Robert Miller, President of Future Electronics Speaks About Eco-Friendly Inventory Exchange Program
Robert Miller, president of Future Electronics speaks about the company's "Inventory Exchange Program", an innovative, eco-friendly effort designed to avoid excessive production, reduce waste and bring tremendous value to customers.
- (1888PressRelease) October 31, 2015 - Future Electronics, a leading global electronics component manufacturer, continues seeing great success with its Inventory Exchange Program, an innovative, eco-friendly effort launched several years ago by Robert Miller, President of Future Electronics in Montreal, Quebec.
"Participating members provide Future Electronics with a current list of their component inventory. When there is excess availability of larger quantities of individual device types, Future Electronics implements its "Stop Manufacturing" process, whereby suppliers agree to stop manufacturing a particular component, in order to allow the real-world demand to catch up with real-world supply. Future Electronics then contacts participating customers with ongoing demand for the current inventory of other program members," explains Robert Miller, President of Future Electronics.
Not only is the program environmentally conscientious, it also benefits customers. All customers face excess inventory and obsolete product sooner or later. The IEP, developed by the company's president and founder, Robert Miller, can bring tremendous value to customers by helping them through these challenges.
Robert Miller adds, "Every year, more than $20 billion of inventory rots on a shelf somewhere and never gets used, usually because some company made more of it than they could sell or because somebody bought more than they needed. But typically, about $12 billion of that $20 billion in inventory are standard parts that someone else needs and can use."
Miller continued, "This isn't just bad for business, it's bad for the environment. At Future Electronics, we help reduce waste while also helping suppliers and customers, by matching people with product, at current market price. This one-of-a-kind program was created by and is available only through Future Electronics."
One example of how the Inventory Exchange Program works is when one of the company's customers in Seattle was using an image sensor on a legacy design that had become obsolete. They were having serious challenges locating product. As luck would have it, a smart phone manufacturer had some excess inventory on this module. Future Electronics was able to connect the two parties and leverage our relationship to facilitate the sale of the product. The customer with the excess product was able to move their product and was pleased to receive the same amount that they had originally paid for the parts.
Through the Inventory Exchange Program, Future Electronics has visibility to billions of dollars worth of available-to-sell product, typically not visible to the market. The company shares visibility of this inventory to customers through a special website specifically for IEP products, and this inventory is also visible to the entire Future team worldwide through a globally integrated online dashboard.
About Future Electronics
Future Electronics is a global leader in electronics distribution, ranking 3rd in component sales worldwide, with an impressive reputation for developing efficient, comprehensive global supply chain solutions. Founded in 1968 by President Robert Miller, the company has established itself as one of the most innovative organizations in the industry today, with 5,000 employees in 169 offices in 44 countries around the world. Future Electronics is globally integrated, with one worldwide IT infrastructure providing real-time inventory availability and access, while enabling full integration of its operations, sales and marketing worldwide. Offering the highest level of service, the most advanced engineering capabilities and technical solutions through all stages of the design-production cycle, and the largest available-to-sell inventory in the world, Future's mission is always to Delight the Customer®.
For more information, visit www.FutureElectronics.com.
Media Contact
Martin H. Gordon
Director, Corporate Communications
FUTURE ELECTRONICS
www.FutureElectronics.com
514-694-7710 (ext. 2236)
Fax: 514-630-2671
martin.gordon ( @ ) FutureElectronics dot com
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