How Troy Vending Solutions can help your business improve efficiencies and gain a competitive edge
Today, the aerospace industry faces a myriad of challenges – from geopolitical tensions to environmental pressures.
In addition, the sector is now confronted with escalating costs of energy, materials, and labour. Although long-anticipated, these cost increases are affecting profitability and competitiveness of aerospace manufacturers and suppliers. And the ride is set to get bumpier.
According to Accenture’s Commercial Aerospace Insight Report in April 2023, 67% of industry executives forecast that raw material costs will rise in the next 24 months. Similarly, 70% expect labour costs to increase in the same period.
Against this backdrop, businesses must now seek alternative ways to optimise their operations. In this article, we’ll discuss one such solution and strategy: Vendor Managed Inventory (VMI).
What is Vendor Managed Inventory?
VMI is a system where the supplier, or vendor, assumes the responsibility of inventory management for the buyer. This eliminates the need for ordering and managing parts, and ensures stock is always at an optimal level. Effectively, a VMI system will reduce costs, improve efficiency, and provide better data insights for both parties. It can also foster stronger supplier relationships.
How to choose the right VMI
At Troy, we can provide its members with a comprehensive Vendor Managed Inventory solution by partnering with industrial vending machine supplier Safe Stock. Together, we’re able to offer the design, supply, installation and full training on all aspects of equipment and software. There’s also full contractual support, help with negotiation, contract set-up and ongoing maintenance too – so you can focus on the job at hand without worrying about parts.
We’ve seen a decrease in stock usage by an average of 15% when we’ve implemented VMI systems in similar industries. And since you only pay for what you use from the vending machine, there’s no need to stock up on products. This also lowers the costs of purchase orders, stock management, storage space, and delivery fees.
24/7 access means products are always available when employees need them. A vending solution also reduces walk and wait time, unlike a regular store system. It also ensures you have the stock where you need it, in a secure place that prevents the misuse of items. The technology supports the calibration of items – preventing them from being vended and sending an update to the business so the item can be calibrated immediately.
Our vending system is flexible and scalable, so it can adjust to your changing needs, without compromising the quality of service.
Minimised carbon footprint
With a VMI system, your streamlined stock management and ordering process can lead to efficiencies across the board, like a reduction in the number of deliveries, for example. This has an obvious financial benefit, but its environmental impact is equally important. As reporting emissions becomes commonplace in aerospace, demonstrating your commitment to lowering emissions could provide a competitive edge.
How we can support you throughout the process
We take care of everything. From initial consultation to project management, installations to training, maintenance and repair to database consolidation and data analysis – we’re with you every step of the way. Our team is there to ensure your costs are driven down, productivity is maximised, and compliance is ensured.