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Fertile Grazing in the Field

22 April 2016 | Updated 01 January 1970
 

The growing adoption of field service management platforms is delivering double digit top and bottom line revenue growth for businesses globally.

The assertion comes from field service management specialist, ServiceMax with the shift to outcome-based business models and the adoption of ‘servitisation strategies’, fuelling deployment of service management software.

Intelligent field service management systems are delivering a 22% increase in service revenue, 24% increase in productivity, 12% increase in contract renewals and a 19% decrease in average repair times, according to ServiceMax customers. According to Ashton Business School, a servitisation strategy delivers a 5%-10% jump in annual services revenue, profits two to three times greater than product sales alone, 30% cost reductions for customers and the opportunity to increase service revenues even further by supporting existing third party or competitive products. This creates close and continuous relationship with the customer that effectively locks out competitors.

ServiceMax holds the belief that field service management systems not only reduce waste and expenditure and provide visibility and accountability in stock levels and technician utilisation but also enable service engineers to identify revenue opportunities on-site, seeing first hand potential problems and answers. This helps stimulate product upgrades, replacement products, additional service provisions and control expenditure. The company feels that unlocking service potential is an effective strategy for combating economic uncertainty.

“Field service is now speaking the language of finance,” stated Rick Gustafson, Chief Financial Office, ServiceMax. “Words like cost control, upselling, accountability and efficiency are now in the service leaders’ vocabulary. With most companies chasing the same part of the value chain, field service management is delivering an important differentiator and bringing unprecedented benefits in the cost control of a business function that was previously unmanaged at this level of granularity.”

Picture: Substantial savings can be made by effective field service management says ServiceMax

 

Article written by Robin Snow | Published 22 April 2016

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