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Top 10 Software Solutions for Petroleum Distribution

Top 10 Petroleum Distribution Software Solutions

Working smarter not harder is a goal we all strive for and is particularly important in the petroleum industry.  Managing inventory, scheduling deliveries, tracking invoices, balancing the books, and keeping employees engaged can frequently seem like a mind-bending puzzle.  The good news is there are a number of sound petroleum distribution and wholesale distribution software solutions available. To help business owners in search of new technology to achieve more without increasing financial or human resources,...
route optimization software

Route Optimization Software Brings Petroleum Industry Businesses More Profitability

Achieving long term business success relies on the company’s ability to develop and implement operational strategies with efficient practices resulting in greater bottom line profits.  Fortunately, many technology systems are now available to business owners to provide real-time data that drive effective decision making—from top management all the way to the front line team member.  One solution that comes with a wide spectrum of benefits is route optimization software. Using technology to plan the most...
artificial intelligence

Artificial Intelligence Isn’t Just Science Fiction Anymore

In 2017, Teradata produced an interesting report about the use of AI in large organizations.  At the time, 61% of respondents from around the globe said they expected their organization would employ a Chief AI Officer in the near future.  What is AI and what does it provide companies that makes this role so important?  And how can AI benefit the c-store and refueling industry? AI, or artificial intelligence, is a technology that can either...
Tax Reporting

Don’t Play Jeopardy with Tax Reporting

Traditionally gas stations and convenience stores have operated with a significant number of cash transactions.  While completely legitimate and allowable, these transactions pose a heightened risk for businesses resulting in greater scrutiny from the Internal Revenue Service (IRS) and other regulatory bodies. First, it can be very tempting to under-report cash transactions since there is no electronic recording of the receipt of funds.  During an audit, examiners are likely to ask for records of sales...
7 Eleven Convenience Stores

Lessons from the Past: How Did 7-Eleven Become a Household Name?

In August 2020, 7-Eleven’s parent company signed a deal to acquire Speedway, a leading convenience store chain with 3,900 stores in 35 states.  According to Joe DePinto, President and Chief Executive Officer of 7-Eleven, “This acquisition is the largest in our company’s history and will allow us to continue to grow and diversify our presence in the U.S., particularly in the Midwest and East Coast.” Today, 7-Eleven operates over 60,000 convenience stores worldwide. What made...
grab and go meals

Are You Taking Advantage of Grab-and-Go Meals to Increase Profitability?

Grab-and-go meals have continued to grow in popularity over the years to meet the demands of busy consumers.  It’s not news to us that consumers have become more accustomed to figuring out how to make meals work amidst busy schedules that include transporting kids and commuting to work.  However, the COVID-19 pandemic changed the landscape for consumers by instilling new behaviors that encouraged people to stay at home more; and as a result, sales of...
Parkende Autos

Achieve Greater Profitability with a Fleet Fuel Card Program

If your business isn’t taking advantage of fleet fuel cards, you could be losing time, money, and employee satisfaction.  Fleet management card programs create efficiency through automation, allow drivers the freedom to fuel when they need, and reduce the risk of theft and fraud.  Here are just a few benefits business owners realize from establishing one of these programs: Rest easy knowing transactions are controlled. Level 3 information and card controls allow you to set...
c-store foodservice

C-Store Foodservice is Piping Hot this Year

No one forecasted this would happen, but 2020 has become “The Year of Takeout” for many Americans. While dine-in restaurant numbers are down, customers learn how convenient it is to stop and grab a meal to go while completing lunch errands or driving home from work. In January, before the pandemic impacted the US, foodservice in c-stores was already on the rise.  According to CS News, “More consumers rely on c-stores for grab-and-go food, which...
Thin Margins

How Do You Compete on Price with Razor-thin Margins?

Owning a fuel business today requires intense margin management.  While retail gasoline margins increased in 2020 to 34.8 cents per gallon (CPG) from 2019’s average of 24.8 CPG, pressure from local competition can push retail prices downwards. In May 2020, the Oil Price Information Service (OPIS) released their 2020 Fuels 50: Top 5 Low-Price Leaders report.  This report measures retail price differentials of various brands relative to their direct competition.  Once again, Costco has topped...
C-Store Mobile Technology

2020 Conditions Increased Importance of C-Store Mobile Technology

According to a report by statista, c-store sales in 2019 accounted for 36.3% of overall profits for fuel businesses. Fortunately for business owners, c-store sales have remained strong in 2020 amidst pandemic conditions even though fuel sales continue to lag. These results illustrate the importance of investing in the c-store side of the business to keep total revenue healthy. NACS reports several ways c-stores have adjusted their business to remain strong throughout COVID-19: 21% have...