Every manual min/max system starts with good intentions. A manager sits down, reviews recent orders, makes reasonable estimates, and sets reorder points that make sense for that moment in time. The spreadsheet looks clean. The logic is sound. The system works for a while.
I wish more distributors would appreciate how much better it is to do cycle counting versus ordering when they set up their new vendor-managed inventory (VMI) app to manage point-of-use (stockroom, clinic, jobsite, vehicle, etc) inventory for customers.
Efficient min/max inventory management tools can tell distributors exactly how much consignment inventory you should have onsite at your customer. Or these tools could tell your customers exactly how much they should be buying from you based on current usage...
eTurns TrackStock has many features that can help distributors and their customers replenish point-of-use inventory more efficiently.
To stay competitive, distributors and the companies they serve are turning to leading solutions like artificial intelligence (AI) and inventory sensors to gain near real-time visibility, streamline replenishment, and make smarter, proactive decisions.
It’s a delicate balancing act—order too little, and you’ll face stockouts and frustrated customers. Order too much, and you tie up valuable cash in excess inventory, weighing down your operations with burdensome carrying costs.
Summary: A definitive guide to defining Min/Maxes and how to calculate them. Learn how modern VMI apps that track usage can optimize your min/max levels and decrease costs.
A vendor-managed inventory app is used by an industrial or medical distributor to facilitate the VMI process of replenishing onsite inventory at the customers' point-of-use location (where the customer uses the inventory in the course of conducting their operations, as opposed to selling the inventory). VMI apps help distributors and customers share inventory data seamlessly and make replenishment decisions collaboratively. Learn about important features of a VMI app here.
Let’s unpack specific examples of AI’s transformative power within the world of inventory and how you can leverage this tech for game-changing profits and growth.
