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    Vendor Managed Inventory Control Options (VMI)

    Posted by Rob Dell'Elmo on Apr 26, 2019 11:00:00 AM

    There are a number of options, and plenty of decisions to make for companies considering a Vendor Managed Inventory (VMI) program. Depending on a company’s goals, budget, and available resources they’ll have to decide on the type of VMI program, to what extent the VMI provider’s personnel will be used, how products in your program are going to be replenished and accessed, and more.

    We’ll look at a few of these options in this post.

    There are essentially two types of VMI programs

    Both Non-Consigned and Consigned VMI programs offer customers a similar list of benefits, which you can read more about HERE.

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    Topics: Vendor Managed Inventory, inventory management

    What is VMI or Vendor Managed Inventory?

    Posted by Rob Dell'Elmo on Apr 22, 2019 9:30:00 AM

    For many companies, a Vendor Managed Inventory program represents a better replenishment strategy.

    Vendor Managed Inventory (VMI) is exactly what the name suggests. A program in which one of your vendors acts as a partner who takes on the day-to-day tasks and responsibility of managing your inventory.

    For manufacturers, a VMI partner is usually a key supplier of component items, such as hardware, fasteners, or MRO products. Products for which it’s critical to strike the right balance between having enough to eliminate “line-down” situations, but not so much as to incur high carrying costs or run the risk expiration or obsolescence. The ideal VMI partner has the capacity to provide the majority of those parts which allows you to take greater advantage of the benefits of Vendor Consolidation.The VMI service provider works alongside you to implement a strategy based on your inventory management needs. They become an extension of you and your replenishment team, not a replacement.

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    Topics: Vendor Managed Inventory

    Two Bin Stocking System - Warehouse Inventory Management

    Posted by Austin Hardware on Apr 17, 2019 9:50:00 AM

    Are you a manufacturing company? If so, does your business depend on inventory to get by? If you answered yes to one or both questions you might be familiar with a two-bin system. A widely used inventory management system, a two-bin system basically deals with two bins to help you or your team keep track of inventory. It helps you determine when inventory is full, low, and needs replenishing. A two bin system often exists in production lines where multiple parts come together to create a new product.

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    Topics: Vendor Managed Inventory, inventory management

    Your Guide to Vendor Consolidation

    Posted by Austin Hardware on Apr 11, 2019 12:59:00 PM

    If you’re considering vendor consolidation, you should consider that it is one of the easiest ways to control your supply chain. You are basically drastically reducing the number of vendors you deal with, therefore simplifying your business.

    Let’s face it, there are a lot of things that need to get done, and only so many hours in the day to accomplish your tasks. When it comes to dealing with vendors, how do you manage this?

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    Topics: Vendor Managed Inventory

    Inventory Management Software - Why You Need It!

    Posted by Austin Hardware on Apr 8, 2019 12:57:00 PM

    Why Do You Need Inventory Management Software?

     

    Inventory management is a crucial part of your business and having a solid system in place to help you run business is as important as your inventory. If your business depends on inventory you need to be sure that you are running things smoothly. This means preparing for the future, having the correct levels of inventory, monitoring your supply chain and more. If you’re still doing things the old-fashioned way, it might be time to ask yourself: Why? Why deal with uncertainties, unnecessary business challenges, and headaches that ultimately cost you money when there is an easy solution for your business. If you’re using out of date systems like spreadsheets, two-bin systems, and anything else leaving room for error, it’s time to consider new methods for growing your business.

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    Topics: Vendor Managed Inventory, Warehouse Management, inventory management

    Inventory Management | Non-Consigned Vendor Managed Inventory

    Posted by Rob Dell'Elmo on Apr 2, 2019 11:00:00 AM

    There are two types of VMI program – Non-Consigned and Consigned.

    Both Non-Consigned and Consigned VMI programs offer customers a similar list of benefits, which you can read more about HERE.

    In a Consigned VMI program, the inventory is put in place, but the customer doesn’t pay for it until it’s consumed. You can learn more about a Consigned program HERE.* 

    * It should be noted that the benefits of Consigned expressed here are relative to Consigned VMI, not simply Consigned inventory. One can have Consigned inventory absent a VMI program.

    The more traditional of the two programs is Non-Consigned VMI. In a Non-Consigned program, the customer pays for the inventory as it’s brought in, and whenever replenishment is necessary.

    HubSpot Video

     

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    Topics: Vendor Managed Inventory, inventory management

    What is Production or Manufacturing Inventory?

    Posted by Austin Hardware on Mar 29, 2019 12:00:00 PM

    What is Production Inventory?

    If your business produces a finished good, then you may be familiar with the concept of production inventory. Simply put, production inventory is the amount of goods you have on hand to complete the manufacturing process. It’s all the parts and supplies your business needs to make your product. Production inventory is important to the manufacturing process and therefore important for your business.

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    Topics: Vendor Managed Inventory

    What is Inventory Management?

    Posted by Austin Hardware on Mar 26, 2019 12:25:26 PM

    To keep things simple; inventory management is the management of inventory and stock.  If your inventory is managed properly it will mean you always have the correct levels of stock on hand. This has a lot of benefits for your business. For some, this is easier said than done. However, having the right inventory at ALL times is a crucial component for your business.

    Here are a few basics that help explain inventory management a little further:

    Inventory 101:

    If you are a business that sells or makes products, chances are pretty good that your inventory supply is the most important thing for your business. Sound like you? Your business depends on your inventory. Inventory is all the parts and products you have on hand at any given time. These could be for making goods, or actual products that you sell. The most important thing about inventory is having the right parts at the right time. Think of what would happen if you did not.

    Now imagine a world where your inventory was always right, and you never ran out of parts. Sounds pretty good right? That’s where inventory management comes into play.

    Click here to read 7 benefits to Vendor Managed Inventory.

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    Topics: Vendor Managed Inventory

    Inventory Management Designed To Improve Your Bottom Line.

    Posted by Austin Hardware on Mar 4, 2019 11:02:33 AM

    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.

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    Topics: Vendor Managed Inventory, inventory management

    It’s time to take the next step: Find out now if your business is ready for Vendor Managed Inventory.

    Posted by Austin Hardware on Mar 4, 2019 10:46:59 AM

     

    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.

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    Topics: Vendor Managed Inventory