Investment in Stock System To End ‘Stock Outs’

Premium welding supplier Foster Industrial has invested £15,000 to upgrade its Weldstock System, a sophisticated method of stock management that is saving its customers time and money. [caption id="attachment_56" align="alignnone" width="300"] Weldstock manages your stock so you don't have to.[/caption] The paperless system, which allows customers to hold their own stock of frequently used consumables such as welding wires and grinding discs, has been made faster and more flexible by the upgrade. As well as ending costly and inconvenient downtime caused by ‘stock outs’, it now has improved reporting and traceability functions to better predict requirements and react faster to changing needs. Weldstock was set up as a solution for customers who struggled to predict stock requirements in advance, leading to downtime and delays while they waited for deliveries. By analysing the most frequently used items and delivering them in a single consignment, Foster Industrial is able to ensure consistent stock levels while also providing cost savings. Charles Foster, Joint Managing Director at Foster Industrial, explained, “Downtime is a huge frustration and cost to any manufacturing business and often this can be caused by a relatively low cost consumable being out of stock. Our customer’s focus is on production, so eliminating ‘stock outs’ and the raising of multiple purchase orders allows them to focus on the business and make considerable cost savings at the same time. Allowing our clients to hold their own stock of the items they use most frequently, whether that be welding wires, dust masks or even washroom supplies, means they don’t have to worry about stock levels. Additionally because everything is issued free, they are only ever charged for what they use.” Every customer who signs up to Weldstock undergoes an initial stock audit from one of Foster Industrial’s account managers. They assess requirements and usage levels and arrange delivery of whatever is needed in one single consignment. At the end of each month Foster Industrial’s team carries out another stocktake, which is transmitted directly to the office for processing. This immediate transfer means stock can often be replenished within 24 hours. Foster Industrial Customer, said, “We signed up to the Weldstock last year after realising that it could help streamline our ordering and accounts process. The monthly stock take reports provide us with valuable information on usage and help us to predict our costs more accurately. And because we’re using fewer suppliers we benefit from a discount from Foster Industrial as well as a significant saving in administrative costs.” Foster Industrial is seeing an average of 3 customers sign up every month to the Weldstock System, with stock levels ranging from a small number of lines to several hundred. Charles added, “Feedback suggests that our customers like the reassurance and convenience that Weldstock provides. The 24-hour turnaround time from stock take to replenishment that we can offer since the upgrade has been especially well received.” Foster Industrial is the UK’s longest established distributor of welding and cutting equipment and supplies. The family run business, established in 1886 is based on a 15,000 sq. ft. site in Shepshed near Loughborough and provides both supplies and technical support to manufacturers across the East Midlands.