Bunker buyers – turn your data in profitable actions
In today’s market we are all looking for ways to gain that competitive advantage. One area that is so often overlooked is fully exploiting company data.
Buying fuel is a process which involves multiple stakeholders such as Sellers, Physical Suppliers, Buyers, Agents, Brokers, Vessels, Operators etc. When dealing with so many parties you encounter a lot of information, it’s therefore essential to be able to access the right information at the right time in order to make the most effective business decisions.
At Inatech, we are getting more and more enquiries from bunker buyers wanting advice about managing and analyzing the huge amounts of data generated when buying marine fuel.
With fuel management software, such as Inatech’s Shiptech Fuel Management Solution, software bunker buyers can store data from supplier RFQs, fuel deliveries, BDNs, lab results, claims, price reconciliation, finance and invoices, supplier ratings, port information and relevant fuel prices, contract management etc.
Unlike storing data in disparate systems, data from fuel management systems is typically stored centrally and can be accessed easily by a wide range of people.
This makes that information invaluable to the business as it can be accessed quickly – allowing companies to make better informed decisions. It can give buyers an advantage when negotiating a deal. It can help a business reduce costs. It can be the difference between choosing a good fuel supplier and a bad one. It aids decision making, helps drive efficiencies throughout the business, can streamline operations and ensure on-going profitability.
With so much valuable business data now available – how can you be sure your systems are properly collating and processing this data into high quality, usable business information?
The simple answer, ensure the fuel management software you buy or use provides an in-depth data analysis tool/app or buy an add-on data analytics application.
What should you be looking for in an analytics application?
An analytics application should give you the most comprehensive view of your fuel procurement operations in one, easy to access location.
You need to be looking for an application that lets you easily tailor reports to your specific business needs. For example fuel price history, supplier performance and P&L reports that allow bench-marking against market data.
You need to be able to view those reports across multiple devices and in multiple formats.
Look for functionality that delivers:
- Interactive dashboards
- Multi-chart views
- Drill down reports
- Ad-hoc reporting capabilities
Make sure you can provide detailed analysis for the strategic, tactical and operational sides of your business.
Turn your data into action-orientated knowledge using Shiptech
Shiptech is Inatech’s specialist bunker fuel management system. With simplicity in mind, the complex operations of fuel procurement from planning, request and negotiation and post deal activities are streamlined into easy to use Shiptech applications that provide a seamless buyer experience.
A key application within the solution is Analytics. Through sophisticated data analytics and reporting it puts the bunker buyer at the heart of fuel purchasing and provides the tools needed to ensure you can buy the highest quality of fuel at the lowest price. For more information or to book a Shiptech demo click here.