ERP with Builtin Vendor Management
Vendor-managed inventory (VMI) is an inventory management technique in which a supplier
of goods, usually the manufacturer, is responsible for optimizing the inventory
held by a distributor.
VMI requires a communication link—typically electronic data interchange (EDI) or
the Internet—that provides the supplier with the distributor sales and inventory
data it needs to plan inventory and place orders. In contrast, under the traditional
arrangement the distributor handles those tasks. The inventory can be owned by the
distributor, or by the supplier, often under consignment.
The benefits of a vendor managed inventory system may include better inventory accuracy,
forecasting, and service, though it can present challenges in communication, cultural
resistance, and setting clear lines of responsibility.
Usefull of Computerising vendor's management
Vendor management software gives you a complete view of your vendor relationships
and vendor risk. The solution enables efficient vendor due diligence, vendor risk
assessments, planning, vendor contract review, ongoing monitoring, and oversight.
The software comprises application packages that smartly streamline distributor's
entire operations, while providing the manufacturer's with a window into select
areas of his distributor's operations and vice versa.With Quantivate Vendor Management
software, you can manage all your vendor information, such as contact information,
financials, contracts, and insurance certificates, in one easy to manage web-based
application. The system also provides comprehensive on-time notifications of critical
expiration and due dates.
Reports include:
-
All Vendor Report: Displays key information about all vendors stored in the system.
- All Contract Report: Displays key information about all contracts stored in the system.
- Vendor Classification Report: Displays classification ratings for all vendors stored in the system.
- Vendor Due Diligence Report: Displays all attributes associated with the Due Diligence process.
- Critical Vendor Detail Report: Displays all vendors classified as Level 1 – Critical.
- Exceptions Report: Highlights Vendors and Contracts that are missing key information and reviews such as classifications, due diligence, and contract expiration dates.
- Documents Requested and not Received: A list of documents requested from vendors but not yet received. Includes links to drill down to the due diligence assessment for further review.