8 efficient ways to reduce operating costs using Bunker Trading Software. - Inatech
- February 9, 2022
- Posted by: Inatech
Under pressure to take costs out of your bunker operations? Looking for a fast and efficient way to do this? One option, we have seen deliver results, is reviewing your current bunker trading operations, systems and associated data storage and usage, and then replacing these processes with the latest cloud-based Bunker Trading Software Applications.
What is a Bunker Trading Software?
Bunker Trading Software is an application that is used by bunker suppliers to automate the business processes involved in the trading, sale, distribution and delivery of crude oil and refined products.
These applications typically increase the efficiency of your operations, will reduce errors, make your business more responsive to the market and as a result save you money and improve profitability.
What are the benefits of Bunker Trading Software?
We still see a wide number of bunker suppliers managing their operations using manual processes or outdated computer systems or storing important company data across multiple systems.
In today’s world, data is king. If you can’t easily access it or quickly interpret it, making decisions can be difficult and business opportunities could be lost. Having systems like Bunker Trading Software that manages data in one place can give you the competitive edge needed to secure the best deals.
How can installing Bunker Trading Software reduce your operating costs?
The biggest saving comes from having everything you need to sell bunkers on one platform.
By consolidating and integrating multiple processes and legacy systems using one platform you have everyone working from the same data, reports and following the same processes. This gives you complete control of your business – increasing efficiency and so reducing operating costs.
A byproduct of consolidating data into one easily accessible location – no need to hunt around for information stored on different systems or on spreadsheets. Everything is at hand and processes are streamlined, simplified and more effective.
Gain better operations insight and improve profitability.
See your inventory levels, the profit and loss of trades and know your business exposure in real-time. This allows you to assess the effectiveness of trades, reduce risk and improve profitability.
Manage multiple modes of transport/multiple storage locations.
With an accurate view of logistic options and a record of desired delivery dates etc. you can choose the best logistics solution for your customer, while also ensuring it is the most cost-effective option for your business.
Optimize your supply chain/control inventory losses.
One of the challenges of storing data across multiple systems is managing the supply chain. When data is stored centrally and by using powerful analytics tools – you get improved supply chain visibility, which in turn gives you the flexibility to respond quickly to changing markets or supply disruptions.
Work your capital and credit harder.
Having access to financial tools/apps included in most Bunker Trading Software makes it so much easier to manage cash flow, payments, credit, invoicing etc.
Enable regulatory compliance.
Inbuilt workflows/ processes reduce errors, minimize operational risk and improve compliance.
Cloud products reduce capital outlay.
As bunker suppliers tend to operate on low margins the lack of available capital to pay upfront for an on-premise system may be limited and agreeing funding within an organization could prove time consuming.
A cloud-based Bunker Trading Software application usually works on a subscription based model. So by choosing a cloud-based product there is no need to access capital, so avoiding internal capex negotiations, which in turn saves time in getting a project approved.
Bunkertech ETRM – a unique cloud-based Bunker Trading Software application.
Bunkertech ETRM is a fully integrated energy, trading and risk management Bunker Trading Software solution. It provides bunker suppliers with the latest technologies, tools, workflows and applications needed to run their entire end-to-end bunker supply business, handling everything from PnL, risk, inventory and sales to trading, operations and finance.
To find out how Bunkertech ETRM can help you reduce operating costs download Inatech’s latest product brochure or contact us to discuss your requirements in more detail.