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Step-By-Step Guide: Van Meter's Inventory Management Process

August 15, 2017 | Best Practices | Electrical

inventory management process

STEP 1
Evaluate current inventory and processes

A Van Meter Product Sales Representative will schedule time to assess the current state of your crib or stoeroom.

During the visit, they will:

  • Review the materials you have in inventory, capturing product numbers, descriptions, brands, quantities, etc.
  • Seek to understand your existing processes for product replenishment, repairs, etc.
STEP 2
Strategize | Organize

Based on the inventory/process evaluation, Van Meter's Product Sales Representative will work with you to create a strategy to organize and streamline your crib or storeroom.

This step includes:

  • Categorizing and grouping like products
  • Determining minimum and maximum levels for each product
  • Establishing an efficient physical set-up, layout and flow
  • Cleaning, refurbishing and/or replacing storage bins, racks and shelving
  • Marking and/or labeling storage units with Van Meter barcodes
  • Removing obsolete, unneeded, and/or overstocked products
  • Setting up a designated area for repairs and returns
  • Establishing a communication board
  • Determining a call plan to service the crib or storeroom
STEP 3
System Set-Up

After your needs are assessed and the physical space is set up, your Product Sales Representative will collaborate with Van Meter's operations and inside sales teams to make sure everything is set up in our system to facilitate efficient and accurate stocking and replenishing of your crib or storeroom.

This step includes:

  • Loading your product part numbers and min/max levels into the system
  • Creating a specific crib/storeroom "ship to"
  • Setting up and verifying purchasing processes (i.e. a blanket PO)
  • Placing an initial stocking order to round out your existing inventory
  • Building an online product profile specific to your crib/storeroom needs (if applicable)
  • Delivering product and fully stocking your crib/storeroom at desired levels
STEP 4
Train

Making sure you and your team are comfortable with the new crib/storeroom set-up and are familiar with any new products or processes is critical to the success of your vendor managed inventory.

Your Van Meter Product Sales Representative will schedule time on-site with you and your team to:

  • Host a crib/storeroom walk through, demonstrating how things work and are organized
  • Review and verify processes for replenishment, repairs, communication, etc.
  • Conduct product-specific training (as needed per product conversions)
  • Introduce Van Meter's online Shopsite tool and facilitate account set-up (if applicable)
  • Answer any questions

It is also critical that your Van Meter Product Sales Representative learn and understand your company requirements for building access, safety, etc. They will make themselves available to complete any required training on policies and practices. Please plan to provide security badges (as needed) and communicate your expectations prior to launch.

STEP 5
Execute | Launch

With products stocked and training complete, it is time to go live with your vendor-managed crib/storeroom inventory.

According to the established call plan and purchasing processes, your Van Meter Product Sales Representative will be on location to electronically scan, order and replenish products.

STEP 6
Maintain | Optimize

Van Meter's Product Sales Representative will monitor call/order frequency and adjust crib/storeroom inventory levels based on consumption activity. The objective is to fine-tune and optimize your inventory levels so you achieve the efficiencies and cost-savings you desire.

Quarterly, your Van Meter Sales Representative will provide documentation outlining usage, spend, savings, etc. The review will also report on Total Cost of Ownership activities.

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