InnoVint joins forces with WinePulse, the leading DTC Reporting Solution for Wineries, to finally answer the question, “How profitable is this case of wine?”
“It’s shocking how many wineries don’t track profit margins correctly – or at all – across each and every SKU,” says Dan Strengier, CTO at InnoVint. “If you are using Excel to track COGS (cost of goods sold) and profit, you are absolutely missing key data points. Frankly, it’s impossible to track COGS accurately without InnoVint. Cost transfers across movements and other cellar activity are too complex to track in a spreadsheet.“
The two teams have partnered to create reports in a single dashboard, bridging the gap between the cost of producing wine and how profitable it ends up being.
How the Winery Profitability Report Works
WinePulse aggregates sales and revenue data at the SKU level. InnoVint receives that data and, using the SKU, pairs it with the corresponding case goods lot and related cost information. The result is a new Profitability report, which provides instant clarity for key data points like cost of goods sold, actual and estimated profits, and remaining inventory.
“Combining production data with sales information coming from POS systems is challenging, and it makes it difficult for wineries to know the gross margin of their SKUs over time,” says Remy Sabiani, owner of WinePulse. “With this integration between WinePulse and InnoVint, wineries can now track in real-time their profits per SKU or by batch of wine produced. Costs of goods have increased lately, and it is more important than ever for wineries to monitor the true profitability of their products.”
Gaining transparency into wine profitability is a no-brainer. This knowledge empowers winery professionals to make better sales and pricing decisions based on up-to-date profitability information in a competitive market.
Winery teams who can track production costs and profits can position their more profitable wines in the best way and to the right audience, allowing them to be successful year over year. Users of both software providers will be able to view the remaining inventory and estimated revenue and profits at a glance from either desktop or mobile devices.
See It In Action
Current InnoVint + WinePulse users can begin reaping the benefits of this feature immediately. Schedule a demo with InnoVint to start tracking your profits today!