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How to Accelerate ROI in Field Service Management

How to Accelerate ROI in Field Service Management

Accelerating ROI is critical to success in the rapidly changing field service industry. However, with a graying workforce, changing customer expectations, operational inefficiencies, and fluctuating demand for services, this can be a challenge for many field service organizations (FSO). In this blog post, we’ll cover the key learnings from ServicePower’s whitepaper, Accelerated ROI: Your Fast Track to Success for Third-Party Servicer Networks. Likewise, you will learn how field service management software can help FSOs overcome these burdensome challenges and maximize your time to achieve ROI. 

Maximizing ROI with Field Service Management Software 

As with most industries, digital transformation is becoming increasingly important in the field service industry. Moreover, field service management software is a critical aspect of digital transformation. By investing in field service management software, FSOs can embrace digital transformation and therefore reap numerous benefits, including the benefit of accelerated ROI. Let’s dive into the 5 key ways that field service management software can help organizations achieve accelerated ROI. 

  • Fast Track Your Onboarding and Credentialing

While quickly onboarding new contractors to your network is integral to meeting increased customer demand, FSOs often struggle to gather basic onboarding information on time. Manually organizing insurance information, tax data, etc., and more is a cumbersome and time-consuming task for your administrators. Moreover, completing criminal background checks and drug and health screenings takes up even more time and incurs even more costs for your organization. However, foregoing these processes is not possible because they are vital to your ability to safely serve your customers. 

Investing in modern field service management software enables FSOs to automatically onboard and credential third-party servicers without the costly and time-consuming processes. This means that FSOs can ensure a fast, fair, streamlined process that ensures your contractors start on the right foot, without sacrificing valuable resources. By quickly screening, onboarding, and credentialing technicians, FSOs can rapidly increase the number of contractors available to meet their service and repair objectives, ultimately driving increased ROI. 

  • Ignite the Customer Experience

A high-performing and engaged workforce is the foundation of your business; however, customers are still the key to growth and accelerated ROI. Without an exceptional customer experience, it is nearly impossible to succeed. Moreover, extraordinary customer experiences foster brand loyalty, customer retention, and repeat business. Likewise, Gartner reports that 64% of people confirm that customer experience is more important than price when making a purchase decision. 

Furthermore, McKinsey insights found that, on average, brands that improve their customer experience increase revenue by 10-15% and lower costs by 15-20%. Forrester Research also observed that customer experience leaders grow revenue 12% faster than those that don’t prioritize their customer experience. 

In other words, there is a direct correlation between an increase in Net Promoter Scores (NPS) and revenue growth. As the London School of Economics states, an average NPS increase of 7 points correlates to a 1% growth in revenue. Likewise, one customer leveraging ServicePower’s field service management software tracked a $2.2 million revenue increase from its improved NPS. 

  • Reduce Employee Costs 

In addition to today’s hiring and retention challenges, FSOs need to continuously improve the service provided to customers, while also cutting costs. However, managing contractors, scheduling services, dispatching qualified technicians, and proactively communicating with customers can be expensive and resource-intensive. With field service management software, companies can reduce their staffing costs while simultaneously improving customer satisfaction by automating scheduling, dispatching, servicer claim adjudication, and status reporting. Not to mention, a self-service customer portal empowers customers to schedule service, track technicians, and communicate directly with their technicians, all in the mobile field service app. This reduces the inbound call volume to your call center and lessens the time spent communicating with customers. 

Field service management software enables FSOs to reduce costs and improve service by reducing staffing needs to manage dispatching and customer status updates, improving response time to dispatch jobs, reducing payment processing staffing needs, and bettering communication with your servicer network. In addition, software automation helps to eliminate paper invoices and eliminates the need to rekey work order information. Overall, one company using ServicePower’s field service management software found that these automation capabilities increased ROI by 500%, reduced claims staff headcount by 63%, and reduced inbound calls to call centers by 30%. 

  • Cut Claim Severity Costs

Rising claim costs can significantly impact the bottom line of insurance companies. Moreover, three publicly listed insurers, Berkshire Hathaway Inc.’s GEICO Corp., The Progressive Corp., and The Allstate Corp, have reported considerable increases in claims severity during the first nine months of 2021. Compounding the issue of rising claim costs and severity, is the skills gap challenge. With the graying workforce and an increase in workloads, the skill set for claim adjusters is high in demand. 

By leveraging field service management software, insurers can rely on automation to help resolve these issues. For instance, automation can reduce claim severity, which results in faster claims approvals. Automation also enables insurers to increase their claims handling without increasing costly headcounts. Not to mention, automation reduces duplicate and fraudulent reimbursement claims, saving potentially large sums of money. Lastly, faster and more accurate claims processing improves the servicer experience, helping to reduce servicer churn.

  • Boost Operational Efficiency 

Operational efficiency is increasingly critical to success in a competitive landscape extenuated by labor shortages and inflationary pressures. However, PwC research has found that less than 30% of cost-cutting programs hit their targets, and less than a fifth of those demonstrated sustained benefits over three years. By focusing on correcting and improving internal inefficiencies, companies can improve the customer experience and revenue. Likewise, according to a survey of 1,300 global CEOs, 77% said that their main strategy to drive revenue growth is to create operational efficiencies. Moreover, one company using ServicePower’s field service management software reported a 74% reduction in claims processing costs, resulting in over 1 million dollars in savings. Notably, this increase was achieved with 60% fewer staff, with the employees able to be redeployed to other positions within the company. 

  • Scale Service Network with Quality Technicians

Scaling service to meet fluctuating demand is one of the key challenges in the field service industry. Nevertheless, in addition to a tight labor market, there is typically an immense amount of time and resources required to realize this growth. By investing in a high-quality and high-performing contractor network, your organization can expand geographic coverage with fewer internal resources. For instance, the ServicePower Premier Network (SPPN) provides companies with access to thousands of credentialed, high-quality technicians that have already been onboarded on the ServicePower FSM platform. Tapping into this pre-established and credentialed network enables companies to expand geographic reach without accruing recruiting and contractor management costs, ultimately accelerating ROI. 

Maximizing Time to ROI in the Field Service Industry

Investing in a field service management solution is critical to helping your organization produce high-quality service, provide a remarkable customer experience, and cut costs while increasing profitability. Likewise, for organizations leveraging third-party contractors, field service software takes the complexity out of managing a blended workforce, opening up a plethora of benefits. At the end of the day, your organization needs an integrated and intuitive software solution that delivers operational efficiencies and digital transformation capabilities. 

To learn more about how to accelerate ROI, read the full White Paper

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