Fuel loss has been prevalent within the mining sector for the last decade, and yet we’re still hesitant to face it. This is largely because of a lack of a palpable solution. What could be the fix to our fuel loss?
It’s a huge and seemingly unsurmountable problem. While we have technologies to manage our fleets and our fuel, in many cases it isn’t stopping the loss. Often, companies simply lack the technology to do the job for them.
But we can’t ignore the fuel problem anymore – and here’s why.
It’s bigger than just fuel cost
Companies lose fuel for reasons other than internal fraud. Excessive fuel loss could be a result of miscalculation, misuse, reckless driving, external card skimmers, and explainable causes. Without a centralised tracking system, we simply don’t have the data to identify where the fuel loss is coming from.
Therefore, we don’t know what fuel is anomalous – and where to track it to.
In addition, more and more consumers are taking interest in sustainability. When your company boasts significant unexplained fuel loss, it can have an impact on your reputation. Adherence to ESG standards includes reliably tracing your fuel throughout your company’s supply chain.
Comprehensively tracking our fuel, including fuel card costs and cost codes, allows us to identify any anomalies in fuel usage data. In turn, we can then identify where our fuel loss is coming from and mitigate the risk through investigation.
Companies may be losing millions of dollars every year to unexplained fuel loss. This could be misuse, miscalculation or fraud. It’s hard to know.
The majority of this loss could be pinpointed and mitigated with a secure fuel tracking method, such as STAMP Fuel. Therefore, the majority of the money wasted on unexplainable fuel loss could be mitigated.
The fuel problem can no longer be ignored due to prevalent money loss, environmental impact and reputational integrity.
STAMP Fuel is changing the game with blockchain-backed fuel tracking. You can find out more here.