Cin7 > Case Studies > Lockabox®: Streamlining Inventory Management with Cin7

Lockabox®: Streamlining Inventory Management with Cin7

Technology Category

Functional Applications - Inventory Management Systems
Functional Applications - Warehouse Management Systems (WMS)

Applicable Industries

Buildings
Retail

Applicable Functions

Sales & Marketing
Warehouse & Inventory Management

Use Cases

Inventory Management
Transportation Simulation

Services

System Integration

About The Customer

Lockabox® is a fast-growing small business based in the UK that manufactures lockable storage containers. The company was founded by Peter Morris, who came up with the idea out of a simple day-to-day frustration of food being stolen by roommates. Today, the company's primary product, Lockabox One®, is used for a variety of purposes beyond food storage, such as storing patient medications in elder care facilities and housing desk sensors in offices to optimize floor plans. With annual sales of £2M GBP, Lockabox® is planning to expand its product range and invest in R&D over the next 12 months to grow from a small product seller into a major player.

The Challenge

Lockabox®, a UK-based small business, was facing challenges in managing its inventory as it grew. The company, which manufactures lockable storage containers, was struggling with coordinating stock between its 10 warehouses across the globe. Their existing system was not capable of handling the increasing number of SKUs and sales. The company was also dealing with the complexity of managing multiple Amazon and WooCommerce sales channels, as well as third-party logistics (3PL) and fourth-party logistics (4PL) partners. A significant challenge arose when one of Lockabox’s® 4PL partners failed to log a shipment of 700 units with a retail value of £30,000, which could have led to a costly catastrophe.

The Solution

Lockabox® implemented Cin7, an inventory management platform, in early 2021 to streamline its operations. Cin7 helped Lockabox® reconcile their weekly inventory counts, making the task of coordinating stock between their warehouses much simpler. The platform also facilitated the generation of weekly stock and sales reports, aiding in stock audits and reconciliation of discrepancies. Cin7's integration with Xero accounting software further enhanced efficiency by enabling real-time sharing of invoicing and sales data. On the B2B side, Cin7 expedited wholesale orders by automatically converting quotes to sales orders, enabling immediate payment. The platform also helped manage Lockabox's multiple sales channels and logistics partners. When the 4PL partner failed to log a shipment, Cin7 exposed the discrepancy during a weekly reconciliation, preventing a potential financial setback.

Operational Impact

The implementation of Cin7 has significantly streamlined Lockabox's operations. The platform acts as a single source of truth for inventory counts, enabling the company to manage its operations with fewer people. The integration with Xero accounting software has boosted efficiency by enabling real-time sharing of invoicing and sales data. On the B2B side, Cin7 has expedited wholesale orders, improving customer service. The platform has also proven invaluable in managing Lockabox's multiple sales channels and logistics partners, preventing potential financial setbacks. Looking ahead, Lockabox® sees Cin7's flexibility as key to its future growth, particularly as it expands its product range.

Quantitative Benefit

Cin7 helped Lockabox® manage inventory across 10 global warehouses.
The platform facilitated the management of multiple Amazon and WooCommerce sales channels, as well as 3PL and 4PL partners.
Cin7 prevented a potential financial setback by exposing a discrepancy of 700 units with a retail value of £30,000.