LS Scientific launches Vendor Managed Inventory to support Nigerian firms

LS Scientific Ltd, a Nigerian- owned company dedicated to the provision of products and services across different sectors of the economy, has launched its exclusive Vendor Managed Inventory ( VMI) program to partner various firms across the country in managing their inventory for Laboratory Chemicals and Consumables.

The VMI, which is a proven inventory management system, will improve inventory replenishment process for customers, and help them boost productivity for their business by cutting cost. VIM is an arrangement in which a supplier monitors and manages its products within a customer’s inventory to ensure they are always in stock in line with demand for them.

“LS Scientific’s goal is to ensure that our customers get the Laboratory Chemicals and Consumables they need, when they need them and how they need them to integrate smoothly into their quality assurance and manufacturing processes,’’ said Mr Odunjo Olumurewa, Managing Director, LS Scientific Ltd.

According to Olumurewa, the VIM program will help customers avoid stockouts by always having Laboratory Chemicals and Consumables ready when they are needed. Olumurewa added that the program would enable customers to gain better intelligence over their Laboratory Chemicals and Consumables processes used to implement orders.

The VIM model has been successfully applied in both large and small scale businesses that require properly monitored or managed inventory levels, including in giant supermarkets like Walmart.

Around the world, the use of VIM has helped organizations avoid waste and reduce loss which is associated with disproportionate stock levels.

Similarly, it has simplified purchasing and streamlined the ordering system along with the warehousing and inventory management of Laboratory Chemicals and

Consumables for firms.

Meanwhile, research has shown that ineffective inventory management can frustrate effective demand forecasting, lower customer service target and optimal replenishment cycles.

“Our program will help our customers save money on stock levels and reinvest capital into their businesses,” said Olumurewa.

LS Scientific Ltd is a company dedicated to providing quality control solutions within the health sector, pharmaceutical sector, food and beverage sector, oil and gas sector etc., with a goal of ensuring excellent quality standard that further enhances the productivity of finished products.

LS Scientific Ltd was incorporated in February 2007 in the United Kingdom and Nigeria in March of the same year, although it commenced business in 2009.

The company boasts of expertise level scientists who use different techniques that satisfy the Global Scientific requirement and has permits with NIPEX, NAFDAC, SON, and is IPAN certified.