline compliance and enhance accuracy.
Are there penalties for EUDR non-compliance?
Yes, businesses face significant financial penalties for failing to comply with EUDR, making compliance critical.
Who is behind Forest Trackt™?
ResourceWise®, a leading provider of pricing and market intelligence solutions, developed Forest Trackt™ to empower businesses in the forest products industry.
How can companies implement Forest Trackt™?
Companies interested in leveraging Forest Trackt™ can contact ResourceWise directly for more information and guidance on implementation.
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