Syrup Tech developing some sweet inventory-planning software – TechCrunch

Knowing how much and which kind of inventory your brand needs involves a complex web of data that companies often keep up with via spreadsheets or legacy systems that don't provide a full picture of the business. Syrup Tech, now armed with $6.3 million in new funding, is feeding all that data, like transactions, marketing and inventory, and combining it with other data, like social media trends and even the weather, to spit out predictive inventory recommendations using artificial intelligence and machine learning. This way, merchandisers and planners have better information on what they need and can reduce some of the waste. "I was at McKinsey previously, and was shocked to see merchandisers spend hours on spreadsheets," James Theuerkauf, co-founder and CEO of Syrup Tech, told TechCrunch. "My thought was to let the AI do the number-crunching and let the merchandiser make the creative decisions using the AI as support."