Calculating ROI through Efficient Tank Services

The number one question distributors ask is “How do I get more out of my asset without compromising service?”. From the distribution side, monitoring software can streamline asset requirements so that will-calls, scheduled tickets, forecasted orders, and in-route changes can be processed at once. Dispatch has the ability to optimize routes and increase overall tank deliveries while using fewer trucks and drivers to do so.

Taking the “digital plunge” across an organization can be a huge step, as migrating from traditional manual practices affects every department. However, remote tank monitoring solutions are proving their worth, especially to those organizations that can capitalize on the data that comes from a digitally streamlined operation. So, how do you justify ROI before, during and after implementation? That is the question at the top of every distributor’s mind.

Realizing the value of integrating monitoring technology that helps distributors better understand their tank inventory is more straightforward than one might think. But, we’re also assuming the integration of mobile driver data into accounting systems for fast revenue reconciliation and improved customer service. ROI data is quick and easy to prove yet only 3-8% of tanks in the industry are being monitored today, according to estimates from industry experts.

Companies who use remote tank monitoring solutions have visibility to a variety of tank-related metrics and can act on high-risk factors more efficiently such as run-outs or a spike in consumption. They can then proactively call on their customers to schedule a delivery at their convenience, not only when an emergency refuel is necessary. The level of complexity can vary greatly based upon the contents inside the tanks and the size of the geographic region that is being managed. Remote tank monitoring takes all of this into account and ensures delivery trucks maximize their load and deliver the right products to the right locations at the right time, all of the time. This is a game changer for the industry. It is a major upgrade from the days of driving around and “sticking tanks” to determine levels only.

Having a clear picture of current operating metrics versus desired business goals is the first step in trying to gauge ROI expectations. The real return happens when an organization can act on the data they collect through a remote tank monitoring solution. Using that data to forecast fills, optimize dispatch services, and streamline to a paperless back-office system are all attainable goals. With recent data showing a reduction in deliveries by up to 25% in some customer cases, there is no doubt you’ll see a return on your investment after implementing a remote monitoring system. The question is how much will you save?

To see the difference the right technology can make, schedule a demo today.

Published on January 30, 2019

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