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Vendor Managed Inventory: Five Things to Consider When Choosing A Vendor

After research, you’ve decided that vendor managed inventory might be the right solution for your operation. Perhaps the benefits are enticing for your business, or you’ve realized that your equipment is at a place in its lifecycle where regularly managed inventory will increase the lifespan of your machinery.

If you need a refresher on some of the advatanges of a VMI system for your organization., be sure to read Advantages of a Vendor Managed Inventory System.

If you’re unsure what your next steps are to finalize a VMI vendor relationship, here are five things to consider before making your final decision on a vendor:

  Senior Management Support: For both the vendor and buyer, senior management acceptance and support of the program is the first step in a successful and working vendor managed inventory system. Without the support of senior management it will be very difficult for the VMI system to translate through the rest of the organization as a recognized and working program.

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Advantages of a Vendor Managed Inventory System

Vendor Managed Inventory Systems can be a great asset for many types of businesses. For businesses that have equipment maintenance needs and can’t commit to cost prohibitive solutions, VMI might be a great answer. What is the definition of Vendor Managed Inventory? Vendor Managed Inventory (or VMI) is a business model in which the buyer of a product provides certain information to a supplier of that product, and the supplier takes full responsibility for maintaining an agreed upon inventory of the material. For many companies, vendor managed inventory is the next step in supply chain management. There are many benefits to vendor managed inventory.

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