Artificial Intelligence and Business Analysis in the fuel sector.
by Stevie Ferreira, Managing Director & Chairman of the Renati Group of Companies
In contrast with 2021, where many companies benefited economically from the increased business generated by the covid backlog, 2022 was characterised by a slow economic recovery as business operations returned to normal. In the commercial transport sector, economic recovery was hugely impacted by external factors like load shedding and lack of service by Transnet. Despite all the economic challenges and slowdown, the Renati Group achieved a profit growth of 9.8% and a fuel volume increase of 6.5% for the year.
Important to mention is that 80% of the growth was achieved in the last four months of the year, a clear indication that the transport sector is picking up pace and several strategic business initiatives implemented by the Group are coming to fruition. Hence the Board expects the Group to be wellpositioned to deliver double-digit growth in 2023 again.
As a leader in the commercial diesel sector, we are excited to announce the launch of new services using artificial intelligence and business analysis to automate many aspects of refueling in the commercial sector.
Can you imagine your computer taking over all the scheduling and management of your refueling? Where refueling is scheduled based on the distance your truck can travel, where is the cheapest price to refuel, what is the volume of refueling that will give me the lowest fuel cost, etc.? And then provide your driver the location and digital code to use for the refueling.
Yes, it sounds scary, but it is proven that in specific tasks, like refueling, the machine is better suited and inclined to make less mistakes than humans. Watch this space as Renati and its other corporate partners will again disrupt and revolutionise the fuel sector.
As a Board, we are very excited about launching our first Fintech technology and product, Moneyit. We have no doubts that this product will not only solve a huge problem for SME’s in SA but will also have a huge impact on successful transformation and economic growth in the SME sector.
With the introduction of Truckers Bank, Renati offers SME contractors in the logistics space a cash flow and fuel procurement solution, which has the potential to double the growth of the fuel business of the Group.
On the social economic front, the group now sponsor over 80 under privileged school children with a daily school break lunch. We also sponsor a ministry working in the schools with troubled children and having 10 weekend camps a year with them. Over 70 000 copies of TFN Fuel for the Day have been distributed to truck drivers in Southern Africa. To increase our involvement in changing people’s lives we have now appointed a full time and dedicated person to run the social economic programs and involvement of the group.
We are excited about what lies ahead for 2023. As a Group, we know there is enough seed in the ground to deliver the expected harvest.
We want to express our gratitude to our customers and suppliers for their continued support, and we recognize that our success is made possible through the blessings of our Heavenly Father and God. We wish everyone a blessed and prosperous 2023.