A case study published by Liv-ex this week reveals how the Liv-ex Wine Identification Number (LWIN) has enabled fine wine warehouse LCB Vinotheque to dramatically increase efficiency – as well as making it possible to produce stock valuation reports.
The study outlines two challenges that were faced by Vinotheque. The first was a demand for accurate and independent stock valuations – useful internally as well as for customers.
The second was the difficulty of accurately transferring information about wines between systems. This is because fine wines have, historically, been referred to inconsistently across the supply chain. For example, the same bottle might reasonably be described as “Grange” or “Penfolds Grange” – a discrepancy that can often be understood by people, but not by computers.
The study explains how, by standardising wine names, information can be transferred automatically and valuations can be produced.
To find out how, read the full study on the Liv-ex developer website by clicking here.