Goldvein Solutions, a Kenyan-based software company, has developed an innovative solution named ‘The Fuel Management Solution’, aimed at managing costs associated with the importation and distribution of white oil products. This cutting-edge innovation will empower Oil Marketing Companies (OMCs) to take a firm grasp on cost management and automate the processes involved in inventory management and distribution.
According to Martin Waireri, the firm’s managing director, the new system is designed to manage the value chain process and control how marketers in the industry procure and distribute petroleum-based products.
“In a nutshell, the software automates the purchasing and distributing process. It captures the inventory once it has been allocated for shipping and pumped into the vessel based on its entry and asset number. It further tracks it all the way to Kipevu Oil Terminus in Mombasa, ready for batch processing and allocation,” explains Waireri.
He adds that the application subsequently oversees the movement of oil to both inland storage facilities and other nations within the East African Trading Block. Additionally, the software empowers users to monitor the logistical expenses incurred all the way from the primary oil terminus to different receiving stations.
Through adopting the highly immersive and interactive software, the oil markets can reap the benefits that encompass it, unlike the traditional oil marketers who lack the digital systems to effectively compute their costs, resulting in overpricing and underpricing of their products, as per Waireri.
“OMCs who are not able to identify costs related to product run the risk of being shunned by lenders. Such companies become unappealing to investors since they cannot explain their margins owing to an ineffective cost management system. The software which captures all these costs can help build investor confidence.”
Among the many functionalities of the system are conducting audits and calculating insurance premiums with an insurer. On top of that, it assists senior management; CEOs, COOs, and other high-level managers, in making wise financial decisions for the company. The Fuel Management Solution has also simplified the process of filing tax returns, as it promptly generates reports that the firm can submit to the Kenya Revenue Authority.
Goldvein is currently directing its focus on oil marketers in the region through its new solution. “Most oil marketers in East Africa are based in Kenya. This solution has attracted interest from a multitude of companies in the field,” said Waireri.
Goldvein Solutions’, ‘Fuel Management Solution’ emerges as a beacon of transformative technology, promising to reshape the oil distribution paradigm in East Africa and beyond.