What is VMI? Vendor Managed Inventory (VMI) is when suppliers manage their customer’s inventory. This occurs through physical counts or using data from their customers. Once inventory levels reach their reorder points, vendors will replenish their customers’ stock for them. The primary goal of this is to cut down on costs and be more efficient. How does this happen? Vendors can […]
Inventory Management
Top Ten Consequences of Not Having Inventory Management
Managing inventory is important for all aspects of a business. Not having enough inventory means you run the risk of losing sales during a stock out. On the other hand, having too much can also be costly in many ways. Without an inventory management system, you risk these costs and other areas of inefficiency. There are […]
Top Ten Benefits of Inventory Management
Managing inventory is important in all aspects of a business. This can help you gain visibility across your entire supply chain. With an inventory management solution in place, your business will enjoy many benefits. Here are the top 10 perks: 1) Increased Sales Businesses who actively manage their inventory report a 2-10% increase in sales. […]
Ten Tips For Improving Your Inventory Management
Managing inventory is important if you’re looking to identify problems before they start. You can ensure you never miss a sales opportunity, minimize costs to maximize profits, and conduct accurate trend analysis. Here are some tips for improving your inventory management: Don’t miss sales due to out-of stock items Keeping track of inventory is vital for […]
FIFO vs. LIFO – Making The Smart Choice For Your Business
There are two main methods of inventory valuation. First-In, First-Out (FIFO) and Last-In, First-Out (LIFO). These can help you determine how much money your firm has tied up in finished goods, components, and/or raw materials. FIFO and LIFO pick inventory by the age of the item. This ensures the rotation of products, so you are picking items before their expiry dates. When […]
Managing Inventory: Barcodes vs. Radio Frequency Identification
When managing your inventory, it is vital to consider which data collection method is best for you. Both barcode and RFID scanning (radio-frequency identification) are used for this purpose. However, these methods greatly differ. Not all companies are the same and this post will help you decide which scanner will be the best fit for your needs. Barcode […]
