October 21 - 23, 2019
Hyatt Regency Austin, TX
Vendor Managed Inventory
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A vendor managed inventory system differs from the typical model that places order control with the distributor. Manufacturers can generate new purchase orders based on real-time commerce. As a result, vendor managed inventory rarely suffers from forecasting errors. Production is the first critical step in any business, and when manufacturers don’t have to guess at how much they need to produce, the entire corporation can meet timetables more accurately.
WMS software that gives product providers direct access to their vendor data promotes stronger relationships through better order fulfillment. PO's are generated based on well-known sales statistics, increasing transfer efficiency on both sides. Retailers get what they need, and their suppliers needn’t scramble to meet the demand.
Within the warehouses themselves, physical inventory can take many forms. Putting a large retail order together is harder when the pieces aren’t all the same, but management programs take a few steps out of the whole affair, replacing them with instant automated solutions.
Paperless receiving departments only work when vendor managed systems are fitted with warehouse monitoring tools. The serial numbers and identifying tags you need to track can easily be scanned by bar code or RFID machines that send the information to your WMS system. Your distributors will know they can rely on having the right products at the right time because they’ll see tracking updates, and you’ll be able to notify them of any errors.
Cycle counting, inventory auditing, shipping, receiving, picking and kitting are all essential steps in your stocking or manufacturing processes, so make them easier to handle. Your efficiency will increase when you can make automatic inquiries about the exact status of moves or transfers, including precise details in the information you receive.
Vendor managed inventories often make use of terminal messaging systems to create open communication networks. These help different supply chain facilities exchange information, but they also aid inter-departmental confirmations and assistance requests in larger distribution hubs and factories. Once your warehouses, retail centers and other facilities are operating in unison, you’ll save money and time.