Improve Margins with MyTankInfo’s Fuel Inventory Forecasting Program
A potential annual cost savings of over $20,000 is possible with the installation of MyTankInfo at just one fuel site! As a savings example, let’s look at the largest opportunity; Increasing Fuel Margins, and how to accomplish this…….
Recently it was published that daily fuel price volatility prior to 2004 had swings of 3 cents or more only 6% of the time, while 5 cent swings were 1.5% of the time. From 2004 to today, 3 cent swings have been occurring nearly 50% of the time and 5 cent ones just over 25% of the time. Fuel buyers that rely on manual processes, spreadsheets, and sub-standard industry practices risk buying loads on the high end of a price change. These swing amounts can make even the best supplier negotiation seem meaningless, at least in terms of margins.
Whether a site’s fuel is managed personally or managed by a trusted jobber/supplier, it is an important decision to make. Regardless of the management method chosen, there is technology available today from MyTankInfo to measure effectiveness.
Software for monitoring fuel inventories, measuring a site’s fuel demands, coupled with understanding the timing required to receive a load and lastly, and likely most importantly, visibility to market dynamics are all factors that need to be considered when managing volatility. MyTankInfo’s solution was specifically designed to give visibility to all of these challenges in one place.