Fuel is a major overhead cost for many global fleet companies. As a result, it needs to be at the core of what companies are tracking.
Unfortunately, tracking fuel usage is often more difficult than expected, and many pre-existing fuel tracking systems cannot fully visualise company-wide fuel loss.
Here’s why fuel tracking should be central to every company’s corporate strategy and what we can do to mitigate fuel loss.
How can we mitigate fuel loss?
While many fleet companies have the intention to track their fuel, most struggle to do so comprehensively. This is because many existing platforms cannot guarantee that fuel data is secure, transparent and traceable.
We can improve fuel tracking by implementing new technology – from blockchain, to artificial intelligence, to IoT – to secure our data.
This will have to be at the centre of a company’s corporate strategy.
Some companies may also not have any fuel tracking measures in place. Others may have extensive software that they put time, money, and effort into and don’t want to disregard, though it’s not working.
It’s impossible to ‘fix’ a company’s fuel loss with one platform. It requires an integration of hardware and software. However, there are platforms that can help.
A fuel fix
Blockhead Technologies have created STAMP Fuel: a platform designed to track fuel throughout the asset chain. Its true value is in its ability to integrate with pre-existing platform. So: if you want security and transparency in your fuel data, you don’t need to disregard any pre-existing technology.
While there’s no fix that will completely remove fuel fraud from company supply chains, STAMP Fuel can incorporate with fuel tracking hardware to provide comprehensive tracking and analysis.
It’s important to not only have comprehensive fuel tracking but also analysis across your fuel supply chain. This analysis enables detection of anomalies both in the present and in the future.
By implementing nascent technology, such as blockchain, AI and machine learning, we can ensure that our supply chains are smart and can sustain themselves in their own right. This means that they won’t need as much human intervention and can identify issues and forecast any potential problems intelligently.
How companies can move towards more efficient fuel tracking
By implementing new technology, companies can move towards improved fuel tracking. This doesn’t necessarily have to mean implementing smart technology on a large basis. This can also apply to smaller companies, who can bring smart tracking and blockchain into their companies on a simpler level.
This can also mean implementing a company’s platform instead of bringing in your own team and specialists. Blockhead’s STAMP Fuel is a cost-efficient but comprehensive solution that can be used by smaller companies but is also scalable.