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Vendor Managed Inventory Solutions

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Vendor Managed Inventory Solutions

Managing your supply chain can be time-consuming if you don’t have a process in place. It’s costly to hand-track, purchase, and maintain adequate stock levels of tools, equipment and supplies for your manufacturing needs without a proven process and software in place to strategically assess your production and inventory levels over time.

With a customized Vendor Managed Inventory (VMI) solution from Tool-Krib Supply, we can help you streamline your inventory levels and save you time, effort and money over the long term. With Vendor Managed Inventory, we’ll keep the most needed tools in-stock and re-stocked when supplies run low so that your shop or plant doesn’t run out of the tools needed at critical manufacturing junctures.

 

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What is Vendor Managed Inventory?

Vendor managed inventory (VMI) is the process of outsourcing the management of stocking your inventory to a third party. The stocking of your inventory should be with the distributor (vendor) of the products you need to maintain a streamlined manufacturing facility. Tool-Krib has a vast supply of the tools, equipment and industrial supplies most manufacturers need to run their facilities. By working with Tool-Krib to maintain your stock levels, your inventory levels will be consistent and supplied when you need them the most.

Vendor Managed Inventory Benefits

The benefits of vendor managed inventory are consistent stock levels, simplified procurement processes and less overhead because replenishment of supplies is fulfilled logically based on key inputs that estimate demand vs stock levels. The goal of a VMI process is to supply you with the products you need when you need them. We’ll help you maintain accurate inventory levels and reduce your procurement costs in the process.

7 Immediate Benefits of VMI – Vendor Managed Inventory:

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Vendor Managed Inventory Process

If you are new to the vendor managed inventory model you are likely wondering how does a VMI program work, and how do I set up a vendor managed inventory system? Tool-Krib’s many years of experience with vendor managed inventory makes setting up the process easy.

Tool-Krib’s VMI software will analyze your data as the first step toward streamlining your supply chain process. Secondly, after reviewing your purchasing history our VMI software will anticipate your demand and consolidate your purchases from multiple manufacturers into one or two monthly orders. Finally, we’ll generate a single invoice, and eliminate many of the mundane, tedious tasks you experience when purchasing products.

Customer Testimonial:

Everything has been great working with Tool-Krib, the sales people have been very knowledgeable and helpful and they understand our business and communicate to us helpful information that saves us time and money on our tooling.

Tool-Krib understands how to deliver a Vendor Managed Inventory Solution and is helping us make our tooling process more efficient and effective.

H&W Tool’s Quality Manager
Tricia Winstead

Keys to Making Vendor Managed Inventory Work for You

When setting up a VMI relationship, it’s essential that both parties clarify expectations. Tool-Krib’s staff can advise on the best practices and essential processes that both Tool-Krib and the customer should follow to ensure that the inventory levels are maintained and everything runs like a well oiled machine.

Sharing of information between Tool-Krib and the customer is vital to maintaining a properly stocked inventory. The customer should be willing to share production schedules and/or forecasts where possible to provide visibility & transparency so that a steady flow of goods can be ensured. In the process, Tool-Krib and the customer will communicate up front about short and long-term goals and how to achieve the customer’s production needs over time.

It’s essential that the customer advise Tool-Krib of any changes in production or sales that could create spikes in demand or create shortages of supplies in the manufacturing supply chain. Gaining a new, large account could use up the forecasted supply and create unexpected shortages in the short-term. Tool-Krib’s goal is to keep your company in-stock and finely tuned to prevent down time in manufacturing which can cost you money.

Customer Testimonial:

Since we instituted the Tool-Krib Vendor Managed Inventory (VMI) system and vending machine we have cut our tool and shop floor consumable costs by 20%.

We stock the vending machine with things like drills, taps hole saws, adhesives, safety glasses, Loctite, and a lot more though the majority of items are metal working tools.

The Tool-Krib VMI program makes it much easier and cost effective for us to manage by consolidating tools, MRO, safety items, production items all in one place for all of our shop floor people to access.

Purchasing Manager PL Custom Manufacturer of ambulances and emergency vehicles
John Foran

Vendor Managed Inventory Advantages

VMI makes it less likely that your business will unintentionally become out of stock of a key manufacturing tool or material when you need it most, and VMI reduces the inventory you need to keep on hand in order to get the job done.

By maintaining a reduced inventory level, you will find a significant cost savings. You will benefit from reduced purchasing costs because Tool-Krib will receive data on your inventory levels and only restock when your supply is reaching a threshold that implies demand. We will restock your inventory as needed when demand levels are optimal and not critical.

Your purchasing department will save time & money because they won’t be wasting valuable time calculating and producing purchase orders for items that are not needed.

Among the many advantages of Tool-Krib’s VMI solutions are:

  1. 24/7 emergency response
  2. Electronically controlled inventory
  3. Integrated asset management services
  4. Customized reports
  5. Summary billing
  6. Dedicated customer inventory
  7. EDI-enabled product bar coding
  8. Industrial vending solutions

Tool-Krib’s Vendor Managed Inventory Expertise

Tool-Krib Supply will tailor a VMI program to address your business’ unique needs, whether your company is engaged in general machining, general engineering, or manufacturing for the aerospace and defense, medical, energy or automotive industries.

Tool-Krib Supply has been offering VMI solutions since 1999, including not only software solutions but also tool crib management and industrial vending solutions and equipment from AutoCrib, Kennametal and SnapVend. As your strategic procurement partner, Tool-Krib can provide one-stop shopping for all of your day-to-day operational needs—and accelerate the entire process in the bargain.

About Us:

Tool-Krib Supply Company serves customers in the Tri-State Area of New Jersey, New York and Pennsylvania. We also serve manufacturers across the United States including Florida and West Virginia. We ship tools, equipment and supplies to international customers in China, Germany, Italy, Australia, Mexico and Ireland.

Tool-Krib Supply Company provides premier industrial service solutions including Point-Of-Use Dispensing Systems, Tool Vending Solutions, Vendor Managed Inventory, Tool Repair & Reconditioning, Gage Repair & Calibration, Custom Tool Manufacturing & an expansive catalog of tools & supplies for every type of manufacturing.

Our sales force has on average 26 years in the business, and we are ready to work with you on a program which will cut your procurement costs.

Our sales team is available Monday – Friday from 8:30AM-6PM and can be reached at 973-808-4550 or click here to email our sales team for a quote. Let Tool-Krib supply you with Vendor Managed Inventory Solutions needed to get your manufacturing back on track today!

 

Learn more about our other products and services on our blog:

Best Cutting Tools for Titanium

Sandblast Cabinets & Media Blasting Equipment

Essential Tools for Machinists

 

References:
https://www.thebalance.com/vendor-managed-inventory-vmi-2221270
https://en.wikipedia.org/wiki/Vendor-managed_inventory
http://toolkrib.com/solutions_vendor_managed_inventory.php

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