We’ve all heard it. Data is the new oil.
And all of you reading this will have had exposure to data in the fuel industry.
But the truth is, having data is not useful. Without creating the right insight, it can even be detrimental.
So how do you know if you are getting it right? We’ve outlined four key questions that can help you assess your pricing insight capabilities:
Desired answer: “One that works for my business”
As a business that provides weighted and blended margin to customers in real-time, you know our opinion on this. But there is more than one way to skin a cat. We’ve written about cost price models along with the benefits and pitfalls of each, but what we’re saying here is to think about whether your current model really works for your strategy. If margin comes into your thinking at all, is costing all your product at today’s price going to give you the best insight to get your desired results?
Desired answer: “The person who sets the price”
Is the person who is making the final pricing decision getting eyes on the data insight? If not, you might need a rethink. Humans are social beings and creatures of habits. These two factors can blur the real picture. If you are in charge of pricing, get stuck in and take an extra minute or two to understand the decisions or recommendations being made.
If you are ready to get your insight accurate and in real-time, book a demo with EdgePetrol now to see how we can help you optimise your stations.