A Field Service Management Metrics provide you with a comparative analysis of your service offerings and distinguishes you from your competitors. It assists you to identify the level of service you deliver to your clients by tracking first-time fix rates, response times and repair costs. This will help you to improvise your service delivery methods and grab a huge customer base.
In this fast-paced and extremely competitive environment in the industry of Field Service Management, every company requires metrics that match their field service analytics software or substitute the manual ways of processing data.
They help you to maintain your data in a much more efficient manner that positively affects your business in the short as well as long run. There are many critical field service metrics that you need to understand to see how they impact your customers, and in turn, impact your revenue.
- Customer Acquisition Cost: Customer acquisition cost is one of the most important metrics that will help you to set the average cost to bring on a new customer. This will allow you to monitor the costs involved in taking on installation projects or signing new preventative maintenance contracts. High acquisition cost will have a negative impact on your revenue but with this metric, you can adjust the cost of your projects in such a way that it will derive you more revenue. The increased revenue will provide you the confidence to enter into contracts with more & more customers that will open the doors of growth and success for your organization.
- Scheduling of Jobs: The metric will provide scheduling and dispatching capabilities to the field service managers that will help them to create as well as manage job schedules and to assign & direct technicians as per the requirement. The manager will able to monitor the strength of the employees to successfully harmonize customer demand with their technician capability. This metric will assist the managers to measure the success of their operations team with the accurate predicted time at each job.
- Reports & Dashboards: The metric provides you proper visibility across your entire organization, so you can develop meaningful insights that will help you to make better decisions that will align with safety parameters and satisfy your stakeholder’s requirements. With all the relevant data and operations status on your fingertips, you can eliminate the chances of errors or delays in delivering services to clients. Improved efficiency will positively impact your business revenue.
- Retention: Losing customers can poorly affect your business revenue. Customer retention is one of the most vital field service metrics that help you to continuously get projects or maintenance contracts from your current customers.
Retention also reduces costs, as new customers require acquisition costs, whereas existing customers are already part of your revenue stream. If you’re going to spend the money to get new customers, you want to lock down the ones you already have. The metric will help your business grow.
- Attrition: This metric is important as it helps you to enter into preventative maintenance contracts and service level agreements, by providing insight into your revenue stream, so you can get a clear picture of what your service department is offering to your customers. In this metric, you can also put things like response times, first-time fix rates, and average fix times to work, telling you the story of work for a particular customer and the reason why they are leaving you. This will help you to set KPIs to monitor other contracts, so the standards can be improved in order to eliminate the chances of losing other customers.
Field service metrics can have a dynamic impact on your business as well as on the revenue it generates. They provide you a wide look at the failures and success of your business, from where your business is getting revenue, and how much acquisition cost is required to take on new customers.
If you want to grow in the area of Field Service Management, start using these metrics in your field service management software or business intelligence module. It will turn your field data into useful information, so you use the same for improving the productivity of your business and in generating better revenue.
