Liv-ex launches Wine Matcher
Liv-ex has launched its latest artificial intelligence tool for the fine wine trade – Wine Matcher.
The machine learning tool has already been awarded the prize for ‘Best Supply Chain Initiaive’ at this year’s DB Awards.
Wine Matcher is designed to help merchants quickly and easily work through wine lists in order to determine prices, find trading opportunities and move stock through the supply chain.
It works by taking a list and transforming the wine names and formats into a unique ID using Liv-ex’s ‘LWIN’ system. These numbers can then be shared with other systems, used to download price data from Liv-ex or put into a database for comparison.
Able to process 5,000 lines of data a minute, Wine Matcher is designed to save merchants weeks of time-consuming work, making valuation and trade more efficient and more accurate.
Liv-ex has used Wine Matcher to standardise its library of over 50 million records collated over the last 15 years. It is this collection which gave Wine Matcher its initial intelligence and it is currently employed matching 45,000 lines of data a day. The tool will be available to internet users through the cloud as it is powered by Amazon web services.
James Miles, managing director of Liv-ex commented: “Reading, preparing, pricing and deciphering long lists of wines is a fundamental part of a fine wine merchant’s job. It is very time consuming and not always the most enjoyable part of the role!
“Wine Matcher harnesses Liv-ex prices, our unique wine ID (LWIN) and the power of cloud computing to dramatically speed up this laborious task. The tool dramatically speeds up the process of buying and selling wine, providing an exciting opportunity for the trade to both become more productive and increase revenue.”
A short video summarising Wine Matcher can be seen below, for more information on its practical uses and how to apply it click here.