We’re back from 2019’s NTEA aka The Work Truck Show in Indianapolis, IN. This year’s show was a success, and we were able to meet up with new and current customers, showcasing some of Austin hardware’s new and best products. In addition, we were able to lean in to our team members and product experts, available on site to represent Austin Hardware®. We always look forward to events where we can showcase our products, discuss what makes Austin Hardware® stand out among our competitors, and how we offer solutions for businesses. It’s also a great chance for our brightest minds to come together and showcase what makes Austin so great.

There are many ways that selecting the right Vendor Managed Inventory (VMI) partner can simplify your business and help you to start saving time, money, and improve your bottom line.

Let’s break down what VMI is all about.

Is inventory the backbone of success for your business?  Do you have trouble forecasting demand and maintaining correct inventory levels yourself?  Do you have difficulty dealing with too many suppliers?

Managing large amounts of inventory and a multitude of suppliers requires daily monitoring, meticulous coordination, and careful planning, which may be difficult to do on your own. The ramifications of any missteps can be felt beyond the purchasing department, across your entire organization, from manufacturing to operations to payables and more. If you’re having difficulty with any aspect of inventory management, it’s VERY likely you can benefit from a Vendor Managed Inventory (VMI) program.

So, what exactly is Consigned Vendor Inventory Management? Let’s break it down into two parts – Consigned Inventory and Vendor Managed Inventory.

Consigned Inventory is inventory that is still owned by the supplier, but the customer has on hand. When the customer uses or sells the inventory, the supplier THEN gets paid. There are a few reasons why this works, but a big one is that the customer frees up capital that would otherwise be needed to purchase the inventory in advance. This creates a form of financial security and freedom for the customer.

Vendor Managed Inventory, or VMI, is an inventory replenishment strategy in which the supplier monitors and may even physically replenish the customer's stock. When you form a VMI relationship with a provider, they handle the stress of inventory so that you can focus on other aspects of your business.

By letting the right provider manage your inventory, you can invest time in building relationships, increasing sales, and tackling other things that help your business reach long-term success.

Innovation is integral to success today. New or re-branded products and services are meant to fill consumer demand or capitalize on an opportunity in the marketplace. When bringing new ideas or products into reality, businesses must consider the New Product Development process. This process was developed on the back of comprehensive research on products that failed and succeeded.

How to Develop a New Product

The process listed here is recognized as the best practice for bringing concepts to the market. Also known as the Stage-Gate innovation process, has eight crucial steps for successful product development. Keep reading below to learn more about these steps and how to utilize them for your business.

"Warehouse management and logistics face tremendous challenges due to the consistently growing e-commerce sector. Whereas brick-and-mortar store logistics are subject to general regulations (most notably due to business hours), online retailers experience almost no limits when it comes to time and quantities. This is why warehouse logistics has to be flexible as it pertains to time and the capacity to store a wide range of products. It requires space-saving storage options and most notably adequate manpower to process these orders."

In your business, you have a multitude of buy-sell relationships. Wouldn’t having a partner be more efficient and beneficial? With a Vendor Managed Inventory (VMI) program, you can have just that! Aside from having a close relationship with your supplier, there are a variety of benefits to utilizing a VMI program such as cost savings, forecasting, inventory management and more.