Fuel Management – Are You Measuring Data That Matters

In the dynamic world of fleet operations, the efficiency and cost-effectiveness of your fuel management can significantly impact your bottom line. The evolution from manual tracking methods to sophisticated digital platforms has revolutionized how we manage fuel. But amidst this transformation, a crucial question arises: Are you measuring data that matters?

Accurate data is the backbone of effective fuel management. Many fleet managers have historically relied on handwritten logs and manual calculations. This method can be fraught with errors and inefficiencies, making it challenging to track fuel consumption accurately and allocate costs effectively. Today, digital solutions offer a reliable alternative, but some challenges remain - from knowing which data points should be measured to having the tools to use them effectively.

Operational Visibility

Operational visibility is essential for managing your fuel efficiently. Modern fuel management platforms, such as FuelNet, Mansfield Energy's web-based portal, offer real-time fuel inventory and usage tracking, which are crucial for preventing shortages and ensuring timely refills. Detailed transaction reports are also essential, as they allow operators to monitor every fuel transaction, helping identify discrepancies and optimize usage. But to truly harness the power of data, organizations should focus on the proper analysis:

• Fuel Levels - Real-time data on current fuel levels help prevent operational disruptions.
• Monthly Inventory Trends - Tracking these trends allows for better forecasting and inventory management.
• Transaction Details - Detailed reports on each fuel transaction help identify exceptional activity, manage maintenance intervals, and optimize asset utilization.
• Compliance Data - Ensuring your data meets regulatory requirements and tracks material inventory reconciliation variances can be essential for maintaining compliance and avoiding penalties.

Financial Visibility

Financial visibility is another critical aspect of fuel management. Accurate financial data helps manage costs, ensure correct billing, and streamline tax reporting. Here's what you need to keep your eyes on:

• Invoices & Delivery Documentation - Consolidated invoices and electronic proof of delivery in one place ensure easy verification and payment application.
• Tax Reports - Accurate tax data simplifies filings and ensures compliance.
• Supply Agreements vs Invoices - Regular comparisons help validate correct billing and identify discrepancies. y

Exception Reports

Another important aspect of effective fuel management is the use of exception reports. These reports highlight anomalies and irregular fuel usage, helping fleet managers promptly identify and address issues. By focusing on exceptions, operators can pinpoint areas where fuel consumption deviates from the norm, whether due to inefficiencies, errors, or potentially fraudulent activity. Exception reports can reveal:

• Unusual Fuel Consumption Patterns - Identifying vehicles or drivers with significantly higher or lower fuel usage than expected.
• Discrepancies in Transaction Data - Highlighting differences between recorded and actual fuel transactions, which may indicate errors or fraud.
• Maintenance & Repair Needs - Flagging vehicles that may require maintenance due to unusual fuel consumption patterns, preventing breakdowns, and ensuring efficiency.

Leveraging Data for Proactive Management

To take proactive steps in improving efficiency and reducing costs, you also must measure data and analyze it effectively to deliver actionable insights:

• Market Pricing - Identifying markets with uncompetitive fuel pricing allows for better negotiation.
• Vehicle-Level Fueling Data - Monitoring fueling at the vehicle level allows you to identify inefficiencies and optimize fuel spending.
• Mobile Fueling Efficiency - Detailed analysis of mobile fueling data reveals inefficiencies and can prompt delivery or mode of fueling optimization.
• Fuel Spend Aggregation - Consolidated spending data across suppliers helps leverage economies of scale.

Are you measuring data that matters? The answer lies in leveraging the right tools and focusing on the data points that matter. Doing so can enable you to transform your fuel management practices, achieve greater efficiency, and realize significant cost savings. Embrace the power of modern fuel management platforms and ensure you're accessing data to drive your fleet operations forward.

Mansfield Solution: Take Fuel Management to the Next Level

From traditional and renewable fuels to advanced data management tools and price risk management services, Mansfield offers the resources needed to elevate your fuel management to new heights.

FuelNet, Mansfield's online fuel management platform, provides operational and financial visibility to improve fuel management. Helping you easily track bulk and DEF fueling as well as repair and maintenance, FuelNet gives you one place to control all aspects of fuel management. Embrace the power of modern fuel management, and ensure you're measuring the correct data to drive your fleet operations forward. Get in touch today!

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