By Prince Osuagwu
Technological innovations are raging like wild fire; permeating every sector of the economy. They’re making businesses gain traction and cover economic gaps. From the telecommunications sector to banking and oil industries, technology has blazed the trail in economic recovery.
One of the ways it has been able to do so is in providing transparency and control for management and owners of business alike. Businesses that deploy technological solutions track their revenues and plug leakages.
That is exactly what a new IoT- based solution, e-Pump promises to do in the oil and gas sector in Nigeria. From the stable of a Lagos based technology start-up company, Fuelmetrics Inc, an automated payment infrastructure, Epump has debuted, promising to revolutionise the fuel station business.
Fuel stations serve hundreds of thousands of customers every day and consist of several constantly moving parts and processes. An operation like this requires an expert knowledge of every aspect of the business, and more importantly, a high level of trust, honesty, and integrity to manage it.
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However, a lot such businesses depend so much on people providing feedback and data. The problem with that is that they are at the mercy of the person providing the data. If the person’s integrity is compromised, the entire business would be built on compromised data. The input and output would be flawed and decision-making process would be affected as well.
These are the kinds of problems Fuelmetrics says it aims to solve with the cloud-based forecourt automation solution, epump.
The technology does that by giving an overall bird’s-eye view of how a station is being run, providing the daily income and expenditures involved, clear customer information and data, among other analytics.
Chief Executive Officer of Fuelmetrics, Ayodeji Ogundiran said with Epump, a station owner can monitor, control, and grow the business while reducing theft, fraud, and revenue leakages.
How it Works
Ogundiran said that a device called Epump Go is first installed on every pump and optionally in tanks. These devices generate data from all business operations, and report that data via web or mobile in real time. Through the use of the forecourt controller, station owners are able to access the data, such as Volume of products sold, Product level in tanks, Sales by Cash, POS, Credit or Bank deposits and expenses. The owner monitors the data generated by the Epump using a dashboard which is available on Web, Android and IOS app stores.
He described the Epump Go as a one-in-class forecourt controller, designed with the African technical and economic environment in focus. Epump Go equips each pump on the forecourt with the capacity to do more, report directly to the cloud, interface with payment devices, and provide connectivity to other equipment through serial, Wi-Fi or Bluetooth interface.
Automatic Tank Guages
Epump supports a wide variety of ATEX certified automatic tank gauges to accurately measure stock levels, separate product volume from water volume using magnetostrictive level probes and compensate volumes based on temperature.
Part of the benefits of the IoT based solution is that it provides Real-time Update with up-to-the-minute sales data on stock levels, and payment channels.
It gives accurate reporting by understanding the station’s sales patterns, historical data, customer purchase patterns, and many other data points with comprehensive and flexible reports.
Epump allows the station to set the prices of products remotely while it automatically reflects on the pump.
The station owner also gets important alerts and notifications via emails when critical events like price changes or pump disconnections happens.
The post Epump: How IoT-based technology aids revenue growth for fuel stations in Nigeria appeared first on Vanguard News.