FuelQuest ForeSite™ IC (Inventory Control) helps fuel managers spot and resolve issues with theft, fraud, leakage, deliveries, gray loads, dispensing equipment, and operational errors that cause inventory variances. ForeSite IC tracks inventory, sales, and deliveries; and automatically calculates, alerts, and logs any events that are out of tolerance with acceptable inventory losses or gains. Available in a Software as a Service (SaaS) model, ForeSite IC gives retailers the ability to account for each gallon of fuel from delivery to consumption and allows them to correct variance issues before they become expensive problems.
ForeSite IC collects inventory, delivery, and sales information from a variety of sources including ATGs, fuel management systems, order management systems, Point of Sale (POS), back-office systems, automated and manual file import, and manual entry. ForeSite IC analyzes this data accurately calculating and identifying current inventory position and variances (when the actual on hand inventory does not match expected "book" inventory levels). With user-configurable rules defining variance calculation and configurable thresholds for acceptable variance, fuel managers can tailor ForeSite IC inventory policies to their particular business requirements.
- Variance Rules - Customizable rules for calculating daily, weekly, and monthly variance at the tank or grade level, and multiple sites
- Reporting - Comprehensive reports covering inventory, sales, deliveries, and variance over a specified time period
- Variance Exceptions - Early warning indicators of out of tolerance variance conditions and outdated inventory information
- Variance Drill Down - Inventory, delivery, and sales data captured via automated polling, scheduled import, or manual entry
- Inventory Adjustments - Ability to acknowledge, comment, assign reason code, and correct identified variances
- Business Period - Management of variance to a configurable time period with automated and manual workflow
ForeSite IC is built on the ForeSite Platform, a flexible technology framework that enables rapid deployments, enterprise-level scalability and availability, enhanced security, open integration, and mobile device access. ForeSite IC easily interfaces with FuelQuest Fuel Management System (FMS); third-party order management, back-office, and POS systems; and ERP applications. ForeSite IC is fully internationalized and localizable. ForeSite IC has native support for English, French, German, Spanish, Portuguese Vietnamese, Russian, and double-byte languages including Chinese and Arabic.
ForeSite IC offers the following benefits:
- Enables real-time tracking of inventory position
- Reduces fuel losses improving the bottom line
- Provides early alerting to potential issues with theft, fraud, leakage, delivery, dispensing equipment, and critical fuel operations
- Facilitates process improvement leveraging built-in metrics to measure, analyze, and improve fuel management processes
- Enables detection of gray loads, fuel from unauthorized suppliers
Convenience stores, grocery stores, service stations, and big box retailers are finding fuel a tough business to achieve and maintain healthy margins. It's so difficult that many convenience stores, for instance, where fuel comprises roughly 70% of its total revenue, focus primarily on in-store profit centers abandoning fuel as a profit driver for the business.
Fuel cost volatility is an anathema for private and government fleets striving to meet financial and operational goals. With fuel typically the second highest expense item after headcount, fleet operators face many challenges regaining predictability in their fuel spend.
Jobbers strive to provide superior service to their retail customers and minimize costs for improved margin. Manual processes can increase costs unnecessarily and impact supplier and retailer relationships.
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A sputtering economy, fierce competition, and volatile fuel prices have created a perfect storm for thin profit margins for fuel retailers. With gasoline sales comprising the majority of store revenues, it is clear that margin improvement depends on careful planning and control of fuel inventory.