CIN7 ACQUIRES AI FORECASTING COMPANY INVENTORO, PAVING THE WAY FOR NEXT-LEVEL INTELLIGENT COMMERCE
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
[email protected]
SOURCE Cin7
Share this article