Fuel costs can feel like a bottomless pit for fleet managers. Factors like unpredictable fuel prices, changing traffic patterns, and poor driving habits can all drive up those costs. Many fleet managers would jump at any chance to save on fuel. It’s possible many of those same fleet managers already have the tools to do so in their fleet management toolbox—they just need to put those tools to work.
Real-time reporting enables fleet managers to access the latest data instantly, which helps them make swift, informed decisions without delay. This immediacy is crucial for optimizing fleet operations.
According to Mercator Advisory Group, 60-70% of carriers with 15-99 trucks use fleet cards, while smaller companies have a lower adoption. Because a company uses fleet fuel cards doesn’t mean they use them to their full potential.
The good news is there’s a way to maximize your fuel savings, and fleet card data plays a critical role. Imagine having the power to track and understand your spending—and then use that understanding to make smarter choices for your fleet. This is precisely what fleet cards can do when their data is put to good use.
Fleet Cards Offer Real-time Reporting Advantages
When people think of fleet cards and savings, they tend to focus on the fuel rebates and discounts fleet cards offer. Many, like those from CITGO, offer fuel rebates (CITGO often provides up to 7¢ per gallon rebates) and access to exclusive discounts on auto parts, tires, hotels, and more.
These direct savings help reduce costs but are just the tip of the iceberg. Fleet card data can yield even greater savings and efficiencies, particularly because the data is collected in real-time. This real-time reporting enables fleet managers to access the latest data instantly, which helps them make swift, informed decisions without delay. This immediacy is crucial for optimizing fleet operations.
Here’s how real-time data works. Whenever a driver makes a purchase using a fleet fuel card, the transaction details are captured and recorded in a fleet card dashboard. Common data points include:
- Date of purchase.
- Time of the purchase.
- Purchase location (station brand and address).
- Volume of fuel.
- Purchase amount.
- Driver ID.
- Odometer reading.
These details are invaluable for reducing fuel spend.
Here are just a few of the advantages real-time data affords fleet managers:
Immediate Data Access
Real-time reporting combined with a fleet card dashboard gives fleet managers access to the latest data at any time. Mobile apps allow them to view the information from a smartphone or tablet, enabling informed decisions without delay. This immediacy is crucial for optimizing fleet operations and ensuring safety. If a vehicle is flagged for an abnormal fuel purchase, the manager can take action quickly. Such capabilities help reduce risk and protect company resources.
Enhanced Accountability
Having immediate access to transaction data promotes accountability among drivers. Knowing their fuel usage is monitored encourages responsible behavior when refueling. When drivers know unusual patterns will be noticed promptly—such as fueling during off hours or purchasing more fuel than needed—they are more likely to adhere to proper fueling practices and company policies. This conscious awareness leads to improved spending habits and overall fleet efficiency.
Tracking and Monitoring
By regularly reviewing fleet card data, managers can identify trends. For example, if a specific fleet vehicle consistently shows higher fuel expenditure, it could signal inefficiencies requiring immediate attention. Here are a few examples of how tracking and monitoring fleet card data can be advantageous:
- The date and time of each transaction allow insight into peak refueling times.
- The location helps pinpoint which stations provide better pricing, availability, and accessibility.
- The quantity of fuel purchased can shed light on consumption trends across different routes.
- Information on the type and grade of fuel used might reveal if certain fleet vehicles are being fueled with higher grades than necessary.
Engaging with this data leads to actionable insights that can directly influence fuel consumption across your fleet. Thus, using fleet fuel cards for cost management is a strategic move.
Automated Fuel Expense Tracking
With all your transaction data captured and recorded, a fleet card is the ultimate expense reporting tool. In fact, they remove the need for fuel expense reports altogether and there is no longer a need for collecting receipts. Every transaction detail for every driver is immediately available. Since the data is collected from the point of sale, there is virtually no risk for error. This frees up drivers and your accounting department to focus on tasks that generate revenue, leading to more money for the bottom line.
Identifying Fuel Inefficiencies
Fleet card data is a powerful tool for managers to analyze fuel consumption patterns among their drivers or vehicles. With real-time reporting, you can assess each vehicle’s performance and spot discrepancies that may indicate inefficiencies. This process begins by looking for key signs of excess fuel consumption.
Fleet card data is a powerful tool for managers to analyze fuel consumption patterns among their drivers or vehicles.
With fuel cards, you can run a host of reports based on the key metrics you want to view. From transaction reports to mileage summaries to cost analysis and more, managers and business owners have access to all their data in a digestible format with insightful analytics.
For example, if you notice frequent refueling without an accompanying increase in mileage on a fueling summary, it should raise a red flag. It’s not just about keeping tanks full; it’s about understanding why your vehicles need more fuel than expected.
Key Inefficiency Indicators
Several indicators can help you pinpoint these inefficiencies effectively, all of which can be identified by evaluating fleet card data. These include:
- Frequent refueling without increased mileage: If vehicles are fueled often but do not cover much ground, there is likely a problem with their driving habits or vehicle maintenance.
- Fuel costs higher than average: When comparing similar driving conditions across the fleet, significant deviations in fuel costs can indicate specific vehicles or drivers struggling with efficiency.
- Unnecessary premium fuel purchases: While premium fuel might seem advantageous, many vehicles run efficiently on standard unleaded gasoline. Regularly opting for premium when it’s not necessary can add up quickly.
By identifying and rectifying these inefficiencies, companies can protect their financial resources and enhance the productivity of their fleet operations.
Fleet Cards Lead to a Better Way of Doing Business
Consolidating all fuel purchases onto a single platform simplifies financial management and can lead to major savings. It’s all done through the power of real-time fleet card data. With the information provided by a fleet card, fleet managers and business owners have immediate access to valuable data, can promote a culture of accountability and streamline virtually every aspect of operations related to fuel management. This all leads to fuel savings and a better way of doing business.