There are a lot of changes happening around in the world of convenience retailing. Savvy convenience-store businesses are on the lookout for new avenues to grow their revenue streams, the fuel distribution space being one of the most lucrative spaces.
Even retailers already in the fuel-distribution space are doubling down on this opportunity. That means the competition is only growing stronger. So, robust operation becomes the linchpin for getting the most of your fuel-distribution business.
And given the industry’s rapid pace, technology can become your ally to keep up. Here are 5 ways technology helps:
Digitized Workflows
Remember those days when everything in the petroleum distribution space was on pen and paper? And it somehow worked.
But times have changed, and challenges have increased. Operation teams are burdened with manual tasks that often lead to errors in the form of inaccurate order details, missed deliveries or inaccurate invoices. Operations are like a guessing game. Even the legacy systems that exist lack modern capabilities.
But modern technology/software promises digitized workflows that give fuel marketers more control and visibility into their operations without the manual workload.
Leveraging Data
We agreed when Alex Salazar, the former vice president of operations of fuel and lubricants distributor 3L Energy Solutions, who said, “Data is a pretty underutilized tool in the downstream oil and gas industry. But it’s such a powerful tool, that it can help you grow 10 times.”
Operations data from the field is a goldmine. Getting access to data points—such as delivery efficiency (how much time drivers spend to complete each order), fuel consumption, delivery timeframes, transportation costs, inventory levels, asset utilization and more—become key factors in understanding how efficiently the business is running and what can be done to reduce costs.
Connecting Systems
Disconnected systems are one of the major reasons why operations break. Smooth operations rely on the synergy of all business functions.
It’s important to integrate your accounting/back-office, inventory management and other systems with dispatch so that you have a single source of truth for all your data. That fails to happen if you’re still working with outdated processes.
New-age software integrates with all your systems so you can work with accurate data and run your operations seamlessly.
Future-Proof Growth
To grow your business, you’ve got to look at the bigger picture. And your systems should too.
Think about this: Where do you see your business heading in the future? Do you want to acquire more businesses? Expand your existing business lines? Or even sell-off your business?
In any scenario, pen and paper-based systems have no place in this vision.
Implementing the right technology is the only way you can support business growth by scaling current processes.
Customer Experience
It’s no illusion that customer expectations have changed and are ever-evolving. “Convenience” is at the forefront of this change. Right from order placement and real-time tracking to quick invoices and hassle-free payment, customers expect a smooth experience. Traditional operational processes fall short in delivering this level of experience, while technology opens the door to meet and exceed these expectations by consistently delivering on the promise: Fuel anytime, anywhere.
Take it from someone who has been around in this industry for years, technology isn’t just a tool but a long-term partner. This industry is brimming with opportunities to grow, and with the right technology, the future is yours to fuel.
Pavan Maheshwari is the founder and CEO of FleetPanda, a San Mateo, California-based company dedicated to driving innovative fuel dispatch software solutions for fuel distributors. Reach him at pavan@fleetpanda.com.