Now more than ever, fashion brands and retailers need solutions to help turn piles of idle inventory into cold, hard cash.
On Tuesday, inventory software firm Inturn announced a new partnership with enterprise software giant SAP that’s designed to help fashion companies “effectively conduct business remotely in their effort to optimize excess inventory levels, working capital and avoid waste.”
Because many fashion companies that use SAP’s enterprise resource planning software also leverage Inturn’s inventory offering, the pair’s new integration means “organizations can take full control of the process, enabling company-wide visibility and recovering cash faster,” Inturn CEO and co-founder Ronen Lazar said.
Inturn’s technology enables companies to reduce inventory management costs by standardizing and optimizing inventory visibility.
“Companies are actively looking to better align their supply chains with world markets,” Lazar said, adding that inventory management continues to be a challenge for brands. “And these organizations will look to technology to better predict and manage their slow-moving and excess inventory to gain this alignment.”
With the threat of excess inventory levels, unpredictable demand and sales volatility—made worse by the ongoing coronavirus (COVID-19) pandemic—apparel and footwear companies desperately need a way to maximize whatever sales they can.
“This partnership is all about providing our customers with the necessary tools to optimize their inventory management through the full lifecycle,” Abe Marciano, Inturn’s chief operating officer said. “While some manufacturers are currently unable to keep up with the demand for their core product lines, others are facing wary consumers who have decreased discretionary spend which will ultimately result in record amounts of slow-moving and excess inventory build-up.”
Currently, the process of identifying and selling excess inventory is manual, outdated and error-prone, the company said. Inturn’s platform helps to create a content-rich, centralized record of this inventory, instead, increasing collaboration.
On average, Inturn said clients decrease go-to-market time by up to 60 days, shorten average time to transact by 55 percent, reduce their operating expenses by 85 percent and increase margin recovery by more than 10 percent.
“Even suppliers of fast-moving consumer staples will experience extreme levels of supply and demand volatility in the coming months,” Marciano said. “By bridging the power of SAP and Inturn, organizations can develop a responsive digital supply chain that can be implemented in weeks and be better equipped to succeed in this turbulent environment.”
In November, SAP acquired Qualtrics, a SaaS firm offering a range of data tools and services to gather and analyze customer satisfaction, product testing, brand performance and employee evaluations.