Liquidity Services, Inc. (NASDAQ:LQDT), the leader in the surplus goods marketplace, today announced that it made this year’s InformationWeek 500 – a list of the top technology innovators in the U.S. – for its innovative use of business technology in the reverse supply chain. The full list can be found at www.informationweek.com/500.
Liquidity Services was listed in the retail and e-commerce industry category for its innovative use of technology to resolve the challenge of cataloging items delivered to its warehouses across the U.S. These items consist of various product SKUs originating from returned and overstock inventory from retailers who utilize different ERP systems.
“In an industry where many have shunned IT innovation over the years, we have embraced it,” said Leo Casusol, CIO of Liquidity Services. “By revolutionizing the way surplus consumer products are categorized through technology applications, our product data is now compatible with software typically designed only for the forward supply chain, improving warehouse productivity and controlling labor costs. This efficiency has also led to cross-site listing, providing our global base of buyers with visibility to items on multiple online marketplaces; increasing recovery value for our large, retail clients. With the benefit of our seamless back-end process for returned and overstock inventory, retailers are able to focus on their core mission – serving customers and selling products.”
The IT team at Liquidity Services developed a proprietary system to map all product SKUs to one unique product category and corresponding SKU in the system, called LPID (Liquidity Services Product Identification Database)."The theme of this year's InformationWeek 500 is digital business. It's a movement, rooted in data analytics, mobile computing, social networking and other customer‐focused technologies that are turning companies and industries on their ear," said InformationWeek Editor In Chief Rob Preston. "Every enterprise is now a digital business—or needs to become one fast. The organizations in our ranking are leading the way."