Settle, the leading operations platform for scaling CPG brands, announced the launch of its expanded procurement and inventory management suite and its acquisition of Turbine. Incorporating Turbine’s sophisticated inventory operations and forecasting capabilities with Settle’s cash flow platform, Settle has created a unified operating suite streamlining payments, purchasing, and financing, to propel omnichannel brands to scale faster and more profitably.
Brand founders and operators continue to spend many hours logging into disconnected systems, and be overwhelmed with traditionally manual tasks like consolidating data from various spreadsheets, inventory and bill pay systems, which result in the lack of accuracy and visibility down to the SKU level. Brand operators report they have to manually update on average five separate systems, to update one single SKU. This results in costly errors, stock outs, and an incomplete handle on margins.
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Settle’s expanded capabilities offer a solution to these challenges. Brands who build their operations on the new Settle platform can:
- Instantly find vendor credits and discrepancies with Settle’s Automatic 3-Way Match
- Calculate timely, accurate Landed Costs and COGS
- Forecast inventory, prevent stock outs, and easily place replenishment POs
“With this launch and the acquisition of Turbine, Settle is well positioned to transform how small businesses leverage their inventory and finance operations to unlock faster, more profitable growth,” said Alek Koenig, CEO and Founder of Settle. “As the first and only integrated platform built specifically for CPG brands, Settle is dedicated to helping omnichannel brands scale from idea to shelf, including access to the same transparent financing we are known for — on one, unified platform.”
By combining Settle’s best-in-class accounts payable and financing experience with Turbine’s procurement and inventory expertise, the new Settle platform powers CPG brands to achieve higher margins with a leaner team and ultimately, drive their bottom-line savings. Settle’s Automatic 3-Way Match has helped brands identify an average of $273,000 in discrepancies in the past 6 months. And, brands can now order and receive the inventory they need by auto-syncing to sales channels, like Shopify, and the warehouse management systems used by thousands of third-party logistics companies across the country.
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Settle’s new platform also leverages AI-powered inventory forecasting to increase accuracy and eliminate manual guesswork. Using machine learning models, brands can now forecast demand for existing product sets, receive recommended timelines for ordering finished goods and raw materials, and predict lead times based on historical data. This ensures an optimal balance between avoiding stockouts and maintaining healthy cash flow by minimizing excess inventory and reducing the risk of lost sales.
“The new Settle functionality has, for the first time, created this trusted source spanning all supply chain-related functions. Our time is spent focused on our business and not on piecing together information,” says Chris Jacob, CFO of HigherDOSE. “For all retailers, cash and inventory are synonymous. Only Settle’s functionality consolidates insight into the more elusive aspects, such as three-way matching and changes in landed costs. Settle serves our business holistically and we have left single-solution providers behind for good!”
