The supply chain is complicated, extensive and often endlessly siloed. It relies on the movement of fuel and mitigating the loss of it, yet often we have little idea as to where our fuel is going. We need to look at how we fuel our supply chains and where we can improve on managing our fuel.
Supply chains deal with a vast amount of expenses. As such, the last thing global companies need is to lose unnecessary money on fuel usage and unexplained fuel loss.
We need to fuel our supply chains better. Here’s how.
Identifying the fuel loss in supply chains
To reduce fuel consumption in the supply chain, we need to know where the fuel is coming from, identify its connection to certain vehicles or drivers, and take moves to remedy the problem. When factoring in an entire supply chain, simply having a tracking system in place can significantly improve efficiency and reduce costs.
Of course, there are some immediate measures that companies with a fleet can take to mitigate fuel loss. This includes regular driver training to reduce reckless driving, maintaining vehicles effectively and using driver technology such as GPS navigation.
At any point in a supply chain, there’s an opportunity to save fuel costs. This can massively save unnecessary costs to companies as a result of compromised fuel.
However, we can not overlook the necessity of effective fuel tracking technologies in the supply chain.
We need to identify the fuel loss source to better advance our supply chains. This often means implementing smarter technology, such as artificial intelligence, machine learning and blockchain technology. This technology allows us to trace our data without requiring extensive and exhaustive processes.
The fuel tracking solution
STAMP Fuel is Blockhead Technologies’ blockchain-enabled fuel tracking solution. STAMP Fuel integrates with any pre-existing fuel management software to streamline and centralise the fuel tracking process.
The platform is easy-to-use and inherently secure, as it uses blockchain and intelligent technology to record, track and analyse fuel data. As a result, company fuel data is secure, transparent, and traceable.
This enables an array of opportunities to identify unexplained fuel loss or potential fraud, ensure auditability, and create security and transparency surrounding your company’s fuel usage. Blockchain technology provides a permanent and traceable method of tracking your fuel data. Data placed on the blockchain cannot be deleted or changed without visibility to those with permissions.
This means that no one person can remove data without the consent and visibility of everybody else in the network. This enables trust within the company at both higher and lower levels. Tracking your fuel to identify anomalies doesn’t necessarily have to be internal, either. There are many external forces, such as card skimmers, that can facilitate fuel fraud and that employees may have no knowledge of.
Fuel tracking doesn’t have to be an intensive process that results in company disruption. Instead, it can easily integrate with any pre-existing hardware or software to provide a comprehensive view of the fuel supply chain.