DIGITAL TRANSFORMATION OF BULK LIQUID STORAGE

Addison Armstrong from ClearDox looks at new trends in the industry Digitalisation has permeated virtually every sector of the economy, and has changed the way that companies understand inventories, manage supply chains, and utilise resources. Until recently, the bulk liquid storage industry stood out as a notable laggard in this transformation with many companies continuing to use outdated approaches in their day-to-day operations. That has started to change. Tank storage operators, lessees and lenders have struggled with stale inventory data for years. Critical information is typically maintained and updated on complex spreadsheets, a manual process that is slow, error-prone, and insufficient for modern management reporting. Recently, the focus of industry leaders has been to develop automated systems that provide tank-level inventory data in as close to real time as possible. For example, a reduction in inventories from inexact estimates to a precise level that satisfies an operator’s needs has a direct and positive impact on working capital requirements, and brings the operator closer to a ‘just-in-time’ model that maximises their efficiency. SMART GAUGES AND...