Fuel is one of the most expensive expenses in any asset intensive industry. On an average, the operational costs attributed to fuel can be anywhere between 40-85 % depending upon the type of industry. For efficient asset management, asset owners must cover the extra mile to improve their business efficiency and cut fuel costs.
For any asset intensive organization, managing fuel related costs of assets; distributed across geographies is an uphill task. Apart from ever rising fuel prices there are surprisingly various other reasons that adds up to your total fuel expenditure. You may ask how?
Asset managers often have to deal with menaces like engine idling, fuel theft, pilferage, leakages etc. through manual ways. Some obvious questions that arise on day-to-day basis are: –
- How much fuel is the machine consuming actually at any site?
- What is the current fuel Level?
- When to schedule refill for the machine?
- How to find out if there’s an issue like fuel theft or fuel leakage?
- Is the machine running efficiently in line with its fuel consumption?
These are some very critical questions; and every asset manager knows how challenging and complex it is to manually monitor everything. This is where a fuel monitoring system can be effective to monitor fuel consumption of assets at unattended sites. The system will help in decreasing costs and reducing excess fuel consumption. Reports suggest that 70% of assets using fuel monitoring systems have reduced their fuel related costs and increased their engine efficiency.
Let’s understand what is fuel monitoring System, its function, need, benefits and more throughout this blog.
Fuel Monitoring system helps you keep a track of the fuel consumed by your assets using IoT and ML Technology. The system provides you with real time visibility of every aspect of fuel activities with complete detail and transparency.
The system monitors and give you accurate insights and reports on how much fuel was purchased; how much fuel got consumed; to help you find out unaccounted fuel transactions. This helps in preventing fuel theft and pilferage allowing you to reduce costs through proper management and utilization of your assets. No matter where you are, you are just a click away to check on your assets fuel consumption patterns using our web and mobile applications.
How do the fuel monitoring system work?
A fuel monitoring system consists of hardware and software solutions that uses Telematics GPS technology to track the assets’ location, monitor their fuel levels and fuel consumption patterns, providing you with precise information for effective fuel management. The hardware solution comprises of a fuel level sensor, compatible to interface with any fuel tanks to provide you with complete control over fuel dispenses.
The fuel sensor is connected to transmission device (Gateway-TraDe) that transmits real-time data to the software/cloud platform (DATOMS), displaying valuable insights through highly interactive dashboards.
The information can be accessed anytime and from anywhere through an active internet connection. Most importantly it will provide you essential information involving fuel draining, fuel theft, fuel over consumption, idling etc. to help in your decision making to save on fuel costs.
Why do you need a fuel monitoring system?
Anyone into Asset Intensive Industries dealing with fueling is aware of day-to-day challenges they have to deal with related to fuel monitoring and management.
Here are some of the key features of implementing a fuel monitoring system for your assets, that will help you get the most out of your assets by reducing unnecessary wear-and-tear.
1. Tracking Costs
Fuel monitoring system gives you a unified platform, making it easier for you to view all the fuel related transaction in a single view, let’s you compare fuel consumption between assets, track fuel cost per asset, you will also be able to watch out for any unwarranted fuel transaction to check theft and fuel leakages etc.
2. Increased Insights
The fuel monitoring system will help you mitigate human error by automating your entire system. You can now rely on accurate and up to date data, like fuel filled, consumed, and drained etc. to help you decide on your fuel expense and intervene to any issues in advance, thus improving the performance of your assets.
3. Prevent Fuel Wastage and Pilferage
Fuel theft is a major issue affecting more than 65% of companies in the distributed asset industry. False fuel consumption reporting, tampering with fuel meters, untimely maintenance etc. are some ways of fuel theft. A fuel monitoring system can help you keep a log of entire fuel related activities and alerting you of any fraudulent activities in real time.
4. Streamlining Fuel Reports
This is the most useful and important feature of the fuel monitoring system. It records and stores all the information automatically, to help you make informed decisions about your assets. You can choose to generate and download reports as per your requirement to look out for problems and plan your expenses over time.
5. Improved Assets Efficiency
The fuel monitoring system allows asset owners to enhance their operational efficiency by encouraging them to make cost-effective decisions through accurate visualization of real time metrices. Managers can even remotely manage their assets to improve efficiency by eliminating fuel misuse.
6. Alerts & Notifications
The fuel monitoring system on detecting any kind of theft or sudden fuel drop in the machine, will immediately notify you of the suspected activity for immediate response to prevent any unwanted situation through SMS or email.
Out of the box solution, we bring to your business for fuel monitoring.
With DATOMS end-to-end fuel monitoring solutions, you always know what is going on with your assets. Eliminate human error, assuring timely, accurate and detailed information for each of your asset and fueling session.
Some of the benefits of our fuel Monitoring System include:
- Live GPS tracking of every asset.
- Check time stamps of events.
- Keep a record of fuel profile for every asset.
- Get notified for suspected frauds and leakages.
- Reduce engine idling time and optimize costs.
- Real time data visualization on phone and desktop.
- Eliminate misuse of fuel by getting complete control over fuel purchases.
A fuel monitoring system will be the best investment you can have to ensure that each of your assets performs at its best, helping you cut down your fuel expenses and rake in more profits. Choosing the right fuel monitoring technology can help you streamline your business operations allowing you for quicker response when required.
At DATOMS, we have wide range of fuel monitoring and management solutions, be it custom made or an off-the-shelf solution to take your business to the next level.
Looking for saving fuel costs for your assets?
Get in touch with our fuel experts for a quote or to know more about our products and services to curb petty fuel menaces?