Singapore Wine Vault is the largest bonded storage facility in Southeast Asia. They are also the first and only warehouse in the world with ISO standards and has the capacity to store over 10 million bottles of wine. We spoke with the CEO, Leaw Tiew San, to understand how they are using Liv-ex services to save time and increase operational efficiency.
Before – manual and time-consuming valuations
Singapore Wine Vault offers to value the portfolios of their clients that are storing wine with them. Previously they used a website which required them to research each individual wine, one-by-one, to find prices. This was tedious and time-consuming.
“I have 50,000 lines of wine. I needed a better and faster way to price the wine than doing it line-by-line”
Solution – LWIN and Wine Matcher
Through word of mouth, he heard about Liv-ex’s online tool Wine Matcher, which allows members to quickly pull prices for their wines – in bulk.
He needed a price source that was trusted by insurance companies, and Liv-ex was an obvious choice. Liv-ex pricing data is trusted by over 600 wine businesses in 47 countries worldwide and is quoted by authorities like Bloomberg and Reuters as the ‘industry standard’.
Wine Matcher also matches their wines to LWIN, the universal identifier for wine and spirits. These product IDs are supplementary to their own product codes and allow for the seamless exchange of information between external and internal IT systems, plus efficient communications with business partners.
This also enables them to get additional data for the wines, such as regional information.
He uses the data to create pivot charts and reports for his clients.
”“With Wine Matcher, I can get prices for my wines within minutes. Compared to how I used to do it before, this takes me 95% less time. It saves me a lot of time!”Leaw Tiew SanCEO
Results – 95% less time spent
After adopting Wine Matcher, Leaw is saving a considerable amount of time on tasks that used to be manual and laborious.
“With Wine Matcher, I can get prices for my wines within minutes. Compared to how I used to do it before, this takes me 95% less time. It saves me a lot of time!”
He also emphasizes that his clients feel assured by the fact they use Liv-ex data for valuations, which they trust. “If you know your fine wines, you know about Liv-ex“. This gives his private clients confidence in the value of their wines.
In the future, Leaw is also keen to explore automation and the possibility of using APIs to get prices automatically into their system. But for now, he is happy about the timesaving and credibility Liv-ex brings.