Vendor Managed Inventory and Managed Inventory Services

JIT Consumables are fast becoming one of the UK's most sought after and trusted vendor managed inventory specialists. With a customer base spanning across the whole of the UK, we have grown from strength to strength over the last few years. JIT Consumables are always happy to take on new customers so why not leave all the headaches and stressful orderings with us.

What is Vendor Managed Inventory?

Vendor Managed Inventory is a service which has has become very popular in many industrial sectors, where the vendor/supplier will closely monitor and maintain the level of inventory/stock that a customer will have. The vendor will replenish the customers stock automatically without the need of the customer having to check the levels themselves or arranging purchase orders.

The Seven Main Wastes When Doing It Yourself

Trying to manage your inventory and stock control in house can be a very hard and tricky thing to say the least. Below is a list of the seven main wastes when trying to do it yourself.

1: Over Production

Customers sourcing and purchasing their own maintenance consumables will face the issue of minimum order quantities meaning that they will have to order more than they actually need. The JIT Managed Inventory Service eliminates this waste.

2: Transportation

Customers sourcing from many maintenance consumables suppliers will incur multiple delivery costs to site. as well as the internal cost of moving product between stores, workshops and production units. With a JIT Managed Inventory service they can source all of their needs through one supplier.

3: Motion

A JIT Managed Inventory Service will distribute the product to the correct area and replenish the bins on behalf of the customer. Because the correct product is always at the point of use, the end user does not need to go looking for it. Motion waste is greatly reduced and productivity improved.

4: Waiting

Employing a JIT Managed Inventory means that we are able to understand, monitor and plan for the customer’s usage requirements. This manages the risk of the customer running short of product and being exposed to delayed delivery from multiple maintenance consumable suppliers.

5: Processing

A significant benefit of the JIT Managed Inventory Service is the reduction in processing times associated with placing multiple low value orders and the raising and paying of invoices related to these types of purchases. This waste can be greatly reduced by sourcing maintenance consumables through JIT.

6: Inventory

The inventory costs associated with managing maintenance consumables are often overlooked. These include the time taken to receive product in to stores, put away time, checking product for reorder, stores housekeeping and the cost of carrying too much product on the shelves. The JIT Managed Inventory Service addresses all of these areas and will eliminate much of the wasted time and costs associated with them.

7: Defects

Defective, incorrect and non compliant products can have wide ranging impacts on customers. Employing the JIT Managed Inventory Service ensures that all product is sourced consistently form a best in class supplier who will ensure ownership of quality and continuity of supply.

The Benefits of Vendor Managed Inventory

Having a well structured and effective vendor managed inventory service will add great value to your business as well as helping to eliminate unnecessary costs.

Buying all your parts from a trusted vendor managed inventory supplier will help to Consolidate your current supplier base, whilst also helping to Reduced transaction costs.

Also by using a vendor managed inventory service you can achieve improved purchasing efficiency by your Reduced number of orders, suppliers and invoices and controlled purchases of maintenance consumables.

Having an effective managed inventory service will deliver a number of benefits to your business like improved parts management, improved efficiency, reduced purchasing costs through consolidated supplier base, eliminate range duplication and also eliminate stock obsolescence & waste.

There are several key benefits to using a vendor managed inventory service such as stock level efficiency, better stock level forecasting as well as the cost saving.

Reduced Distribution Costs
Decrease in Unnessesary Stock-outs
Much Greater Customer Satisfaction
Increased Production Uptime
Simplified Stores Stock Management

Better Fill Rates
Convienent Single Source Supply
Improved Purchasing Efficiency
Supplier Reduction

Tel: 01676 540 818