As we see in our daily lives, companies are shifting towards paperless transactions. From banks and utility companies encouraging e-statements, to the ubiquity of digital signature tools, paperless technology has become popular for both Business-to-Business (B2B) and Business-to-Consumer (B2C) companies.  

There are plenty of opportunities to improve petroleum distribution operations with paperless technologies and software. While there are clear environmental benefits to going paperless, there are also key operational advantages that can be realized for your petroleum distribution business. 

1. UNLOCKING OPERATIONAL EFFICIENCIES 

Paperless business processes are based upon data stored securely in a central, electronic repository. An electronic document management system is a key component of business process management and workflow automation. With the appropriate software, your petroleum distribution business will be able to efficiently share relevant documentation to the right customers including orders, payment history, contracts, and invoices. Going paperless frees up a considerable amount of time to focus on more important tasks, such as acquiring new customers, managing fuel costs, training employees, and ensuring improving cash flow.  

2. INCREASING CASH FLOW 

Sending electronic invoices and offering online bill-paying options increases the likelihood that your petroleum distribution customers will pay early and on-time.  In-truck solutions can even enable your drivers to generate orders and invoices on-site, after making a delivery. Using ERP invoicing software can allow your business to automatically follow up on unpaid invoices, increasing your cash flow.  

3. ENHANCING SECURITY 

Perhaps the most important reason to go paperless is for improved security. Going digital and using a software-based document management and payment system ensures regular data backups for your business’ information, while enhancing security on both the billing and the payments side. Additionally, with a document management system, you can control the security of your documents by restricting access to any specific file or folder. Government and petroleum industry regulatory compliance can be more easily met with access safeguards in place. 

These operational benefits of going paperless are only the beginning. You can improve productivity, customer service, security, and reduce costs, all while improving sustainability metrics. With the right software system and technologies in place, going paperless can unlock growth for your petroleum distribution company.