While thinking about how our customers have all this data stored in our system, I realized that somewhere in there is an information mother lode and that we are uniquely positioned to mine that data and deliver amazing insights.
If we could give our customers insights that are actionable—information that could help them make purchasing decisions that lead to higher gross profits, for example—it could make a big difference to the success of their business. That would be gold, and we could mine it for our customers by showing them key success indicators based on stock days and gross profit.
Introducing the Inventory Success Quadrant
All of that thinking led to this week’s launch of the Inventory Success Quadrant, a new intelligence tool that compares your gross profit percent with stock days to measure your most successful inventory by product category, channel and other data sets.
Actionable Data Empowering You to Make Better Decisions
The Inventory Success Quadrant compares stock days with gross profit to sort your inventory into hot, loss leader, risky and waste. This information empowers businesses to make significantly better decisions about their products, channels, pricing, even suppliers and special categories.
This inventory makes high margins and stays on the shelf for only a short period of time.
This is good for a pricing strategy in which a high quantity of products is sold at a low margin.
This inventory makes high margins but stays on the shelf for a long time.
This inventory makes low margins, sits on the shelf for a long time and should be avoided.
The Inventory Success Quadrant is unique in telling you things you didn't even know you didn’t know about your inventory. The quadrant focuses on more than 10 key data sets, but there will likely be more options in the future.
These data sets let you make important decisions about many different aspects of your business. For example, by visualizing success of inventory by supplier, you can take action regarding suppliers who sell inventory that’s wasteful or otherwise not suited to your overall strategy.
Where to Next?
We continue to think a lot about how Cin7 can make a big difference for our customers. Coming up with creative ways to give end users better and timely insights are a big part of it, as is the continued refinement of the Inventory Success Quadrant. There is still significant untapped potential value we can provide our customers by mining data for more gold. And we do not share or sell our data to third parties either!