TrackX provides update on Supply Chain Efficiency and Sustainability Solutions
The 5 C’s driving digital supply chain transformation:
- Consumer demand for proof of origin, chain of custody and authenticity
- Compliance reporting for regulatory mandates and sustainability claims
- Collaboration across the entire supply chain ecosystem
- Control tower analytics to aggregate enterprise data and drive efficiency
- Comprehensive end-to-end supply chain visibility
DENVER, June 24, 2021 (GLOBE NEWSWIRE) — TrackX Holdings Inc. (TSX.V:TKX | TKXHF:OTC | FRANKFURT:3TH) (“TrackX” or the “Company”), is taking this opportunity to update its shareholders and customers on its current strategy and plans.
Since the beginning of the pandemic, TrackX has seen four major market trends increasingly impact its customers’ businesses and their supply chain operations in particular:
- Supply chain disruptions are becoming more frequent and companies have responded by accelerating investments in technology solutions to more rapidly innovate, adapt and respond. McKinsey projects that manufacturers can expect a major, 2+ month supply chain disruption every 3.5 years.
- Consumers are increasingly demanding greater transparency around product origin, chain of custody, product contents, and manufacturing processes. Havas found that 77% of consumers look to buy from companies that share their values.
- Environment, Social and Governance (ESG) regulatory reporting and compliance mandates are creating new demands on the supply chain that are resource intensive and often difficult to achieve and prove without technology. Accenture found that 96% of US companies are now engaged in ESG initiatives.
- Supply chain collaboration is becoming more critical, so companies are looking to adopt technologies that help them to accelerate information flow and to securely share data with their entire supply chain ecosystem. Highly collaborative companies outperform their peers 2:1, yet over 54% of companies have no visibility at all into their supply chain partners’ operations (McKinsey).
Last year, the Company recognized that these market conditions present a tremendous opportunity for growth as customers increased their investment in digital transformation. In Spring 2020, a strategic review by the Company resulted in a decision to focus TrackX on enabling customers to be more resilient, efficient, sustainable and collaborative in the face of these growing challenges. At the same time, TrackX divested its yard management business, selling it to FourKites to enable the Company to pursue this narrower, refined focus.
The New TrackX
Today TrackX is announcing that its new mission is to make TrackX the premier provider of enterprise tracing, tracking and collaboration solutions that customers trust to deliver more sustainable, resilient and efficient supply chains. The Company’s strategy is to:
- Deliver new solutions to enable greater supply chain efficiency, transparency and collaboration;
- Develop innovative applications that allow customers to more easily activate ESG activity and ease the burden of regulatory and sustainability reporting; and
- Make it easier for customers and partners to invest in, deploy, and expand their TrackX relationship in their organization and throughout their supply chain ecosystem.
In the coming months, TrackX plans on introducing purpose-built solutions that address the major market trends above:
- TrackX Control Tower, a business intelligence platform that will help customers become more responsive and resilient to disruption. Control Tower is a web platform that aggregates and analyzes supply chain data across the enterprise and beyond. By trusting TrackX with their critical data, customers can reach a whole new level of business process automation with greater responsiveness, flexibility, and adaptability.
- TrackX Verify, a data distribution and analytics hub that allows customers to safely and securely share data across their partner ecosystem. Customers can achieve high transparency, trust and partner collaboration.
- TrackX ESG, purpose-built solutions that streamline the typically resource-intensive task of collecting, analyzing and reporting ESG progress to regulators, customers, consumers and investors. Customers are able to report more completely and accurately, at a fraction of the time and cost.
TrackX will continue to invest for growth and focus its go-to-market on industries facing increased pressure for efficiency, compliance and proof of ESG such as food services, beverage, logistics, manufacturing and automotive. Customers using TrackX as the system of record for supply chain related activities, ESG reporting and consumer transparency will realize operational efficiency, improve collaboration across their partner ecosystem, gain immutable proof of their progress towards their sustainability initiatives and respond to growing consumer demand for product information.
Over the past 6 years, TrackX has become a leader in supply chain process automation helping numerous companies successfully transform from traditional to digital supply chains. The Company will continue to deliver highly configurable, scalable, partner friendly SaaS-based solutions that improve clients’ supply chain processes and drive operational efficiencies. Finally, TrackX will enable clients to proactively meet increased consumer demand for transparency around product quality, origin, sustainable and other ESG practices.
TrackX, Inc. (TSX.V: TKX), based in Denver, Colorado, is the SaaS-based enterprise tracing, tracking & collaboration solution that leading brands trust to achieve more sustainable and better performing supply chains. TrackX solutions are built on an enterprise scalable and fully customizable platform that leverages a broad array of RFID, IoT (Internet of Things) and Sensor Technologies to provide item level visibility to customers across a broad array of industries, including food, beverage, brewery, automotive, retail, financial services, technology and government. For more information, visit www.trackx.com.
For further information, please contact:
Tim Harvie, CEO, TrackX Holdings, Inc.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, including the successful development, implementation and commercialization of an end-to-end supply chain transparency technology solution, and activities, events or developments around the importance of and customer demand for verifiable proof of product origin and validation of environmental, social, and governance (ESG) claims that the Company believes, expects or anticipates will or may occur, including the Company’s anticipated pipeline and value of current and customer deployments and future opportunities are the managements best estimates and cannot be guaranteed or relied upon and is forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements in this news release, whether as a result of new information, future events or otherwise, except as required by law.