Fleet management firm Masternaut is entering the spend management space. The company announced on Monday (July 25) the rollout of Fuel, a solution to help small businesses and their fleet managers manage and improve fuel spend.
“Fuel represents a large portion of fleet operating costs. However, many companies do not effectively manage fuel expenses, since they lack simple tools to collect, manage and analyze data on fuel spend,” the company said in its release. “It is also often difficult to manage multiple fuel card providers.”
Masternaut Fuel provides a single portal for fleet managers to assess spend across fuel cards. Its purpose, the firm added, is to help the company maintain adherence to corporate spend policy, with data enabling visibility into where, when and how fuel cards are used by drivers.
The company added that Fuel can be integrated with existing Masternaut service Eco-Drive to identify where drivers may be spending too much on fuel.
In a statement, the company’s chief commercial officer and U.K. managing director, Steve Towe, pointed to Fuel’s “100 percent web-based” offering.
“Every day, fleet managers are seeking to eliminate time-consuming tasks to focus on the jobs that really add value to the fleet,” the executive said. “Our new module helps fleet managers to quickly identify anomalies and gives more control over fleet fuel costs.”
Masternaut’s strategy to streamline fuel card spend takes the direction of providing a solution to fleet managers that fleet cards don’t automatically offer. But fleet card developers and issuers are increasingly offering spend management and data analytics automatically integrated into the card for the same purpose of helping fleet managers track, manage and optimize driver spend.