Start-up firm to create up to 75 jobs by improving stock management processes by 500%

Scanmatix, a start-up inventory management platform for the retail, wholesale and manufacturing sectors, has plans to create 75 jobs across the UK and Ireland.

The complementary technology services company aims to improve stock management processes by up to 500%.

Scanmatix co-founder and chief executive George Armstrong’s platform integrates its own stock management platform alongside an end user's ERP or EPoS system.

By taking a holistic approach to all stock movements – including transfers, deliveries, and returns to the supplier – Mr Armstrong believes that the speed and accuracy of stock management can increase, something he says usually is "inversely proportional" when counting repetitive items.

"We're in the realm of business intelligence and inventory management," the Carrickfergus businessman said.

“Scanmatix's customers are businesses that need proper control of their stock. We're faster and more efficient than our competitors and provide end users with a competitive edge. From a business intelligence and efficiency perspective, this ultimately translates to improving their bottom line.

"Stock management is an essential but time and labour-intensive process. Retail, in particular, has been significantly impacted by the pandemic. With so many retailers now selling online, it has never been more important that they ensure accurate stock levels to enable quick and efficient order dispatching. Ultimately, this helps to maintain or enhance the customer's journey," he continued.

The platform can also help other industries, such as manufacturing firms that use time-critical components or foodservice suppliers that track raw ingredients.

A pilot case study with a national retailer highlighted Scanmatix was 500% more efficient than the existing in-house solution.

Mr Armstrong explained more: "Our solution equated to a 15-hour saving for one particular task per store per month. With 50 stores nationwide, this was the equivalent of a human resource saving of 9,000-hours for the business, which in turn will allow for tens of thousands of pounds in wage savings alone."

Commenting on plans for future growth, Mr Armstrong said the firm would be continuing to expand across the island of Ireland with a view to roll out across Great Britain next year.

"We have significant growth plans in place for 2022 across the UK and Ireland before further expansion the following year in overseas markets.

"This strategy will involve the creation of up to 20 back-office jobs in Northern Ireland, with another 55 full and part-time roles across the UK and Ireland," he said.

Scanmatix has already received considerable support since its formation, having received an InnovateNI Gold designation and winning Mid and East Antrim Borough Council's Start Up and Innovate Competition. The firm is also a graduate of the council’s Amplify Business Escalator Plus and Digital Boost Programmes.

Congratulating the company on its win, Mid and East Antrim's Mayor, Councillor William McCaughey, said: "There has never been a more critical time for companies to, especially retailers, to adapt and remain resilient in a post-pandemic world.

"Improving the inventory management of firms, not just on a local basis, but on a potentially international scale, is a fantastic achievement for Scanmatix and is a prime example of the levels of entrepreneurship that exists in the borough," he said.