The Business Case for Investing in a Field Service Management Software for Your Business
Updated: Oct 27, 2020
By: Siddharth Wadehra, Head of Research
The demand for field services is growing exponentially. Industry reports suggest that the market for field services is expected to boom to over USD 5 billion by 2023. Understandably, the demand for tech applications to fuel this growth has been more intense.
Recent research has indicated that 42% of IT professionals plan to deliver more than ten applications for their organization. In fact, a report by Gartner suggests that by 2022, more than 75% of field service organizations with over 50 users will deploy applications that go beyond simplified data collection and add capabilities that make technicians succeed. It must also be noted that the skeletal IT departments of most of the field services companies in the region are not prepared to cater to this digital transformation and are already struggling to keep up with the evolving customer expectations.
Many CIOs and IT leaders can easily list a few advantages of field service management solutions, but not very many have a specific way to measure if it is living up to its cost. So, how can business executives see and demonstrate the real value they get from any investment they are making on their field service management solutions?
While every organization has different metrices to evaluate the impact on budget, the following are the key parameters which one should be continually monitoring. Ensuring the applications' impact on each of the factors listed below might help demonstrate whether it is bringing the desired effects to the business.
1. Staff Optimization - Managing a large workforce and scheduling jobs can be time-consuming and complicated. Not to mention, an emergency job scheduled at the last minute could make the staffing roster look vulnerable. An application that bridges the gap in communication between the office and the field offers a multiplier effect to a business. Without the need to re-schedule or call in additional staff, overtime costs are reduced and efficiency is magnified.
Accurate, real-time scheduling allows you to set up an efficient workday, minimize last-minute changes, estimate job completion time, and replace or add technicians to a job -- all without interrupting business. Data could be analyzed to make near-accurate load predictions which could further enhance workforce optimization. An application which might help you with optimized staffing would be valuable when it comes to improving efficiency.
2. Reduced overhead costs- Automated scheduling alone can greatly reduce overhead compared to manual scheduling. Field service management tools can optimize a technician’s day so they can complete more revenue-generating activities than they otherwise would. Optimized travel routes, comprehensive customer details, and logic-driven scheduling all lead to time better spent and significant reduction in cost overheads for the organization. Inventory management is another area that can be more effectively managed with a field service management tool. The application should allow a real-time overview of stock and inventories. This saves the company shipping costs, helps avoid rush orders, and prevents the tech from arriving on the job without necessary parts. Finally, by allowing customers with the self-service option, the field service management application would help you avoid costs associated with maintaining a customer support call center.
3. Increased employee productivity- A good field service management application provides the field technicians with accurate schedules in real-time. It saves time spent on the phone to call the office for customer details and locations, so technicians can complete the job and move on to the next one more quickly. Talking about employee productivity, another benefit of a no-code development platform would be process automation. Technicians can access checklists to ensure they complete every required step, enter job notes directly into the CRM, collect customer signatures and payments, and perform many other tasks that would otherwise require manual paperwork. Field service management tools lead to more streamlined and efficient processes for everyone. Research reports suggest that a field service management application would ideally help achieve 15-20% improvement in service response times.
4. Improved customer satisfaction- Recent research suggests that 72% of organizations are prioritizing improvements in customer satisfaction in field service. A huge chunk of improving customer satisfaction involves using technology applications to provide seamless experiences.
Service failures and equipment problems can be stressful for customers. When the technician arrives at the job within the scheduled time and with the right tools, the customer experience starts off on the right foot. A field service management solution makes customer and job history accessible, helping technicians diagnose and fix problems quickly. In turn, your company builds confidence and credibility with the customer. When processes are efficient and the employees are satisfied with their work, the end result is a job well done. A satisfied customer is more likely to repeat business or recommend the service to other customers.
5. Faster and accurate invoicing- Field service management software lets technicians take notes in the CRM, generate invoices, and capture signatures on-site. When the job is complete, there’s no need for the technician to return to the office or submit paperwork. Many companies see their billing cycle reduced by 30 days or more with a field service management solution. This translates into better, more consistent cash flow for the company. An important aspect of computing the ROI of a field service management solution would be faster invoicing, translating into improved cashflow for the company.
According to a Gartner study, companies report seeing ROI within nine months of implementing a field service management solution. We at Steer are proud to claim to provide better returns on your investment than the suggested industry norm. Priced extremely competitively, keeping the digital transformation needs of the mid-sized field service management company, Steer No-Code Development Platform provides your business with the best ROI there is available with any available solution or platform out there. Steer’s repertoire of templates allows you to deploy standard applications for your field service management business in a matter of minutes.
Additionally, Steer allows you to create unlimited number of apps on the platform with the cost of each app going down the more apps you create. They could be unique to your field service business or more generic to other support departments like HR, finance and accounting, or marketing. Not just that -- any of the other existing processes could be automated using the Steer No-Code Development Platform, further reducing manual errors and costs.
Steer would further be cost advantageous, not just in meeting current business requirements but preparing for an uncertain future where customers would, almost unreasonably, be expecting more out of the services you provide.
Still having second thoughts? Start with a 14-day free trial HERE to understand how easy it is to take your field service operations to the next level or connect with our team to kickstart your journey!