Does your company supply items on consignment?
Do you offer, as part of your value add, to maintain proper inventory and service levels?
If so, you are aware of the traditional strategies used to manage these inventories.
Frequent counts by your employees
Frequent counts by your clients
Transactions using barcode-based systems
Even with the effort and expense of these approaches, they can all be derailed by simple compliance failures. It can be difficult to get your customers to comply with providing accurate and timely usage information.
Some of these approaches have time lags built-in or have lots of moving parts that require ongoing support and maintenance.
You want to create exit barriers by saving your clients both money and space on inventory that is needed repetitively. You want to accomplish that while making every effort to keep service levels high. Running lean is the goal but running out is not acceptable. You want to accomplish all of these objectives at the lowest cost.
NeverOut VMI is the Answer!
The Supply chain inventory tracking and Replenishment System
NeverOut VMI is an automated process that combines machine learning with artificial intelligence.
RFID reader(s), paired with access to our NeverOut™ VMI cloud, provides real time access to inventory counts at your clients' sites. Your warehouse staff associates RFID tags with your products at time of shipping. This tag is pre-encoded with a unique serial number (LP). We capture the item and quantity in each container and tie it to the serial number on the RFID tag. This allows you to uniquely tag every container. This step flags the products as "INTRANSIT".
RFID readers are deployed to provide coverage of your clients' storage areas. Many sites can be covered with a single reader. Once the products are stored, they are flagged as "ONHAND" and the readers begin continuously inventorying them. As products are taken from storage, the tags will no longer be read. This allows us to determine it was issued and it is automatically flagged as "EXPENDED". In this way, we can maintain a perpetual inventory without requiring any additional transactions by your clients' staff.
Benefits to You
Creates an exit barrier and adds to the value your clients see in your relationship
Accurate real-time inventory stock status of critical items
Accessible 24/7 from multiple platforms
Inexpensive
One-time hardware costs for readers and antennae
.15 per tag
Monthly (SaaS) subscription to NeverOut™ VMI
Includes maintenance/support
Includes hosting (cloud-based)
Decreased safety stock (run leaner)
Fewer dollars tied up
Less space required
Pull the same product from multiple vendors
Buy based on price and availability
Machine learning (ML)/Artificial Intelligence (AI)
Data is automatically collected by the readers (ML) and passed to our dynamic min/max/reorder point process that is constantly adjusting these values to spot usage trends and using the AI results to optimize replenishment
What you need, Where you need it!