The 4 Most Important Metrics To Track in Fuel Management
When you’re managing how much fuel you use, there are several additional metrics besides volume alone that are important to track. Asset utilization, repair rates, and per gallon costs are all important metrics to track in fuel management.
Fuel Costs Per Gallon
The cost of fuel is obviously one of the most important metrics to track in fuel management. While jobbers may give you the cost per gallon of delivered fuel, it’s important to update your cost per gallon in relation to fuel already in your tanks. Unless you’re constantly operating from completely empty fuel tanks, tracking the moving average of your fuel costs per gallon will give you a better understanding of the true costs of your fuel.
Understanding how your vehicles and equipment are used is important context for understanding your organization’s fuel use. For vehicles, that can mean tracking odometer readings or route efficiency with fleet-focused technology. Assigning vehicles to specific drivers can help you establish consistent baselines for these measurements and identify deviations from the norm.
For gasoline- or diesel-powered equipment, measuring utilization is a little more complicated: you don’t necessarily need to measure how far a forklift travels, nor is it practical to assign each individual employee their own equipment. Instead, consider tracking the number of active hours for each piece of equipment, or the number of jobs each piece is used for (assuming those jobs are standardized).
Everything needs a schedule, including vehicle repair. Tracking vehicle repair schedules and establishing preventive maintenance practices helps you ensure that vehicles are operating a peak fuel efficiency. Even from a purely fuel management perspective, knowing the condition of your fleet is an important part of maximizing the value of your business.
Tracking these metrics will help you better manage fuel consumption. And if you’re looking for the perfect fuel-dispensing tracking system, schedule a demo with FuelCloud. Our cloud-based technology allows you to track which drivers are loading up on fuel and when! So, ditch the pen and paper method and make fuel management easy.