Wholesalers that need to improve their time-to-cash can do so by finding a solution boasting automation and real-time data.
Wholesalers that need to improve their time-to-cash can do so by finding a solution boasting automation and real-time data.

Everybody wants to get paid for the fuel service or product they sell. Unfortunately, for wholesalers – whether fuel, home heat or lubricants – this process can be a lot more complicated and drawn-out than it needs to be. Delays and complications can arise at any point, from order generation to dispatch to delivery, given all the moving pieces wholesalers have to monitor in order to get paid.

When wholesalers rely on spreadsheets and manual processes to carry out these tasks, they become particularly vulnerable to painful drags in getting compensated. Not only does tabulation and processing by hand affect the speed and accuracy of orders and deliveries, but it can further bleed complexity into accounting and other back-office matters.

That’s why more organizations are warming up to the idea of wholesale distribution software that automates certain workflows, ensuring you have your cash in hand as soon as possible.

“Errors can often be traced to manual mistakes, eliminating those risks will improve time-to-cash.”

Yet even though adoption of digital solutions have grown, there are many more tools and features out there that can help wholesalers improve their time-to-cash. Here’s a look at some of them:

Real-time data and reporting

It may seem like a bit of a duh concept, but before wholesalers are paid they must first ensure the product was actually delivered or a service was indeed rendered. This isn’t a problem when you have modern, real-time data-infused solutions, but it becomes a major sticking point for businesses that lack operational visibility. Wholesalers can never assume that a delivery was made (and was made in full); they have to know it was made. When they don’t have the capabilities to track deliveries in-transit or double-check with the customer on order accuracy they open themselves to countless risks that undercut their earning ability (even a simple wrong turn by the driver can cause problems).

Supply chain management

Wholesalers not only need insight into their own operations but also their suppliers and partners. The petroleum industry is an ecosystem of numerous downstream, midstream and upstream companies – all of which depend on one another. A wholesaler’s relationships are hugely important to maintain, as well as monitor: Even though everything may be all set on your end, it’s possible a supply partner is encountering their own challenges that could negatively impact your own operations. Having an end-to-end solution that captures partner data is central to ensuring you meet your obligations – and can then get paid.

Order life cycle automation

Automation is the name of the game for any business in the 21st century. Any inefficiency – no matter how small – that can be cut out, the quicker it is you’ll get paid. When it comes to the order lifecycle, there are countless opportunities for automation, including:

  • BOL reconciliation.
  • Inventory data capture.
  • Forecasting and dispatching.
  • Driver load disclosure.
  • Freight billing.
  • Consignment management.

Automation not only helps you get paid faster by speeding things along but also by ensuring accuracy. Invoice and billing errors can often be traced to a manual mistake, and eliminating those risks will improve time-to-cash.

Did You Know: Your Source for PDI News provided by PDI, the leader in enterprise management software for the convenience retail and petroleum wholesale markets.