insights

28 Sep 2020 By Sumi

Need Pain-Free Wetstock Management

Need Pain-Free Wetstock Management

A number of small and medium-sized independent fuel retailers face fuel inventory, fuel loss and fuel leaks etc issues every day, even if unknowingly.

Ensuring you have an effective and efficient Wetstock management system in place can take the work out of monitoring stock variance by utilising automation technology. Wetstock management helps you to detect fuel losses from leaks, theft or delivery shortages, spot maintenance issues early saving you money and future proof against changes in compliance requirements. In the past, Wetstock management could have been as simple as reconciling weekly fuel levels with deliveries and sales.

Many still assume Wetstock management is simply monitoring inventory fuel levels. However, it goes far beyond that, involving several different processes from the moment of fuel delivery through to its sale to your customers. Besides its complexity, all Wetstock management variables can cost you time and money when not properly controlled – and, surprisingly, many forecourt operators don’t even realise how much this is costing them every day.

Although every fuel retailer knows what their variance is, but not everyone understands what the underlying causes are; whether it’s real or virtual, and most importantly whether or not anything can be done to improve the situation and reduce cost and risk. Multiple problem areas can affect fuel storage operators at any time. Being aware of the possible causes is the first step to make a real difference to business profitability, but it is also critical to investigate the root-cause and remedy all reconciliation issues to be truly successful.

The importance of effective Wetstock management is in finding the root cause of these issues.

Effectively monitoring your fuel is key to running a successful site. Whether your priority is profit or compliance, neither of these can be successfully achieved without clear visibility of your stock and operations.

To achieve this, you need an automated Wetstock management system like Fuelsuite that will quickly identify the location of the variance and resolve it immediately. Effectively uncovering fraudulent operations (or any other major fuel loss) relies on your ability to:

  • Correctly calculate your daily variance in stock
  • Establish whether this variance is normal or abnormal
  • Determine where the abnormal loss is coming from, and what is causing it

This can all be achieved by engaging comprehensive fuel management and monitoring system.

Fuelsuite allows for high-definition, high-frequency data that shows exactly where and how you’re losing your fuel. This system offers comprehensive fuel reconciliation that will allow you to identify any fuel losses and gains in real-time – compared to day, week or months end when monitored manually – which allows you to pick up problems and patterns more quickly.

To find out how Fuelsuite can give you complete visibility over your Wetstock from anywhere in the world, contact us now.