Inventory management platform named winner of Mid and East Antrim start up competition

Scanmatix, a start-up inventory platform for the retail, wholesale and manufacturing sectors which has plans for the creation of 75 jobs across the UK and Ireland, has won the top prize at Mid and East Antrim Borough Council’s business innovation competition.

The complementary technology services company, which aims to improve stock management processes by up to 500%, was awarded first place in Council’s Start Up and Innovate Competition.

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.

With a top prize of £1,000 plus specialist business development mentoring support and runners-up prizes of £500 and £250 for second and third place respectively, the competition attracted a high standard of entries.

Mr Armstrong says the company’s holistic approach to all stock movements – including transfers, deliveries and returns to the supplier – will ensure both the speed and accuracy of stock management can be increased, something he says is normally “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 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 important time for companies, 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.

Runner up in the Start Up and Innovate Competition went to hospitality consultancy services organisation Raldek. Founder Derek Shiels’ has designed a counter-mounted coffee grounds catcher, which eradicates the issue of blocked waste pipes traditionally associated with under-counter systems that require an engineer to fit and maintain.

Third place went to Leona Donaghy, whose business Wholehearted Environments offers a range of services to domestic and corporate customers within the property industry by addressing poor indoor air quality and its associated health impacts.