Rick Peterson, president of All-West Fasteners, Seattle, WA, a regional industrial fastener and electronic hardware and components distributor, recently spoke at the Specialty Tools and Fasteners Distributors Association convention and trade show in Denver, CO. He is the group's outgoing president. The event drew nearly 4,500, down from the past two years but not far off 2005 attendance.
In his speech to the attendees, outgoing STAFDA President Rick Peterson touched on business practices his company has benefited from. One of those: Vendor Managed Inventory (VMI). The goal of VMI, he says, is to make sure the customer's production line or job never shuts down due to a product shortage, and to minimize the total cost of supply.