Airline participants learned how to reduce costs to manage their fuel supply chain and improve the productivity of personnel involved in all aspects of fuel management
Singapore – August 7, 2012 - OpenLink Financial LLC (OpenLink), a leading provider of commodity/energy trading and risk management (C/ETRM) software solutions, as well as fuel procurement and logistics, recently held a fuel management event, "International Best Practices - Looking at Fuel Management and Hedging," which featured a panel discussion. This panel included Leithen Francis, Asia Editor and Singapore Bureau Chief of Aviation Week, and expert commentary on how firms can reduce costs to manage their fuel supply chain and improve the productivity of personnel involved in all aspects of fuel management.
Mr. Francis started the roundtable discussion talking about the current environment for fuel management in the aviation industry, including where fuel prices are headed, fuel procurement, and fuel operations accounting. He said, "Managing all of the increasing variables in fuel management requires technology. Airlines must leverage a flexible, real-time solution to stay profitable in what is a very competitive business."
Harminder Singh Nota, OpenLink's Business Development Manager for Asia Pacific, discussed how:
Nota said, "Aviation participants are hungry for aggregated data so that they can maximize the value of the commodity during all facets of its lifecycle. Solutions to support this type of vantage point are no longer extravagant but compulsory for airlines. Companies understand that they are exposed to the volatility of the market and have to react accordingly."
Mark Valentine, Senior Manager of OpenLink's EMEA division, said, "Fuel costs have become an airline's largest operational cost, whilst at the same time, fuel management teams are under increasing pressure to analyze and report on fuel spending. Many operational fuel management processes are highly manual, and checking the accuracy of fuel tickets and invoices can be a huge task. Automating these processes can free up fuel managers and allow them to focus on value-added activities, in addition to improving the accuracy of fuel accounting, which can have a direct impact on the bottom line."
View the webcast: International Best Practices - Looking at Fuel Management and Hedging
Aviation Week group covers the world's airline and aerospace industry. It has the highest circulating magazine covering the aviation industry, and also has online subscription news services.