Leading inventory and order management
software invests in growth, new AI capabilities on the heels
of new CEO appointment
DENVER, May 2, 2024 /PRNewswire/ -- Cin7, the
industry-leading inventory and order management software provider,
today announced the acquisition of Inventoro, a leading provider of
AI-driven sales forecasting and replenishment optimization
solutions. The acquisition and integration of Inventoro's
capabilities with Cin7's platform will extend product seller's
access to state-of-the-art AI technology, enabling customers to
enhance existing inventory and order management capabilities with
intelligent prediction and optimization.
Overstocking and similar inefficiencies are estimated to drive
$163B in losses each year for global
product sellers. The combined power of Inventoro and Cin7 can
change that. Inventoro's innovative AI-powered forecasting
technology accurately predicts future product demand, providing
daily updates on key optimization performance and insights on which
products drive profits. Together with Cin7's end-to-end inventory
management software, sellers will gain invaluable visibility into
their product availability and inventory capital.
Powered by a proprietary AI engine, sellers can forecast demand
with unmatched accuracy months in advance, maintaining optimal
stock levels and eliminating overages. This allows sellers to make
fast, impactful decisions – enabling both short and long term
forecasting that translates insight into action. Not only does this
help achieve over 99% product availability, it also frees up to 20%
of inventory capital and saves valuable time through automated,
streamlined operations.
"Inventoro's AI forecasting and optimization capabilities are a
perfect complement to Cin7's robust inventory management
solutions," said Ajoy
Krishnamoorthy, Cin7's CEO. "The actionable insights and
increased visibility into performance provided by the combined
capabilities help customers optimize performance across channels
and minimize impacts from overstocking and stock outs. By combining
Cin7's inventory management platform and the power of Inventoro's
AI-powered forecasting, the future of inventory intelligence is
here."
"From the moment we first partnered with Cin7, it was clear our
companies were aligned in a mission to empower small and medium
product sellers and manufacturers. By combining Cin7's powerful
inventory management platform with Inventoro's advanced AI
forecasting and optimization capabilities, we're first to market
with a solution that provides end-to-end visibility and control,
reduces waste, and ultimately helps SMB's thrive," said
Tomas Formanek, Inventoro's founder
and CEO.
This announcement comes at the dawn of a new phase of growth for
Cin7, marked by the recent appointments of Ajoy Krishnamoorthy to Chief Executive Officer
and Nolan Smith to President and
Chief Operating Officer.
About Cin7
Cin7 provides Connected Inventory
Performance – cloud-based inventory management software that gives
growing product businesses an automated and real-time view of the
entire inventory lifecycle. Cin7's products, Core and Omni,
natively integrate with over 700+ applications, so business owners
can consolidate, streamline, automate, and scale their inventory
operation from one place. Founded in 2012, Cin7 has grown into a
global force, supporting product sellers in 100+ countries, serving
8,000+ customers and processing over 125 million orders
annually.
About Inventoro
Inventoro is revolutionizing the way
small and medium-sized businesses manage their inventory. With its
cutting-edge algorithmic sales forecasting, businesses can finally
achieve optimal stock levels and say goodbye to stock outs and
overstock. Inventoro's system is powered by advanced mathematics
and artificial intelligence, which means it can learn and adapt to
unique business needs, to achieve unprecedented forecast accuracy.
Founded in 2020 as a SaaS service and built upon two decades of
technological innovation.
Media Contact
Lindsay Mahaney
Cin7@meetkickstand.com
View original
content:https://www.prnewswire.co.uk/news-releases/cin7-acquires-ai-forecasting-company-inventoro-paving-the-way-for-next-level-intelligent-commerce-302133997.html