17 October, 2023

Connected Inventory Performance: The Evolution of Inventory Management

Meet Connected Inventory Performance — the evolution of inventory management that utilizes integrations and automation to drive visibility, traceability, and efficiency, so you can spend less time troubleshooting and more time growing your business.

What would you say if you knew you’d triple your Q4 sales and achieve your highest-grossing quarter this year? Did we just hear a cork pop?

But what if we told you your record-breaking quarter would cost you twice as much as your revenue in expenses, supply chain issues, and inventory inefficiency? Statistics show small businesses report more than $160 billion a year worldwide in inventory waste.

While, as a small business, you may not have much control over shipping costs or supplier delays in today’s market, you can address inventory inefficiency. Connected Inventory Performance allows businesses to grow by ditching manual inventory management through connection. Follow along to see how you can evolve your business operations to reduce inventory concerns, enter an autonomous inventory flow state, and increase profitability.

The epidemic of inventory inefficiency

The staggering truth is only 20% of businesses make it past their first year. Growing pains, like inventory inefficiencies, erode the entrepreneurial spirit over time — but that doesn’t need to be the case.

Inventory waste is the inefficiencies felt across the inventory lifecycle that hinders business growth by consuming time, money, and resources. You may not see them daily because they’re a headache to deal with, but you feel them. Your bank account feels them. Your customers feel them.

Inventory and manufacturing waste is commonly caused by:

  • Overproduction from inaccurate demand forecasting
  • Delays in production, fulfillment, and transportation
  • Defective inventory and inventory shrinkage
  • Discrepancies between channels and inventory
  • Inefficient manufacturing processes

So, how can businesses curb inventory waste? Clear, automated inventory insights may be the solution.

What is connected inventory performance?

With 67% of small businesses using spreadsheets for inventory tracking, it’s no surprise that inventory inefficiency is an alarming problem. By transitioning to a connected inventory performance model, businesses can obtain a clear picture of inventory levels to reduce inefficiency and improve flow.

Coined by Cin7, Connected Inventory Performance is an evolved form of inventory management software (IMS) that allows businesses to tailor their inventory experience based on how and where they sell. Gone are the days of managing the management software. Connected Inventory Performance allows you to get your product into more hands and spend less time on nuances.

It’s comprised of five key components:

Whether you need more connection between inventory lifecycle stages or sales channels, you’ll find frictionless inventory flow with connected inventory performance unmatched by any other traditional IMS.

From Chaos to Calm: Rethink Your Approach to Inventory Management
Inventory management software Connected inventory performance
  • Manual overload
  • Cash-flow waste
  • Low visibility
  • Overwhelming amounts of ambiguous data
  • Poor customer experience
  • Fast time-to-value
  • Endless integrations
  • Clear visibility
  • 360° coherence
  • Fast, automated issue resolution
  • Provides one source of truth
  • Increased sales efficiency
  • Flexible

How Cin7 is changing the game

At Cin7, we’re leading the industry with Connected Inventory Performance — a user-friendly, cloud-based inventory management software that gives growing product businesses an automated and real-time view of your entire inventory lifecycle.

Only Cin7 products Core and Omni can support Connected Inventory Performance through integrations with 700+ tools and applications, such as Amazon, Quickbooks, and Shopify. Cin7 also supports requirements like advanced manufacturing, warehouse management, POS, B2B Portal/Online Store,  3PL, and EDI software integrations.

You can consolidate, streamline, automate, and scale your inventory operation from one place — to spend less time managing and more time growing the business — by selling in new channels and markets quickly with minimal complexity. With Connected Inventory Performance, you can get your systems fully running within weeks. There’s no need to wait months before you see the value of efficient inventory management.

Cin7 helps product companies cut waste and create flow across the inventory lifecycle, driving connected inventory performance and freeing the business to focus on growth.

Manage Less, Sell More

Connected Inventory Performance is the future of inventory management. Businesses will no longer gloss over the cost of inefficient inventory management processes. But they need visibility to get there and then beyond to the inventory flow state where goods move frictionlessly throughout the inventory lifecycle.

Cue Cin7’s Connected Inventory Performance. Are you ready to see for yourself? Try out a demo today.

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