Understanding ROI Calculations for Field Service Management Software
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The document outlines how field service management software can enhance efficiency and customer service by automating processes and providing essential tools such as mobile applications and visual schedulers. It emphasizes the importance of measuring return on investment (ROI) through cost reduction and increased revenue opportunities. A practical example of a company's ROI metrics illustrates the financial benefits of implementing this software.
Understanding ROI Calculations for Field Service Management Software
- 1. Understanding ROI Calculations for Field Service Management Software {Software for the Workforce on the Move}
- 2. What You’ll Find Inside I. Bridging the Field Force Execution Gap II. Investing in Technology III. Knowing What to Look for IV. Measuring the Return on Investment V. Concrete ROI Example {Software for the Workforce on the Move}
- 3. Today’s field service organizations need to transform old business processes into efficient, cost effective, and customer centric practices. {Software for the Workforce on the Move}
- 4. But some organizations struggle to bridge the field force execution gap. {Software for the Workforce on the Move}
- 5. In order to bridge the gap… Businesses must automate these processes with field service management software. {Software for the Workforce on the Move}
- 6. {Software for the Workforce on the Move}
- 7. Field Service Management Software finds the balance between old businesses processes and informing stakeholders. {Software for the Workforce on the Move} Old Business Practices (i.e. scheduling, inventory) Informing Stakeholders (i.e. service managers communicating with technicians)
- 8. By automating old business processes, you’ll gain a greater Return on Investment. {Software for the Workforce on the Move} ROI
- 9. Invest in Technology! These are the key tools you NEED to bridge the field force execution gap. - Enterprise Management Solution - Visual Scheduler - Mobile Application - Stakeholder Web Portals - Alerts & Escalation Workflows - GPS Technology {Software for the Workforce on the Move}
- 10. 1. Enterprise Field Management System Handles service management functions like: -Call center -Work order management -Spare parts inventory -Reporting capabilities {Software for the Workforce on the Move}
- 11. 2. Visual Scheduler Dispatchers can create, assign, dispatch, update and reassign work orders based on technician skill sets, availability and location. {Software for the Workforce on the Move}
- 12. 3. Mobile Application Simplifies common tasks like site surveys and assessments by combining all data in one location. {Software for the Workforce on the Move}
- 13. 4. Stakeholder Web Portals Allow key stakeholders access to service data through web portals. Guide better business decisions. {Software for the Workforce on the Move}
- 14. 5. Alerts and Escalation Workflows Program system to watch out and notify you of certain conditions when they occur. {Software for the Workforce on the Move}
- 15. 6. GPS Technology Track vehicles and improve your service response times and accuracy. {Software for the Workforce on the Move}
- 16. The more of these tools you find in your solution, the better your results will be. {Software for the Workforce on the Move}
- 17. Here are some steps you can take to measure the return of a field service software investment. 1. Review your current steps. {Software for the Workforce on the Move}
- 18. {Software for the Workforce on the Move} 2. Identify opportunities to reduce costs, increase revenue, or increase customer satisfaction.
- 19. 3. Compare existing process to proposed process and quantify the benefit of updating your process. {Software for the Workforce on the Move}
- 20. {Software for the Workforce on the Move} Let’s look at an example:
- 21. ABC Company sells and services industrial equipment. {Software for the Workforce on the Move}
- 22. The company has 20 field technicians and 10 in service centers. The company also has a service manager and two dispatchers. {Software for the Workforce on the Move} Avg. pay $55,000 Avg. pay $75,000
- 23. {Software for the Workforce on the Move} The company has… 60% Service Technician Utilization Rate 70% First Time Fix Rate 80% Customer Retention Rate
- 24. Keeping in mind these facts and that ABC Company just implemented a field service software, let’s look at part of their ROI chart. {Software for the Workforce on the Move}
- 25. {Software for the Workforce on the Move} Cost Savings Revenue Increase Customer Experience Call Taking/Scheduling and Dispatch Reduce the time to take calls, pass info to dispatch, and record call info by 5 minutes per call. (company receives 10,000 service calls per year) $15,225 Field Work Better accountability and control over technician time with mobile time reporting and GPS tracking will impact unbilled tie. Reduce unbilled/unaccounted for time from 5% to 2%. $78,750 Back Office Reduced administrative time to prepare customer quotations for service from inspection reports with quotation generation integrated with electronic inspection. (Assuming 50% of inspections result in a quotation and quotations take 30 minutes each.) $27,400 Example ROI Table for ABC’S Field Service Management Software
- 26. Want to see a complete example? Download the full report now! {Software for the Workforce on the Move}