As a supplier, do you start your mornings off tracking down your terminal inventory data? Most likely, you’re combing through cumbersome data, spilling coffee on spreadsheets and agonizing over the broken fax machine. A centralized digital solution will help make your mornings a little less hectic.
Don’t get left behind
Shipping refined fuels is an expensive and intricate proposition, with a lot of moving parts involved, so terminal inventory is a critical data point for maintaining steady and efficient supply. However, we all know the old methods for securing inventory information are not timely, efficient or accurate: inventory reports come in separately from different terminals, in different formats, and through different channels.
Like everything else, digital solutions make inventory management more efficient, but also more accurate and provides new intelligence to support business decisions. Terminal inventory data management systems gather all relevant data, in all its forms, from all distribution partners, and presents it in a format that is most resourceful to users.
Freeing professionals from data gathering and actually allowing them to do their jobs not only saves money, but also allows each individual to provide their maximum contribution to improve the bottom line.
So I’ve made this investment, now what? As terminal inventory data management systems manage both incoming and outgoing inventory data, you remain two steps ahead. Without peering through a crystal ball, you are able to determine:
- Schedulers and traders can have better visibility into terminal inventory, demand, and pipeline schedules in order to fine-tune the volumes and timing of barrels shipped. This can also help optimize the volume of barrels stored across an entire supply network.
- Marketing, pricing, and wholesale supply managers can gain instant access to real-time inventories and terminal activity. This allows for more aggressive or passive marketing strategies to be employed, so the last available barrel can always be sold for the highest value-without facing product outages.
- Corporate hedging activities, designed to reduce market volatility risk, but often become a cost center due to lack of timely, accurate information, can be managed more precisely.
- Inventory accountants can stop wasting time chasing paperwork and burrowing through spreadsheets.
Built-in accuracy warning systems ensure that inaccuracies are identified and corrected earlier.
The bottom line: Terminal inventory data management systems increase speed, accuracy and optimization of terminal inventory management, resulting in increased profits.
Smoother mornings await you
Investing in a successful terminal inventory data management solution provides the critical visibility needed to consistently and accurately collect high-quality data for business relations and transactions.
As we leave the manual data collection days behind and enter into a digital age, you can approach your morning routine with added confidence and efficiency.