Vendor Managed Inventory
Increase efficiency, cut costs, and reduce the risk of unwanted stock
Vendor managed inventory, also known as VMI is an effective stock control and cash flow management system. VMI involves close strategic relationships between vendors and their customers by putting the vendor in charge of the customer’s inventory. Because the supplier controls customer inventory in a VMI relationship, the supplier can achieve significant efficiencies. Some advantages of VMI include:
- Improved alignment of inventory with customer demand.
- Streamlined processes & lower carrying costs.
- Strengthened relationship with your supplier.
- Improved sales figures.
- Less unwanted stock.
- Improved cash flow.
- Improved data insights.
Here at Meteor Space, we currently offer and run VMI on a daily basis, allowing a collaborative strategy between buyers and suppliers, optimizing the availability of products at minimal cost for our valued customers.
VMI may be an excellent option for businesses that are searching for a cost-effective way of handling inventory. If you would like to find out more about VMI and how Meteor Space can add value to your business, please get in touch today.