Vendor Managed Inventory is a Cloud based SaaS solution for the buyers who have to spend fortune in terms of man hours they are required to float RFQ and taking the order to closure.
VMI will help buyers reduce man hours and enable the workforce to concentrate on their core work.
In nut-shell, VMI can allow buyers to float RFQ/RFP to Vendors, Vendors can send quotes for the same and the buyers can generate PO against winning quote. Both buyer and Vendors are able to track various activities online, including quote approval, PO generation, Order placement, Delivery status, Goods received/returned status, Payment approval, Payment completed etc.
VMI integrated with buyer’s ERP system with native APIs will allow both buyers and Vendors to have transparent visibility to many of the activities seamlessly, with options for real time or batch processing of information.