Wetstock management goes by many names fuel management, inventory control, commercial fuel solutions and more but in reality they all focus on the same principles, which is not just understanding how much stock you have in your tanks. Wetstock management goes beyond monitoring levels to really optimise your daily utilisation enabling sites to identifying when best to resupply and advanced systems like Insite360 from Gilbarco Veeder-Root can even tell you if your pumps are over dispensing as well as many other things.
With many decades of experience in the wetstock industry Gilbarco Veeder-Root has put together a guide to Pain-Free wetstock management, detailing the common issues that can often go unnoticed and impact the revenue generated by the forecourt. From the moment of delivery to the point of sale wetstock management facilitates an up to the minute view of just how a business is running, empowering owners to make the right decisions every time to maximise their margins and their profits.
Below are the top 5 reasons why Wetstock management should be a key investment for all service stations:
1.Variance MinimisationPoor tank calibration can account for up to 80% of variance issues. Accurate stock management begins with having accurate data. Being in control of your variances means you have clearer visibility of your bottom line, not only that it makes planning your deliveries much more effective well.
2. LeaksEveryone is well aware of the financial impacts a large leak can have on a site, even small leaks, if undetected, can build into bigger problems. Wetstock management services like Insite360 when linked to a modern automatic tank gauge (ATG) can identify very slow leaks even during busy active periods, from under 1 litre per hour.
3. Under Delivery detectionWetstock management can alert you to shortages of deliveries and the detailed data reports can help prove to your suppliers any shortfall in delivery, to ensure you get what you paid for.
4. Avoid Write offsWhen working with fuel stock it is expected that a certain amount of write offs will happen every year, with unclear reasons as to what caused the missing volumes. Often a range of different factors are to blame, with an advance wetstock management system these write offs can be minimised.
5. Compliance made easyWhether national regulations apply or best practise risk management is required, non-compliance can bring with it large fines. By utilising a wetstock management service you can rest assured that all anomalies are investigated and escalated reducing the risk of potentially hazardous situations and providing the necessary audit trail to evidence upheld compliance.
Download our guide to pain-free wetstock management today for more in-depth information about how an advanced wetstock management system can help your business improve your profit margins and stay ahead of the competition.