RoadFlex, a solution provider of fleet expense management, has launched its AI-powered Proactive Fuel Risk Management Platform. The solution delivers comprehensive fuel risk management and fuel tracking capabilities, saving fleet operators an average of 11% in fuel spend annually.
Fuel theft, fuel fraud, and fuel card misuse are common in the transportation industry. According to a Shell Fraud Matters report, more than 86% of fleet managers believe there is fraud in their fleets. This often accounts for between 10-15% of a fleet’s fuel costs, which can be in the hundreds of thousands of dollars annually. Often, this issue is made worse by outdated technology solutions, poor spending controls, and a lack of visibility into real-time fleet expenses.
While large incumbent companies offer fuel cards to fleet-operating companies, these cards do not effectively address fuel risk management. The demand for enhanced card controls and comprehensive fraud prevention features has increased among fleets in recent years.
RoadFlex offers a comprehensive platform to meet fleet needs regarding fuel risk, fuel tracking, and expense management. It combines real-time vehicle telematics data with transaction data to eliminate fuel fraud and fuel theft. RoadFlex’s software platform provides fleet managers with visibility into every purchase and allows them to customize spending controls for different employees and jobs. It authorizes purchases by verifying that the card is used by the correct employee and for the correct vehicle. Suspicious transactions are blocked and flagged for review, all in real time.
See also: Akin: 10 things to consider when choosing a fuel card
“With the RoadFlex platform, our customers get real-time 360 view of their fuel spend per vehicle and driver,” said Rush Akin, CRO at RoadFlex. “We enable fleets to become more data-connected through seamless integrations with fleet management software, accounting tools, and telematics solutions. This facilitates the streamlining of financial operations through comprehensive fuel risk management, savings automation, and real-time fleet analytics.”
To help fleets streamline fuel risk management, the new suite of features includes:
- Fuel level tracking: Automatically detect fuel level in a vehicle and flags and declines a fuel purchase if it exceeds a vehicle's fuel tank capacity. This prevents drivers from filling portable gas containers for personal use or from fueling non-employee vehicles while stopped at a gas station.
- Fuel type purchase verification: Automatically flag and decline fuel purchases if the fuel type doesn't match the fuel type of the specific vehicle.
- Retroactive fuel analysis: RoadFlex ties back the gallons consumed to the number of miles driven for each vehicle. This identifies potential fuel fraud or vehicle performance issues to pinpoint exactly where the inefficiencies are and make recommendations on improvements.
- Insights into blocked transactions: Leverage unique analytics insights into the reasons why RoadFlex’s fuel prevention features blocked transactions. These insights offer context to help fleet operators understand suspicious trends, identify risky employees, and investigate where necessary.
“RoadFlex has built modern tools to help fleets make more intelligent decisions,” said Dennis Chang, CEO of RoadFlex. “These tools grant fleet operators real-time visibility into vehicle performance, vehicle location, and the financial health of the fleet. This saves controllers, CFOs, owners, and fleet managers upwards of six hours per week on administrative tasks.”
