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Partner relationship key to supply management

04/11/2015

Every company aims to provide an efficient response to consumers, with good service and a wide range of products. However, sometimes this gives rise to surpluses or, on the contrary, a shortfall of goods, which means making the customer wait. Both situations entail high economic costs for businesses. This makes accurate planning crucial in each stage of the supply chain, calling for fluid communication between trading partners.Nowadays, CRP/VMI (Continuous Replenishment Planning/Vendor Managed Inventory) technology helps achieve this total synchronization between supply and demand throughout the entire supply chain. To do so, it not only applies electronic data interchange, but also submits all the information shared between the parties to complex mathematical analyses. This way, it manages to accurately estimate demand in line with real needs.In general, we can talk about three key factors to improve relations between partners and, consequently, supply management through CRP/VMI technology:

    • Implementing EDI (Electronic Data Interchange), which enables the different profiles to exchange messages in standardized format, securely and integrated with the information from the ERP.
    • The use of specific tools to analyse and process all data exchanged between the parties by programming mathematical algorithms that customize the demand forecast .
    • Automatically transferring requests, shipping notices, despatch advices and purchase orders to increase efficiency and so meet deadlines.
 

What are the outcomes?

Adopting a CRP/VMI system based on these three cornerstones means saving on economic costs and more efficient service. Suppliers know in advance what the forecast demand is and can suitably adjust their production plans and delivery schedules. This way, they can optimize available resources and cut down the number of incidents with orders.In turn, distributors and retailers can maintain optimum stock levels, something particularly important in the case of perishable goods. As a result, wastage is avoided and it is possible to guarantee on-time delivery.If you have any questions about this supply management system and its benefits, you can check out the FAQs here.

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