FuelQuest, Inc., the leading on-demand software and services company for the global downstream energy industry, announced today version 5.0 of its broadly deployed Fuel Management System (FMS). FMS has become the industry standard for bulk fuel management, and version 5.0 delivers enhanced functionalities to reduce fuel costs and inventories while enabling efficient execution of core business processes between suppliers, distributors and buyers.
âAs fuel prices and volatility increase, FMS 5.0 provides fleet, retail and transportation companies the ability to minimize inventory levels, source fuel at the lowest cost and perform accurate margin analysis,â said Matt Tormollen, Executive Vice President, FuelQuest. âThrough increased automation of business processes that span suppliers, carriers and buyers, we are further reducing costs and driving efficiencies for our customers.â
FMS 5.0 features include unprecedented visibility into âdeliveredâ pricing data. By tapping automated data feeds directly from partner back offices, FMS 5.0 diminishes redundancies and the likelihood of human error, instead providing sharper insights into delivered pricing components such as freight costs, unit costs and taxes. Equipped with this deeper understanding of ever-changing price composition, fuel buyers can realize greater strategic sourcing benefits that scale with their operational requirements.
With improved sourcing capabilities in place, users can create pricing options and track fuel contracts across various pricing scenarios. This flexibility, combined with a built-in capability to tap spot market prices, enables optimized strategic sourcing and decision making. By integrating high-integrity data throughout the buyerâs supply chain, FMS 5.0 increases best buy and strategic sourcing efficiency--from inception to invoice.
âIt is becoming more important than ever for any company that uses fuel to really analyze the entire fuel supply chain to help minimize risk given that price volatility has become increasingly violent over the past few years,â said Tom Kloza, chief oil analyst, OPIS. âSo far this year, spot prices at the Gulf Coast have moved by an average of 5.3 cents per gallon from day-to-day. That is more than a penny increase in price fluctuations from what was witnessed in 2007.â