Q. What are the newest data analytics tools in fuel management?
A. Data visualization is probably the hottest trend in fuel management right now...
A. Fraud is definitely a big issue for companies managing their fuel costs.
One of the biggest issues is skimming. Criminals install devices on pumps at some fueling stations to read information from magnetic-stripe cards as they’re swiped. Then they steal the account information and clone a counterfeit card to be used elsewhere. EMV chip cards are on their way, but it will be a few years before they are accepted everywhere, perhaps 2020 at the earliest.
So, for now, a fuel card helps in numerous ways. By setting up a fuel card with driver identification numbers, companies can track unauthorized spending or easily manage lost or stolen cards. By setting up controls by driver or by vehicle, managers can get better insight and better control into what their drivers are buying. And many fuel cards have an automatic pump shut-off feature that will stop a fuel purchase that exceeds company policy before it can be completed.
Fraud also takes the form of employee misuse, which can be remedied with tight tracking of fuel card purchases. Another remedy is pairing a fuel card with GPS tracking devices known as telematics, which tells savvy managers whether the vehicle a fuel card says was being fueled at a certain station was actually at that station – or somewhere else.
Senior Vice President and General Manager
A. Data visualization is probably the hottest trend in fuel management right now...
A. I think we always want to collect more data. Our partners and customers expect that from us...
A. Absolutely. That’s becoming a huge need in the marketplace...
A. We are in the electric space today. We’ve got acceptance at a number of charging stations, including ChargePoint...
A. Today’s fleets are considering all types of fuels — and robust reporting on these transactions is a must...
A. Absolutely, and fuel cards are a key control...
A. Level 3 data capture is one of the fundamental ways fleet operators are able to better identify and more effectively rein in costs...
A. Fuel cards help businesses fuel their vehicles, document and analyze those fuel purchases, and limit exposure to unauthorized purchases...
A. Not all fuel cards are the same. Here are some popular criteria that fleet managers use when selecting a card program...
A. Fuel cards were designed to make it easier for businesses to pay when they fuel their vehicles. As fuel cards became more sophisticated, they also began offering businesses discounts and rebates plus the ability to track and analyze fuel purchases, creating the ability to control costs, making it easier to track expenses and enhance the bottom line without carrying cash or relying on inaccurate manual data entry.
A. We have 10.5 million WEX fuel cards in circulation worldwide...
A. We start off with basic levels of consumption: usage, trends, when they’re buying, where they’re buying. Then we’ll drill down a bit deeper to say...
A. Established in 1983, we are an industry leader known for developing technology that pioneered the closed-loop, proprietary fuel card network...
A. Not any time soon. There’s a deadline of 2020, but...
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