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Technology (and leadership) to optimizing business models

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Conclusions from a session of the IAF (Intenational Apparel Federaion) on successful implementation of technology in the Fashion Industry held at Texprocess

In the past years the fashion industry has become more reliant on technology to drive competitiveness. Technology is at the heart of optimizing existing business models.

 

 

 

four reccomendation were made by the experts pannel:

  1. Numerous examples from the industry show that return on investments in technology are often large and can be made fast. Financing the investments should, from a total supply chain perspective, not be the problem.
  2. Benefitting from technology that reduces environmental costs, or speed up the product development process or that enable made to measure production all require collaboration of different departments within companies and longer term commitments between players in the supply chain. This requires knowledge and leadership.
  3. Fully benefitting from investments in technology requires rethinking entire processes and not just optimizing existing processes.
  4. Technology is both enabling change and forcing fashion brands, retailers and manufacturers to change their businesses. This requires bold leadership and leaps of faith. The key to successful implementation of technology therefore is the management of change and the entrepreneurial courage to be a first mover.

full article on the IAF website