Tag Archive for: automation

Fuel Management System Market to rise at CAGR of 8.9% through 2030

The COVID-19 outbreak has possessed a significant impact on the fuel management system market. Worldwide factories have struggled in integrating new fuel management systems as workers are staying at home that in turn has disrupted the supply chains across the globe. As the situation improves, supply chains, production, and also the demand for such products are likely to increase gradually. The present scenario is likely to offer opportunities for organizations to think about ways of increasing their production, improving current products, and research technologies.

Increasing the adoption of fuel management systems in logistics and transportation applications will offer robust opportunities for the market. With rising investments being made in logistics and transportation sectors, the use of fuel management systems has automatically increased for the increase in efficiency, security, productivity, and the reduction in overall costs.

Fuel management systems are developed to attain optimum fuel utilization and also minimum fuel wastage as oil reserves over the globe are depleting. Besides, the increased transportation services by sectors that use oil and gas to operate various operations need fuel monitoring and control systems which are likely to boost the market growth.

 

According to a comprehensive research report by Market Research Future (MRFR), “Fuel Management System Market Research Report, Type and Application, and Region – Forecast till 2030”, the market is expected to grow at a CAGR of more than 8.9% during the forecast period (2022-2030).

 

Fuel is one of the top 3 expenses in any fleet’s cost structure. Tracking and reporting where it is being spent can be challenging and time-consuming. So how do you stay on top of it? 

Link2Pump offers a simple solution that automates the entire fueling and tracking process. This way, you will always know where every drop of fuel is going, keep your inventory under control and do much more to drive fuel efficiency and performance to your fleet.

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Fuel Management Systems Market to Reach $654.6 Million by 2024

Fuel management systems are used for the maintenance, monitoring, and control of fuel consumption in industries that use various modes of transport, such as road, rail, air, and water, for commercial purposes.

The fuel management system’s purpose is to reduce the consumption of fuel and to improve the efficiency of operations. It uses a variety of technologies and methods for keeping track of fuel inventories, purchases made, and fuel dispensed. 

Computerized systems are used for storing data, which can be used for generating reports and for further analysis. The systems also help in controlling errors in fluid dispensing from fuel tanks into vehicles which provides important information about any leaks.

The numerous benefits offered by fuel management systems, including monitoring fuel usage and dispensing to reduce loss and theft, improved efficiency of operations, increase in overall productivity, and reduced risk of errors due to automation of tasks, continue to fuel adoption of the systems in various end-use industries.

The global market for fuel management systems is projected to reach US$654.6 Million by 2024, registering a compounded annual growth rate (CAGR) of 5.8% over the analysis period. The United States represents the largest regional market for fuel management systems, accounting for an estimated 40.3% share of the global total. The market is projected to reach US$273.9 Million by 2025. 

The significant developments in transportation infrastructure space and the escalating demand from logistics, mining, and construction sectors are fueling growth in the fuel management systems market. The market is also expected to benefit from the growth of the automobile industry worldwide and the continuous increase in the number of fuel stations in operation. 

Since fuel represents a significant proportion of operating costs in the transportation sector the need to prevent fuel pilferage is extremely important, thus driving the adoption of fuel management systems. With fuel accounting for around 40% of the overall operating costs of fleets, fuel losses can cause significant financial losses. Fuel management systems also play a role in reducing errors that are possible during manual fueling. 

The fuel management systems market is also benefiting from the increasing adoption of cloud-based solutions. With cloud computing becoming an increasingly viable option for data management and data storage, its role in fuel management is also growing.

As you can see, technology plays a crucial role in almost every money-saving tactic and strategy discussed above. If you’re looking for a fuel management partner that can help you reduce your fleet’s expenses, contact us.

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3 ways fleet managers can reduce operational costs

Try different ways of cost-cutting and still keeping safety/operational efficiency is a regular job of every fleet manager. In the last months, with the pandemic, reducing operational costs has assumed critical significance. 

There are several expenses in this line of work. The biggest, of course, is fuel fees and asset maintenance costs. The good news is that there are different ways to optimize and reduce operating expenses.

Here are three steps for fleet managers looking to reduce operating costs: 

 

Exercise control over the distance covered

In the past, fleet managers did not have direct visibility over daily fleet operations data. You could not keep track of every mile covered by all the vehicles in your fleet. This often encouraged a tendency to use company vehicles for non-essential or personal purposes.

With increased connectivity and GPS tracking, this is no longer an issue. Using technology, businesses can now optimize routes like never before, cutting down on mileage and fuel costs. Telemetry data also allows fleet managers to effectively discourage frivolous usage of vehicles.

 

Improve fuel consumption

With fuel costs accounting for the lion’s share of operating costs for many fleets, this step may seem like a no-brainer. But many fleet managers end up not worrying about this all-important detail. 

Link2Pump offers a simple solution that automates the entire fueling and tracking process. This way, you will always know where every drop of fuel is going, keep your inventory under control and do much more to drive fuel efficiency and performance to your fleet.

 

Use technology for efficient maintenance

Maintenance is a vital function that has a value multiplier effect on your fleet – it improves productivity, reduces accident risk, and increases the longevity/resale value of vehicles. It is also an incredibly complex task, with huge potential for waste and inefficiency.

 

You can use maintenance software to boost savings without compromising on safety. These kinds of solutions give you full visibility on your fleet’s maintenance status, with automated scheduling, real-time data alerts, and other optimization options.

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Equipment finance industry confidence improves in July

The Equipment Leasing & Finance Foundation released the July 2021 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI). The index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $900 billion equipment finance sector. Overall, confidence in the equipment finance market is 72.9, an increase from the June index of 71.3.

Some of the results are: 
  • When asked to assess their business conditions over the next four months, 58.6% of executives responding said they believe business conditions will improve over the next four months, up from 42.3% in June. 41.4% believe business conditions will remain the same over the next four months, down from 57.7% the previous month. None believe business conditions will worsen, unchanged from June.

 

  • 55.2% of the survey respondents believe demand for leases and loans to fund capital expenditures (capex) will increase over the next four months, up from 51.9% in June. 41.4% believe demand will “remain the same” during the same four-month time period, a decrease from 48.2% the previous month. 3.5% believe demand will decline, up from none in June.

 

  • 27.6% of the leadership evaluate the current U.S. economy as “excellent,” an increase from 22.2% the previous month. 72.4% of the leadership evaluate the current U.S. economy as “fair,” down from 77.8% in June. None evaluate it as “poor,” unchanged from last month.

 

  • 48.3% of the survey respondents believe that U.S. economic conditions will get “better” over the next six months, a decrease from 51.9% in June. 51.7% indicate they believe the U.S. economy will “stay the same” over the next six months, an increase from 48.2% last month. None believe economic conditions in the U.S. will worsen over the next six months, unchanged from the previous month.
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5 ways to enhance fleet efficiency

Fleet management is a task that initially may seem easy, but in practice, it presents great complexity. Good fleet management is not only related to taking care of the entry and exit of vehicles. Good fleet management must understand the entire operation, maximizing the availability of vehicles to perform services, reducing costs with tires, fines, maintenance, fuel, and ensuring driver satisfaction.

It is a strategic activity for fleet companies and, therefore, it needs to achieve good results to ensure the company’s competitiveness and the quality of the service provided. However, with so many processes and information to deal with, how to organize fleet management to make it more efficient?

This is a big challenge for the manager and we are going to present 5 tips here that can help you with this task.

Train the drivers

Drivers have a huge role to play in fleet operations. Driver training is a popular practice adopted by companies around the world to improve efficiency. It ensures that a driver is fully capable enough to handle all kinds of situations while driving. 

With a well-trained and experienced workforce, businesses can save a lot of expense. It includes fuel costs and vehicle maintenance charges. In addition to that, a skillful driver can avoid accidents, saving companies from a lot of operational and financial problems.

Improve Fuel Management

The tracking solutions offer an excellent fuel management feature that caters to all the fueling needs. It monitors the fuel levels of the vehicles in real-time, providing useful insights about consumption trends. Also, companies that manage the cost of fuel well spend up to 30% less than companies that do not control the expense.

Use Mobile Application

It is essential to stay connected to the team all the time. The managers should be aware of the operations whether they are in the office or not. To monitor operations on the go, a mobile app can be used. With the help of the app, they can have all the main features of the management software on their mobile device. It helps the managers to keep doing their job from any remote location, ensuring smooth operational flow.

Keep Vehicles Well Maintained

Along with your drivers, your vehicles are your most important asset. Keeping them well maintained and regularly serviced prolongs their useful life and helps avoid expensive downtime. Having all the data at your fingertips lets you keep close control over their condition, allowing faults to be dealt with before they become major issues.

Improve Team Communications

Your fleet drivers are an invaluable asset, so treat them with respect and keep them fully informed. In addition to regular training, it’s important to give them the necessary information to do their work to the very best of their abilities.

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How to Improve Efficiency With Fuel Tracking Technology

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How to save fuel is a very common question among people who own vehicles. Among fleet managers, therefore, knowing how to answer this question is essential for the success of the business.

That’s because, when monitoring the expenses of a field operation and accounting for everything that goes in and out, the percentage that the cost of fuel represents is surprising.

For example, did you know that annual fuel costs can represent 15% to 20% of the cost of a vehicle? The amount spent per year is second only to the cost of the vehicles. 

So, how can fleet managers get more control over fuel costs when prices are unpredictable? Not knowing these details can bring many losses, such as a fleet that uses more fuel than it should and vehicles being stopped for more frequent repairs.

Companies that manage the cost of fuel well spend up to 30% less than companies that do not control the expense. Which one is yours? 

But how can Fuel Tracking Technology help you save fuel?
  • Reduce engine idle time
  • Have better control of the routes taken by vehicles
  • Know how efficient drivers are being
  • Create the best routes for vehicles

According to the U.S. Department of Energy, idling a heavy-duty truck uses up about 0.8 gallons of fuel per hour. Trucks usually idle for about 1,800 hours a year, which uses about 1,500 gallons of fuel. Overall, idling costs the U.S. about $3 billion annually.

You can monitor idling time and fuel usage with tracking technology and ask drivers to consider how they can reduce idling without sacrificing comfort, safety, or productivity.

Also, overspeeding or driving beyond speed limits consumes more fuel. However, a fuel management plan is a right way of ensuring you aren’t using up a lot of fuel.

Fuel planning includes key metrics such as fuel tendency, chances of fuel reduction, and permitted fuel card usage. The plan can be used to determine vehicle fuel usage and fuel card transaction information.

If you want to learn more about our solution and are looking for alternatives to improve the bottom line and productivity, please, get in touch.

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How Often Should You Conduct Safety Training?

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Companies that value well-trained employees often have ongoing training programs in place. Ongoing does not mean continuous, so how often should you provide ongoing training to employees?

Certain safety training topics have to be refreshed or retrained on a set schedule. In most cases, safety or other training courses that result in or require certification will only be valid for a certain length of time before retraining is required. It is always a good idea to take note of what safety training expires and when so that you can ensure that all employees are properly trained and certified.

When you first train a new employee, they will take security messages seriously, but without any follow-up training, they will probably incorporate some unsafe habits. That puts you, them, and everyone on the road with them at risk. You need to make safety training a regular part of driving for your company.

If you want to protect your people and reduce accidents, safety training must be a continuous process. It’s not just an onboarding event.

An effective safety training program:

  • Uses monthly safety meetings to reduce your biggest loss-leaders
  • Delivers important safety messages daily
  • Features larger training events throughout the year

Organize monthly safety meetings to reduce your biggest loss leaders. Make safety training a part of everyday work life with daily safety tips and briefings to start the day. Host larger training events a few times a year to dig into complex safety issues.

Preventive training aims precisely at correcting bad behaviors, conscious or not, that lead to risk. And it is not just the company that has had a serious or fatal accident that should seek training – ideally, the risk is identified to avoid the accident.

This is where the safety culture comes in: a set of good practices that are shared with employees. Uniform training and guidance among those responsible for work safety and drivers help foster this type of culture.

More than that, training manages to put the risky habits into context, making the act of driving more conscious than unconscious – that is, avoiding recklessness and distraction.

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What are the advantages for cloud computing

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How cloud computing can help your business be more efficient and keep your data safe

Cloud computing benefits for your business

The last decade was an incredible one for the data industry. We have advanced a lot in processing and storage capacity and today we can use that in our business.

The concept of cloud computing is wide, but, to put it simply, it means accessing files, programs, or computing resources (such as memory or processing) that are not on your computer over a network. It means that having an internet connection at your disposal, you can access data from any computer, tablet, or cell phone, anywhere in the world.

But how can it help manage the whole fleet company?

  1. You’ll be ok in case of an IT emergency

If you have a problem with your hardware and don’t have a cloud fleet management solution, you will surely lose important data. But, if you have a cloud solution, you’ll have access to your data from any device, no matter where. These solutions reduce downtime and improve data security. If your data is stored on a cloud service, everything remains up and running in any case.

  1. You’ll need less physical space

With cloud computing, you can get rid of the physical infrastructure to manage your fleet. These can benefit fleet owners in terms of reduction in cost, time, and space required. Your management team can work from home, being happier and more efficient. And you can also check how the company numbers go whenever you want, using your phone. 

  1. Real-time reports

With all your data in the cloud, it is much easier to have insight and reports in real-time. Link2Pump portal is very friendly and you can easily navigate through menus and clean dashboards. And with inventory management, you have real-time visibility into tank levels, fuel deliveries, and transfers.

With the ability to manage big data, cyber-security, and quality control, managing a large fleet has never been easier. Cloud computing is a transformational technology that will continue to help organizations and businesses deliver their services in a better way than before.

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5 qualities that make a good leader

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“A leader knows the way, goes the way, and shows the way.” This is how John C. Maxwell defines leadership. Having the right people in leadership positions is essential to success and employee retention. Surveys have shown that one of the top reasons employees leave their job is because of a bad boss.

To have a successful business, you want to have the best team at your side. But when you invest in the training and development of your employees, the goal is that you can keep the level of turnover low.

That’s why we are sharing some qualities that make a good leader so that you can evaluate your leadership and improve. 

01 – Aspiration and enthusiasm

It doesn’t matter if the desire is to increase the company’s online presence or conquer international markets, what separates good leaders from the best leaders is aspiration and enthusiasm. The big winners in the business world share the ability to develop bold strategies and the ethics to put them into practice. Successful leaders also inspire their teams to go beyond the day-to-day reality and work to achieve their best. Their sense of ambition is stronger than the fear of failure and it helps them to turn things around.

02 – Resilience

Sometimes, just striving for business goals can lead to failure. Self-confidence and ambition are not enough to withstand market challenges or to eliminate mistakes made in the past. Great leaders are incredibly resilient – they can turn a disaster into a victory in the last hour. This talent to recover when everything seems lost is a powerful quality in the long run.

3 – Empathy

The best bosses know that relationships are vital to their business trajectory and always exercise their emotional intelligence. They know how to empathize with their customers and teams and are always prepared to help or even to back off. In the view of a great leader, empathy does not diminish the value of the business – it adds value and helps it to grow. This attribute strengthens ties of loyalty and can stimulate partnerships.

04 – Creativity

To achieve goals, it is often necessary to set aside the rules and redefine established practices. The most powerful leaders innovate tirelessly and foster a culture of creativity, empowering their teams to follow suit.

05 – Feedbacks

For the “gear” of the system to function correctly and always keep moving, periodic meetings with the team must be held. In this way, the leader can offer feedback on the activities performed and the development of each of the professionals within the company. This is one of the best strategies to ensure that work remains aligned with the pace of production.

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A lifetime warranty is included in our management system

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Normally, if a manufacturer or company is offering a lifetime warranty on their product this means they have confidence in the quality of their work, and they want their customers to have that same confidence when they purchase as well. And that’s how we work. 

Link2Pump Pedestal automates the fueling process on-site, capturing data points you need and sending them to your online account in real-time. We also offer mobile applications that pack the same technological power from L2P Pedestal into a compact enclosure to fit fuel trucks, tanker trucks, or any kind of mobile tanks.

And when you choose to use Link2Pump fuel management solution, you also have included a lifetime warranty. Our unique lifetime warranty protects your investment and eliminates unexpected expenses. We offer a hassle-free parts replacement policy, where servicing is simple and easy and can be done quickly by the customer, reducing downtime to a minimum. And you don’t need to overpay for it. 

Why Warranties Are Important

A warranty provides peace of mind and protection. Your fleet can accept all possible demands, with the certainty that the supplier will ensure that the supplied equipment is always in perfect condition.

If you are a fleet manager, you know that having confidence in your team and your equipment is essential to keep the business always running. So, don’t be afraid to ask us questions about our warranty. 

Our company has solutions for several industries, such as agriculture, aviation, construction, government, marinas, manufacturing, mining, transportation, and utilities. If you want to learn more about our solution and are looking for alternatives to improve your bottom line and productivity, please get in touch.

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