Fuel usage is a major expense for global companies, especially those in the fleet and mining sectors. Yet many companies lack the policies and software to centralise their fuel tracking and identify potential fuel fraud – and they’re losing thousands, if not millions, of dollars of fuel every year.
Is this a result of poor processes within the company? Often, no – the technology to reliably track fuel simply is not there. While many businesses have some form of fuel management software, often this doesn’t provide the full picture of forecasts versus actuals and anomalies.
The right technology for your company – not your industry
The right technology is designed for your company and targets your fuel supply chain’s weaknesses to transform them into strengths. Our platform STAMP Fuel, for example, is a blockchain-backed fuel tracking solution that tracks and optimizes your data. However, it’s bespoke: it’s inherently customizable and tailored towards a client’s requirements. This means that your company gets a solution that’s right for you.
Many companies already have pre-existing software that would be costly to discard. This software has cost money and time, and often provides benefits, though it doesn’t completely fulfil fuel tracking requirements. STAMP Fuel integrates with your pre-existing software and works in harmony with it – no dismantling required.
This is how the right technology can excel: by working with other platforms and by optimizing your company’s data to automate processes for you.
The potential savings in fuel tracking
Many companies lose more to fuel loss – fuel fraud, miscalculations and various incidents – than they realise. Often, it can simply seem like too large of a number to think about – but when your data is displayed to you in an easy-to-use dashboard, it allows you to identify outliers and pinpoint areas of improvement. Comprehensive fuel tracking also means that you can reliably report fuel usage when it comes time to claim fuel tax credits.
Many leaders simply view fuel loss as a ‘cost of business’ – but it doesn’t have to be. Instead of talking about a few dollars lost, we’re talking about millions. Fuel loss and fuel fraud within companies is a serious issue that needs to be solved. With the right technology, we can do so.
Interested in finding out more about STAMP Fuel? Click here.