No longer is it just enough to process a transaction or payment, big data is being leveraged to make decisions faster and smarter, automate processes, and ultimately gain what all businesses strive for – the proverbial edge over the competition.
Big data is important and that’s what differentiates EFS – the ability to leverage big data to inform decisions, influence processes and completely shift the dynamics of ‘fuel cards’ in our industry. EFS is a big data company that just happens to process transactions at its core and here is how we’re helping our industry make the transformational shift toward a more integrated approach of utilizing big data – both in real time and through back-end analytics – to improve efficiency, performance and in most cases, generate additional revenue.
Control and prevent unauthorized purchases to increase bottom line performance – EFS’ SecureFuelSM solution uses big data to help identify purchase irregularities, trigger real-time alerts and ultimately helps Carriers better manage and control their second largest variable expense.
Validate, audit and improve fuel spend – EFS’ Fuel Reconciliation web-based tool helps Carriers save valuable time auditing and reconciling fuel spend with big data powering real-time reporting and analysis.
Gain greater transparency and visibility and improve driver performance – EFS’ Electronic Fuel Management web-based tool leverages big data to provide KPI tracking and purchase reporting along with real-time and historical pricing analysis to take control of and better manage fuel spend.
Evaluate how capacity is doing in the marketplace and benchmark volume against peer groups – EFS’ Carrier TrendSourceSM leverages big data to show Carriers how freight volumes are trending, and in turn, how that correlates to their volume. This powerful tool provides portfolio analysis to benchmark against peer groups, create actionable insights, and it emphasizes data visualization and dashboards to easily spot trends and exceptions across a wide variety of performance metrics.
Big data is the future. But the big data concept is only a useful tool if you can combine (1) access to a huge amount of relevant information, with (2) a powerful software engine that is fine-tuned by industry experts to identify accurately only those trends and patterns that are relevant to real-world business decisions. Without both parts of the equation, you will have too little data or the sea of information will confuse and distract you, at best. EFS is uniquely positioned to provide that combination and will continue to look for new ways big data can drive efficiency and profitability for the industry.
EFS – a WEX Company (EFS), is a leading provider of innovative corporate payments solutions designed specifically to help transportation companies drive efficiencies and improve bottom-line performance. Serving the industry for 50+ years, EFS brings unparalleled service, customer-driven innovation, and the latest technologies to make payments 'smarter'. Our portfolio includes a suite of private-label corporate cards; money transfer and payroll distribution; expense management and processing services; and real-time analytics to improve intelligence, visibility and control.
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