What is Vendor Managed Inventory (VMI) and is now the time to consider it as a solution for your business?
Topics: Vendor Managed Inventory, Warehouse Management, inventory management
Interview with Connor Arney, Austin Hardware National Sales Manager for Vendor Managed Inventory (VMI)
Q & A with Connor Arney, Austin Hardware and Supply National Sales Manager for VMI
AH: Can you explain vendor-managed inventory (VMI) and how it works?CA: Vendor-managed inventory is an arrangement between the customer and supplier in which the vendor takes responsibility for managing and replenishing stock levels of agreed-upon parts and products at the customer's customer's location.
Topics: Vendor Managed Inventory, Austin Hardware® News, Warehouse Management, inventory management
Learn More About the Differences Between VMI and CMI.
The Differences Between VMI and CMI
Vendor Managed Inventory (VMI) and Customer Managed Inventory (CMI) are inventory management programs that differ in responsibility for managing inventory.
In a VMI program, the vendor (supplier) manages the customer's inventory levels. The vendor collects customer usage data from sales forecasts, inventory levels, or other key metrics to determine when and how much product to deliver. In a VMI program, the vendor takes on the responsibility, and subsequent risk, of maintaining appropriate stock levels to balance inventory with costs for optimal cash flow. The customer benefits from a more streamlined supply chain and reduced inventory holding costs while having to invest less time and personnel resources into inventory management.
Finding the Right Solutions for Your Supply Chain with the Austin Hardware® Guarantee.
Finding the Right Solutions for Your Supply Chain with Austin Hardware®
The job of securing your business data and ensuring your supply chain runs smoothly is critical. In light of recent world events, that job also has never been more challenging.
As a source of solutions for your business, we can't be too thorough or too careful, which is why everything we do at Austin Hardware®, from the training of our employees to the safeguards on our e-commerce website, are designed to achieve those goals.
We utilize state-of-the-art inventory management software to provide accurate, current inventory levels, ensuring you have safety stock to avoid crucial line-down situations.
Your Complete Guide to Fastener Nuts, A New Austin Hardware® Two-Part Blog Series.
Topics: Vendor Managed Inventory, fasteners, Blog
The Top 10 Ways that Austin Hardware® Can Help Your Business Find Supply Chain Solutions.
At Austin, we seek to provide the best solutions for our customers by delivering value-added solutions for various aspects of your business. We are more than just a hardware company. We are a solutions provider.
If you are ready to find the best solutions for your business, read our top 10 ways to help your business run smoothly.
Topics: Vendor Managed Inventory, inventory management, Blog
Using Data to Build Your Business
Using data to measure your business's success helps you see a clear picture of where your business stands. Numbers don't lie -- you can tell how your business is doing and set goals based on past and present metrics. These Key Performance Indicators (KPIs) help your business stay on track to goals, quotas and let you know where you stand. Austin Hardware® covers this more in-depth here.
Aren't you ready to stop focusing on the small things like purchase orders, supply chain headaches, too many vendors, etc.? It's time to start focusing on what really matters – what new product improvements are needed to drive sales, how vendors can align with you to exceed your corporate or department goals, what manufacturing processes need revisiting. It's time to start building business relationships, setting long-term goals, growing your business, and preparing for future growth.
Austin Hardware's team of experts can help take your business to the next level. If staying on track for your future goals is your concern, keep reading to see how Austin Hardware's use of data analytics and solutions can help your business stay on track this year.
Topics: Vendor Managed Inventory, Warehouse Management, inventory management, Blog
Austin Hardware's Solutions for the Future of Your Business.
One of the best parts of partnering with Austin Hardware® is that we are a complete one-stop shop. With Austin Hardware®, you get it all, a convenient solution for both our new and our existing customers. We not only have the parts in stock; our engineering team can work with you to custom design parts for your specific applications. We can also reduce the links in your supply chain with our expert sourcing capabilities, and vendor-managed inventory capabilities. It may sound too good to be true, but for the last 60 years, we’ve learned a thing or two about businesses just like yours.
Topics: Vendor Managed Inventory
The Austin Hardware® Fastener Blog Series: Learn More About Using Nails
If you’re in the construction or woodworking business, you’re using nails every day. Homeowners often find themselves looking for just the right nail for their DIY projects. Even the core customers of Austin Hardware®, which are in the transportation and metal fabrication businesses, industries in which nails are not a predominant fastener, find the occasional need for nails for different projects such as constructing shipping containers for their products.
Topics: Vendor Managed Inventory, inventory management, fasteners
The Importance of KPIs
The use of impartial, dispassionate data to measure business success is critical. It reassures you when you’re doing something correctly, and helps you make adjustments to your plan when needed. These metrics, often referred to as Key Performance Indicators (KPI's) apply to every business and every department, whether evaluating sales, marketing, operations, or purchasing.
In the area of inventory management, dozens of KPI's can be measured depending on the nature of your business. As a Vendor Managed Inventory (VMI) provider, the metrics we value offer insight into both your inventory as well as our performance. We believe measuring the program, and the act of sharing with you this critical data is just as important as keeping stock on your shelves.
Topics: Vendor Managed Inventory, Warehouse Management, inventory management