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Increasing Efficiencies: Vendor Managed Inventory

by Jim Foster
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Does your business frequently (or even occasionally) run out of packaging? Do you find yourself doing lots of manual inventory counting?  Do you even know how much packaging there is at your business? Maybe, you just wish someone would manage your packaging inventory for you. If any of this sounds familiar, then the chances are your business would benefit from implementing a Vendor Managed Inventory (VMI) for your packaging. There are seven signs that your business could see a significant improvement in performance, efficiency, and possibly cost savings from using a managed inventory service.
 
Indicators you should use a vendor managed inventory (VMI) for your packaging:
  • Frequently running out of inventory
  • There are discrepancies between packaging purchased vs. used
  • You don’t know how much packaging you have available or need
  • Your team does too much manual counting of packaging inventory
  • Overstocking materials (due to trouble forecasting your requirements)
  • You struggle to or cannot meet peaks in demand
  • Issues finding space in your facility
  • Often throw packaging away because packaging becomes dirty, damaged, or obsolete
 
A good partner for VMI can help reduce the amount of storage space required for packaging at your business. This can reduce warehousing costs, and potentially free up valuable space for other items or expand production capacity. Additionally, it allows for packaging to be supplied on much shorter lead times, allowing for more flexibility with meeting peaks in demand. Finally, with your packaging supplier managing your inventory it allows them to take care of forecasting, efficient production cycles, and managing obsolescence.
 
All of this is complemented by improved communication, reduced administration and paperwork and can ultimately make your packaging supply much more efficient. Please contact your sales professional about discussing a custom VMI for your company.

 

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