Why Would I Let a Supplier Manage My Inventory?
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You’ve heard the term “vendor managed inventory” from colleagues and wondered how allowing your suppliers to maintain your inventory could possibly improve inventory management, lower operating costs and increase sales. VMI is not a new concept – it’s been around since the 1980’s when Proctor & Gamble and Wal-Mart started the practice. Today the practice is prevalent in retail and a widely accepted practice in wholesale distribution industries such as electrical, plumbing and equipment parts.
Closing: If you haven’t yet considered if VMI is right for your organization, now is the time to learn more about the process and evaluate what VMI can do for you. |
