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Meeting/Event Information

Vendor Managed Inventory

July 28, 2020
8:00 AM - 10:00 AM
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Zoom Meeting


 Directions

Vendor Managed Inventory (VMI) is an inventory management practice in which a supplier of goods, usually the manufacturer, is responsible for optimizing the inventory held by a customer.

In traditional inventory management, a buyer makes his or her own decisions regarding the order size, while in VMI, the customer shares their inventory data with a supplier, such that the supplier is the decision-maker who determines the order size for both.  Thus, the vendor is responsible for the ordering cost, while the customer typically pays for the holding cost. VMI can prevent stocking undesired inventories and hence, can lead to an overall cost reduction.

As a symbiotic relationship, VMI makes it less likely that a business will unintentionally be out of stock for an item and, can reduce inventory in the supply chain.  Furthermore, suppliers typically benefit the customer by ensuring the product is properly stored at the best point of use.

One of the keys to making VMI work is shared risk.  In some cases, if the inventory is not used, the supplier may re-purchase the item from the customer.  VMI also helps prevent overflowing warehouses or shortages, as well as costly labor, purchasing and accounting.

Participants will learn about the following:

  • What the supplier is responsible for
  • What the customer is responsible for
  • Typical start-up projects for direct and indirect materials
  • Direct material VMI benefits
  • Indirect material VMI benefits
  • Vending machine use – getting started, execution and typical benefits

Tickets

$0.00 Member Ticket

$49.00 Guest Ticket


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