FuelQuest Debuts FMS 5.0

Published 7th August 2008

The Market Leading Fuel Management Solution Provides Optimised Strategic Sourcing, Enhanced Margin Analysis And Tighter Supply Chain Integration

FuelQuest, Inc., the leading on-demand software and services company for the 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.

“As fuel prices and volatility increase, FMS 5.0 provides fleet, retail and transportation companies the ability to minimise inventory levels, source fuel at the lowest cost and perform accurate margin analysis,” says FuelQuest Executive Vice President, Matt Tormollen. “Through increased automation of business processes that span suppliers, carriers and buyers, we are further reducing costs and driving efficiencies for our customers.”

FMS 5.0 features include unprecedented visibility into ‘delivered’ 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 realise 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 optimised strategic sourcing and decision making. By integrating high-integrity data throughout the buyer’s supply chain, FMS 5.0 increases best buy and strategic sourcing efficiency – from inception to invoice.

“It is becoming more important than ever for any company that uses fuel to really analyse the entire fuel supply chain to help minimise risk given that price volatility has become increasingly violent over the past few years,” adds OPIS chief oil analyst, Tom Kloza. “So 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.”