7 tech trends (forecasted by Fuel Marketers) that will take you ahead of the curve in 2024
Heading into 2024, things seem set to continue as usual with a lot of familiar challenges and opportunities. And the right insights and tech stack can make all the difference in making 2024 a defining year for your business.
Here are 7 tech trends that leading fuel distributors talk about and ones you wouldn’t want to overlook!
- It’s AI-way or the high-way
Fuel marketers deal with uncertainty as a part of their jobs. AI is trying to minimize that. By analyzing millions of data points and patterns from the past, AI will be able to predict the future with dependable confidence. Challenges like driver resource allocation, volatile fuel prices, and supply chain ups and downs will see more viable solutions than guesses.
We will see AI being used majorly in the following areas:
- Predictive maintenance
- Accurately predicting demand based on historical and current data
- Route planning to maximize deliveries while reducing costs
- Predicting price trends
- Data has all the answers – and you can’t tell us otherwise!
“Data is at the forefront of everything we do. The more information you have at your fingertips, the better decisions you’ll be able to make. Leveraging data correctly can help companies grow tenfold. “ Alex Salazar – Ex-VP of Operations, 3L Energy Solutions.
Business Intelligence (BI) reports and dashboards will be key. They enable real-time operational monitoring, help fine-tune daily processes and are vital in preparing for unexpected scenarios and identifying cost optimization strategies.
- Dispatch softwares will be at the forefront of the changing industry dynamics
Patrick McNeece, Partner at McNeece Bros was right on point when he said – “With the technological advancements happening – it’s very important to adapt. The industry itself is seeing the larger companies acquiring the smaller ones. And those large companies are already equipped with new-age tech. So in times like – to stay competitive and scale your business – you have to adapt to tech. “
In fact, 2023 has seen the decade’s biggest acquisitions. But M&As can go awfully wrong. Managing various processes, from order placement and creation to dispatch and billing, can lead to chaos without proper systems. This is why technology plays a critical role in M&As, ensuring smooth, efficient operations through seamless process integration.
- Need for mobile-based technology for drivers
Driver shortages are not going anywhere in 2024. And given that one of the major reasons is the demanding nature of the job, mobile-based technologies are going to be crucial in hiring and retaining drivers.
As very rightly highlighted by one of the oldest fuel and lubricants delivery businesses serving this industry, “Everything is down to the T for drivers so they don’t have to think about anything. It takes all the guesswork out and prevents drivers from making mistakes. It’s like giving them the easiest day we can.“
- Ditching server-based tech for cloud-based solutions
Legacy solutions are all built on server-based tech which are now becoming obsolete. Companies that are still relying on such softwares are grappling with slow implementation, high costs and limited flexibility.
But with the way tech is taking over the industry, cloud-based softwares are going to become a default choice for most businesses for obvious reasons:
- Implementation is insanely fast
- Costs are within budget
- Features can be scaled up and down based on business needs
- The software can be accessed anytime, anywhere with just an internet connection
- It’s not just a tool, it’s a growth partner
And this shift from server-based to cloud-based software is going to be a game-changer in increasing operations efficiency.
- Implementing Integrated and Unified Systems
We were chatting with a leading bulk fuel and lubricants distributor from the states and he said,
“Information is scattered in different places and you want to consolidate them all in one place so that reconciliation becomes easy. With legacy systems, data is so fragmented; it’s difficult to bill a customer without retrieving data from 10 different places and piece it together.”
The need for a best-of-breed unified system that can manage all your business lines in one place rather than a namesake all-in-one solution or having 10 systems that don’t play well together, is pretty evident.
- Tech that makes customer experience exceptional
You know what they say about customer experience being a competitive advantage – it’s true. And more important than ever.
Alex (ex-3L Energy) explains it in a simple way: “We offer the same service and sell pretty much the same products as our competitors do. The question becomes, how can we provide a better service to our customers that makes us stand out? Technologically based solutions are a good way to stand out in the marketplace.”
Tools like customer portals for customers to place and track orders directly (yep, no phone calls, no emails), instant notifications on order status, and accurate invoices on the same day (at the time of delivery) significantly improve customer experiences.
And that’s 2024 for you.
Pavan Maheshwari
(607) 523-4103 – Nikhil Patel