Founder of the British global fashion retailer – New Look – Tom Singh has backed a London-based fashion technology company – Fabacus, to help apparel retailers and manufacturers manage their supply chains.
Founded in 2015, Fabacus is designed to help retailers save money by streamlining the way manufacturers manage complex supply chains by offering access to live data and system-to-system integration. The software has been created from ground up inside a clothing manufacturer to replace a culture of sticky notes and Excel sheets with digital processes that have the potential to really help companies grow and become more efficient.
Fabacus’ suite of business and data management software aims to improve efficiency, coordination, profitability and growth.
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Andrew Xeni, Founder, Fabacus commented, “There is a huge opportunity for retailers to drive significant cost savings to consumers through better understanding how their products are made. By using living data uploaded onto the ‘cloud’, manufacturers have the potential to grow and become far more efficient.”
Furthermore, according to Tom, inefficient procurement and a lack of retail information has compressed margins and held the high street back in the face of online competition. “Online shopping has been a double-edged sword for the fashion industry by putting some traditional retailers under pressure but at the same time proving to be a boon for those able to modernize and benefit from digital technology. Lean production and big data are buzzwords for some, but with the right software, manufacturers can benefit immensely by creating more potential and by better understanding their business,” explains Tom.
Fabacus, along with other tools like Sustainable Apparel Coalition’s Higg Materials Sustainability Index (Higg MSI) offer opportunities for brands to make improvements to both their procurement and production processes, as well as their reputations.
