The August edition of The Drinks Business includes an article on the potential of the internet to dramatically improve efficiency within the fine wine trade. Author of the article, Editor-In-Chief Patrick Schmitt, spoke to Liv-ex Director James Miles about the “fundamental changes” that the web can bring.
You can read the article in full here.
Key points:
- The internet is being used to make the wine trade more efficient: it can automate processes that were once labour intensive, allowing businesses to scale at lower costs
- A key factor has been enabling computer systems to talk to each other
- A traditional stumbling block was the thousands of ways in which one wine can be named
- Liv-ex’s L-WIN codes – free and available for everyone – enable computers to identify which wine is being talked about
- Nick Gabb, Manager of Vintner Systems, “L-Win is a great innovation and will be adopted more in the future […], the potential to link it to a lot of data is phenomenal.”
