Motive has launched a Missed Savings feature through which Motive Card users can hunt down extra savings through their fuel program.
By helping fleet managers identify missed savings and how much it is costing them, the data-driven approach allows them to ensure drivers stop at fueling stations that offer the best prices rather than stopping out of habit or convenience.
The company says the feature is designed to help customers reduce fuel costs by up to 5% or more.
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Exclusively available to Motive Card customers, Missed Savings leverages shared fleet and spend management data to automatically identify and surface areas of wasteful fuel spending to fleet managers.
Motive’s early data shows that some fleets are missing savings of as much as 5% of their fuel spend. This would mean that a 1,000-vehicle fleet spending approximately $1 million on fuel every month could potentially save $50,000 monthly or $600,000 annually.
“The cost of doing business has never been more expensive—in large part due to high and varying fuel costs,” Hemant Banavar, VP of financial products at Motive, said. “On top of that, spend management data lives in hard-to-access, disparate systems that are time-consuming to analyze. Businesses are wasting millions of dollars on missed fuel savings per year because they don’t have access to the data needed to make smarter fuel decisions.”
Using its 360-degree view of vehicle location data and fuel price data, Motive analyzes fuel prices where drivers fill up compared to nearby other fueling stations and provides automated reporting and coaching recommendations to help drives save money. Using these insights, fleet managers can target drivers who are regularly spending more than they should on fuel and take action, such as coaching them to fuel up at cheaper nearby locations or restricting card usage at higher-cost merchants.
This article was originally published on FleetOwner.com.
