Vendor Managed Inventory (VMI) enables trading partners to monitor inventory levels and restock parts and materials just-in-time. A successful VMI program lowers the cost of procurement and frees up your time, resources, and operating capital.
Why Vendor Managed Inventory?
Optimal inventories & freight costs, flexible procurement, and zero stock-outs can only be possible through buyer supplier collaboration. Extensive information sharing is required so that your supplier can maintain a high degree of visibility of its goods at your location. One way to make this work for your business is to allow your suppliers to assume the role of inventory planning and execution. A third-party logistics provider can also be involved to make sure that you have the required level of inventory at all times.
How Can TAKE Solutions Help?
TAKE's Vendor-Managed Inventory (VMI) solution provides real-time insight & execution for lean manufacturing and collaborative inventory management. Internal buyers and planners use an intuitive graphical dashboard to view on-hand quantity and forecast consumption. External trading partners (suppliers) view the same information, filtered to the items they stock. When stocks are low, suppliers can quickly link to functions to replenish inventory levels. For material shipped to a receiving site, your partners generate shipments and packages with barcoded labels and shipping documents designed to expedite receiving. Combining web-based inventory visibility, integrated receiving, transfer of ownership, and item-level tracking provides a closed-loop approach that is unique in the industry.
TAKE’s software and supply chain business knowledge support your best practices while offering quick time-to-value. Vendor-Managed Inventory is tightly integrated with existing enterprise applications, leveraging and extending your current software investment to provide demand-driven replenishment.
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World Wide Technology (WWT), a provider of supply chain process outsourcing services...
Pennsylvania-based Three Rivers Pharmaceuticals is a small, specialty pharmaceutical company ...
"Keeping accurate track of inventory is paramount to meeting our customers' needs in a timely manner. [TAKE]'s software integrates directly with our Oracle enterprise resource planning system, allowing for real-time inventory visibility, and streamlining of our key processes in inventory and material handling via barcoded labels."
Leigh Weintraub, Chief Operating Officer,
Merit Medical Systems
"[TAKE]'s product has allowed us to integrate our supply chain and improve our business processes."
Deborah Jones, Manufacturing Accounting Special Project Coordinator,