What is wetstock management?
Wetstock management by simple definition is the management of fuel, whether that be at a retail forecourt, fuel depot, mine, bus depot etc. Good wetstock management assists companies with keeping track of their fuel movements, and also comes in handy when fuel losses are problematic and need explaining and resolving.
Why Is Wetstock Management Important?
Having a reliable wetstock management system is crucial to the day-to-day operations of fuel storage companies and service stations.
Without these systems, such businesses put themselves at tremendous risk to a variety of problems. These include potentially hazardous leaks, as well as a range of other apparent and real fuel losses. Perhaps most important of all, however, is that local regulators often require accurate and proper fuel records to be maintained.
That is something that good wetstock management can help with.
If a company operates without a wetstock management system in place, they become exposed to a range of negative business outcomes such as loss of containment, profit and reputation, as well as potential legal consequences.
And that’s just a few of the many risks of not having a proper fuel management system in place. Simply put, a wetstock management system is indispensable to a smooth and profitable operation.
What Happens if a Company Fails to Detect Fuel Leaks?
A proper fuel management system helps retail service stations keep track of their products and minimise risk. For example, petroleum products are often stored and kept underground, making it difficult to detect leaks without a good fuel management system in place.
Leaking fuel tanks pose a significant risk to human health and wildlife, and have the potential to not only contaminate surrounding land, but to also migrate off site via groundwater into local waterways.
Proper petroleum inventory management doesn’t just involve keeping track of your products. A good fuel management system will detect the early onset of a fuel system loss meaning that any issues can be resolved quickly, thus reducing the severity and impact of potential leaks.
Fuelsuite can assist companies with their wetstock management requirements, reducing business costs and overall risk.
Why automated fuel management is the Solution
Many retailers still use spreadsheets to keep track of their sales, dips and deliveries.
The problem with this system (and manual systems in general), is that it is very rudimentary, prone to human error and severely outdated.
Automating such processes significantly minimises the risk to retail service stations, as well as to the environment.
From preventing any wasteful leaks, to improving the health and safety of the operating site, ensuring compliance with local regulations and laws, and improving profit and income, an automated petroleum inventory management system is worth the investment.
Fuelsuite is the comprehensive automated fuel management solution created by fuel management expert’s EMS. Contact EMS today to learn how Fuelsuite can optimise your wetstock management process.