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As companies that generate revenue from field services, asset rental, or repair services grow they face a plethora of problems that hold them back from scaling profitably. Field service companies need to deliver exceptional customer service to drive revenue while keeping business processes efficient to actually keep profits. Achieving this can seem impossible when you have complex operations that require a large work force for multi-day jobs, thousands of assets & equipment to manage, and a landscape of disconnected softwares that never seem to have adequate functionality. However, with the right field services software it is possible to overcome these challenges and thrive in the competitive yet growing field services market.
Is your company reaching the point where you are growing through acquisitions and managing multiple business units or sources of revenue? After 10+ years of working closely with enterprises in this space, we noticed that there were 7 common mistakes that cripple the profitability and reduce the company valuation of industrial field service companies.
These challenges can be daunting to midsize enterprises that lack the organizational infrastructure and deep pockets of the industry’s largest players. Read our special whitepaper report to learn what these “7 Deadly Sins” are and more importantly how intelligent enterprises have overcome these Sins with digital transformation to scale their business to the next level.
The industrial field service market is predicted to double in size to USD $7.05 Billion over the next 5 years.1 In order to take advantage of this growing market, innovation and adaptability are a necessity. IDC Analytics reports that companies who prioritize digital transformation and support their workforce with technology are 2x more likely to report revenue growth, and 4x less likely to report a decline in revenue.2 Below are some areas where mid-size industrial field service companies in specific can innovate in order to prosper in these disruptive times.
Automating back-end processes is a key way to increase company productivity. Repetitive tasks such as manual data entry & re-entry are open to human error and lead to slow and inaccurate document creation. As a company grows, administrative staff can often be over-whelmed by increasing paper work. These processes can be streamlined to be done in single clicks which leads to improved cash flow and reduced DSO. Management tasks such as scheduling & dispatch can be optimized with simple interfaces to get the right field staff on the job with minimal work in the back-end.
Enable Field Service Mobility
A prominent trend is to empower field staff with mobile technology. This allows field workers to have relevant data at hand under any conditions. Mobile tools can also vastly improve efficiency as they replace error-prone processes such as paper tracking with quick & easy to use digital methods. By having access to essential customer & job information field workers can deliver better services that increase customer satisfaction which in turn drive revenue. With efficient tools, operation costs and unnecessary time spent on jobs are reduced.
Whether you are managing your own assets or are looking to automate asset rental operations, having strong visibility is essential. With the right data and control you can reduce asset downtime which often costs enterprises hundreds of thousands of dollars. Predictive maintenance can save you time, money, and materials. Instead of waiting for something to go wrong you can see issues ahead of time and send the right technician to address the problem.
Reduced time to close the books
Reduced DSO (Days Sales Outstanding)
Increase in productivity of their purchasing group
Saved per month per employee
It’s tough to run at full speed when systems don’t integrate. Duplication of effort, rekeying errors and reports that don’t match will create problems in any business, but when you are a fast paced industrial field service company, the issues are compounded. This doesn’t have to be your reality.
Industrial Field Service companies face the tightest deadlines, brave the toughest conditions and put it all out there to keep the energy moving. For a servicing company in the hyper-competitive North American field services industry, efficiency matters. You need to be able to get a crew where it needs to go, get the job done and bring them home again. Fast.
Field service companies face unique challenges and opportunities. Our experts are here to help you sort these out and find the best solution to address those challenges and capture opportunities. Send an E-Mail or book a quick call to get in touch.