Be up front about any other factors that may affect buying behavior.They simply deal with too many other buyers. Enormous, national supply chains are unlikely to give you best-in-class customer service. Expect reputable small- and medium-size vendors to be your best and most reliable VMI partners.Create a VMI contract that specifies in detail what inventory the vendor will manage, minimum and maximum inventory levels, and return policies.Do your research, get references, read reviews. You’d better make sure you’re confident in their ability and trustworthiness. You’re giving another organization access to your data and control of your inventory. Make sure you have an iron-clad confidentiality agreement before giving suppliers access to your inventory information. Successful vendor managed inventories are based around sharing sensitive sales information. Share frequently what you’re comfortable sharing, including inventory levels, seasonal spikes, and seasonal lulls. Here are some tips for buyers to master vendor owned inventory management: That can lead to overstock, understock, wasted inventory and effort, and a lot of blame. ![]() If a vendor isn’t familiar with a buyer’s demand trends, they’ll have no idea how much inventory to send. ![]() Vendor owned inventory management is based on healthy communication between buyers and vendors. And the key to that is buyers sharing their sales and demand forecasting data with their vendors. Successful VMI relationships are all about vendors knowing when to replenish their buyers’ inventories. ![]()
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