Do you agree with this: An effective way to manage inventory is to solicit the help of suppliers?

Inventory management is a system used to oversee the flow of products and services in and out of an organization. A company may decide to incorporate one key inventory management technique or combine a variety of techniques to meet organizational needs. Businesses utilize inventory management strategies to create invoices and purchase orders, generate receipts and control inventory-related accounting.

An effective way to manage inventory is to solicit the help of suppliers. Supplier-managed inventory gives the vendor access to the distributor's inventory data. The supplier generates purchase orders based on the distributor's needs. Distribution-intensive companies utilize vendor managed inventory controls to eliminate data-entry errors and to effectively manage the timing of purchase orders.

its purely depends upon the companies. in power sector we take help from suppliers for identifying the material for correct information like model, KKS codes, drawings, for placing the order. once material was receved at stores it the reponsibility of the store team to manage the inventory. periodic physical counting of inventory will helpful to resolve any descrepancies found in inventory. One should have ERP software to maint the stock status. If any descrapencies found first we need to check with teh system the receigin part and then issuance/return part there by we can correct the stock upon propoer justification given and approval form plant head.

Yes, I do agree ,,,,,,,,,,,,.................

It Depend in your Items not always it we should ask for there help

yes.i agree with the statement.

Yes its very important to ask help from a suppliers data information for creating orders and receiving to elliminate wrong encoding and makes more easier and convenient in both parties.

An effective way to manage inventory is to solicit the help of suppliers. Supplier-managed inventory gives the vendor access to the distributor's inventory data. The supplier generates purchase orders based on the distributor's needs. Distribution-intensive companies utilize vendor managed inventory controls to eliminate data-entry errors and to effectively manage the timing of purchase orders.

Might I suggest replace the term solicit with 'partnering '. By actively engaging suppliers and giving them transparency of your business, means mutual exchange of knowledge and ideas. This could result in reduced inventory at your warehouse and training benefits. It may even result in exclusive line offerings. There is nothing better for your sales teams than when the product OEM is with them at sales calls. It demonstrates unity and strength.

Yes, I agree with you all..