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- 17 Apr
How to Streamline the Fuel Pricing Process
The most effective way to cut delays and interference out of the fuel pricing process is through the application of automated fuel pricing software. A lack of structure within the pricing system will lead to miscommunication and late changes. Automating your strategy with a fuel price management system allows you to adjust fuel prices with greater speed and stay ahead of your competitors. Streamlining the fuel pricing process paves the way for maximizing fuel profits. Retail fuels managers need only realize the potential of modern technology.
Fuel pricing software is now leagues ahead of where it stood even a decade ago. Modern advances have increased speed-to-the-street and enabled one-click price control of POS, fuel pump, and electronic price signs. In the past, managers and headquarters had to continually interact to keep things running. Communication had to be maintained to ensure that price changes were enacted. Now price changes can be made centralized from headquarters so that employees can focus on site responsibilities. This eliminates execution delays and effectively makes regional price changes as easy as a click of a mouse.
Another process simplified by implementation of this technology is competitor analysis. Rather than have agents in the field visit the locations or collect field intelligence through other disparate means, managers can now track the information on every competitor move through one centralized UI. All recent fuel cost history can be viewed and taken into consideration when making changes and managers can instantly adjust store prices in reaction to competitor moves. Modern software can also be set-up to send notifications to headquarters in response to any industry price changes. Technology has freed fuel managers from reacting, and now they can act based on up-to-the-minute data.
Maybe one of the most attractive facets of fuel pricing software is its ability to present users a complete picture of the industry. By analyzing price movements, fuel volume sales, and competitive surveys, fuel analysts can view both real-time and historical price change information allowing for better decision making abilities. Leveraging this technology improves processes and reduces operating expenses. There are no interruptions in the price change channel, as it’s all taken care of via the same tool. Technology provides a method for tracking price change implementation throughout the entire process. These fast pricing reactions, coupled with reductions in delivery delay, show the value of modern fuel pricing solutions.
So stop wasting time calling every location in an effort to coordinate fuel price changes. Instead, utilize specialized fuel pricing software to streamline, automate, and maximize profitability in your retail fuel operations.
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