Positive experiences turn customers into your brand advocates and can get you more business.ĪLSO READ: ERP Software to Enhance your Purchase Management 2. With the right inventory level at all times, you can fulfil customer orders every time, which makes their purchasing experience much better. They don’t control the supply chain but are critical because the chain can fail if the customer doesn’t buy the product. The last element of any supply chain is the customer – who can be a business too – who is the product user. Let’s see in detail: VMI Benefits to the Customer
It forges close ties between businesses and vendors, as putting a third party in charge of your inventory includes having great trust.ĪLSO READ: Influence and Importance of ERP System in Different Industries Benefits of VMIĮveryone involved in the supply chain can enjoy certain benefits under this system. VMI can help businesses streamline every phase in the supply chain and boost financial performance. This means no more guesswork and forecasting required, and time in hand to focus on other business functions. Under the vendor managed inventory approach, a company outsources the maintenance of their stock levels to their vendor. Uncertain demand predictions and rapidly shifting costs add to the problems.Ī possible solution to this situation could be vendor managed inventoryor VMI.ĪLSO READ: Important ERP Modules and Functions What is VMI? The larger the business, the more complex it becomes, and the more attention it demands. Inventory management is a critical function of any business and has to be executed efficiently for business success and growth. What is Vendor Managed Inventory and What are its Benefits?
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