The vendor-managed inventory approach plays an important role in reducing the overall supply chain cost. But how can you make sure that you’re doing VMI the right way? What are the most commonly seen mistakes that you should avoid?
What is vendor-manged inventory (VMI)? Have you been using the VMI approach correctly to help your business run? What more do you need to know about it if you want to make the most out of it?
Vendor management is one of the most risky management problems for a business. With the efficiency of vendor management improved, so does your profit margin and your product competitiveness.
The reputation and quotes from vendors relate directly to your product costs. That said, if you want your product to be of high quality and at a reasonable price, vendor management is a spot that you can’t afford to miss.
Poor supply chain management and NPI process are the major causes of death of many businesses. But the good news is, you can always keep on eye on the 5 areas listed here to avoid the final destination.