With oil prices on the rise and the industry dealing with the impact of COVID on business ship operators are under pressure to find ways to improve operational efficiency and reduce costs.
One quick win is to deploy tech to improve and optimize fuel purchasing.
A Marine Fuel Management System – a fast and effective way to optimize fuel purchasing.
A Marine Fuel Management System is typically a range of integrated software applications used by ship operators to automate fuel purchasing processes including procurement, contract management, planning, finance, labs, claims and reconciliation.
It’s ideally suited for those looking to secure better fuel deals, move away from buying and recording fuel purchases manually or using spreadsheets or for operators who store data across multiple systems or use old legacy applications.
By continuing to use older systems ship operators risk:
- Your fleet bunkering in ports where fuel prices are high rather than bunkering in alternative ports offering lower prices.
- The capacity of each vessel often being underutilised.
- Bunker requests not being received by traders on time.
- Bunkering more fuel than required for a round trip.
Marine Fuel Management Systems secure better fuel deals.
Marine Fuel Management Systems address the practical errors of using manual processes, spreadsheets and disparate legacy systems by automating fuel purchasing tasks, improving security, providing a consolidated view of your business, and so offering faster, more accurate reporting and better decision support via real-time data and analysis tools.
Such Systems also offer greater functionality and the opportunity to expand fuel management capabilities and drive operational efficiency.
6 reasons to implement a Marine Fuel Management System
Different products on the market will offer different functionality so it’s important to think about your specific requirements when making any product choice. Good end-to-end Marine Fuel Management Systems should enable you to do much of the following:
- Fully automate your marine fuel management processes
Using a Marine Fuel Management System will automate your RFQ process. Handle everything from creating the initial request for fuel, to managing multiple supplier negotiations, to placing an order, through to recording test samples, to invoicing and if necessary claims management.
2. Manage fuel quality, price and risk.
With the right System functionality compare different suppliers and record all their purchasing activities. By then looking at their sales tactics, previous prices charged, the quality of fuel supplied etc you can build a picture of how each supplier operates and then use that information to negotiate better deals and minimize operational risk.
- Handle finances and reconciliation in one place
With the inclusion of financial management functionality you can optimize cash flow, maximize available credit, efficiently process and handle invoicing and make your money work for your business.
- Optimize fleet operations
With access to all your data in one Marine Fuel Management System your buyers have so much more control when negotiating deals and have immediate access to all the information they need to optimize fuel management at both an individual ship and fleet level.
- Make informed decisions
With everyone accessing the same information and reporting tools decisions are simplified and made much faster.
- Ensure compliance
Deal with increased regulations by using a System that enables you to set up best practice workflows and robust auditing systems making managing compliance and reducing operational error easier.
Here to help you choose the right Marine Fuel Management System
When faced with so many different product choices it’s always good to talk to industry experts before making any decisions. Inatech works with some of the world’s largest ship operators. That means we understand your business. Combine that with the expertise we have gained by working alongside our parent company, Glencore and you have access to a team of people who bring expert knowledge and experience to the marketplace.