Are You Leveraging Your Fleet Card Data Fully?

In today’s dynamic business landscape, data is king. From tracking expenses to streamlining operations, companies are increasingly turning to data-driven insights to gain a competitive edge. For fleets utilizing fleet cards, a significant data source lies within fleet card transactions, offering a wealth of information that, when analyzed effectively, can reveal opportunities for cost savings, operational efficiency enhancements, and even identifying potential issues.

Let’s illustrate the impact of data analysis with a real-world scenario. It’s one thing to capture the data; it’s another to put that into practice. In a meeting, a fleet purchasing administrator pulled up the company’s fleet card, proud to show the insights he could leverage. But when asked to drill down, he discovered that one of his drivers had purchased beer at 7am on a Thursday on the company card – with no flag or warnings! This unexpected finding prompted the administrator to delve deeper into driver behavior and implement measures to ensure adherence to company policies.

Fleet card data is a valuable asset that can provide valuable insights into fuel purchasing behavior, identify anomalies, and drive cost-saving initiatives. By harnessing the power of data analytics and leveraging reporting tools, businesses can optimize their fleet operations, enhance compliance, and ultimately achieve greater success in their respective industries.

One crucial aspect of fleet card data analysis is examining product codes. Product codes provide detailed information about the type of fuel purchased, along with any associated costs. For instance, if your fleet consists of gasoline vehicles frequently on the road, monitoring whether they are filling up with premium gas can be enlightening. Are drivers over-spending on premium fuel when regular fuel would do the job? This insight can prompt discussions on optimizing fuel choices to reduce costs without compromising vehicle performance.

Now, consider the case of a power company with diesel trucks that unexpectedly purchases gasoline. This irregularity could indicate employees filling their personal vehicles using company fuel cards. By identifying deviations from expected purchasing patterns, companies can implement controls and alerts to prevent misuse and ensure compliance with purchasing policies.

Therefore, implementing exception reporting is a powerful tool. By pre-programming expected purchasing behaviors, such as specific fuel types for different vehicle types, any deviations can trigger red flags for further investigation.

Location and time of fueling data also inform you where and when your drivers are filling up, allowing you to see if any drivers use their fuel cards at inappropriate times or locations. If anyone uses the card to purchase larger quantities of fuel than their assigned vehicle can hold, that’s another red flag that should be considered.

As you can see, fleet cards offer detailed data, revealing fuel costs, vehicle usage, driver behavior, and more. By closely monitoring all fleet transactions, you gain a clear view of your fleet’s costs and behaviors, which empowers you to maximize the value of your fleet card and reports, enabling your fleet to become more efficient, secure, and profitable.

Still looking for a fleet Card Program?

Fleet cards are a smart way to manage fuel expenses efficiently. Consider your unique needs, evaluate pricing, and understand how different cards work to find the right fit. By using the right fleet card program, you can save on fuel costs and have better control over your fleet, leading to improved efficiency and savings.

Mansfield is a leader in the fleet card industry, serving diverse commercial and government clients. Mansfield offers total insight into detailed driver and vehicle-level trends to help you determine how your drivers should fuel. Plus, all fueling transaction data is consolidated into one secure platform to centralize control and payment. More control and lower overall fuel spending.

Simplify fuel expenses with fleet cards and drive efficiency in your business operations. Contact us today!