Why Field Service Budgets Should Include FSM Software

While easing somewhat, global inflation is still projected to be well above pre-pandemic levels in 2023 at 6.6%, while global growth is projected to fall from an estimated 3.5 percent in 2022 to 3.0 percent in both 2023 and 2024. With high inflation and slow growth, business leaders and c-suite executives are looking for actionable strategies and initiatives to curtail inflation.

Field service management software is part of the broader digital transformation strategy to help corporations fight the negative implications of inflation through field service optimization. For instance, during this period of economic instability, many field service management organizations (FSOs) are experiencing challenges such as supply chain disruptions, higher inflation, lower revenues, and more. 

Forward-thinking organizations are taking the lead by implementing field service software that helps them overcome these challenges and adapt to this unfamiliar environment. Read on to learn the top four benefits of including field service software in next year's budget.

Top 4 Benefits of Including Software in Field Service Budgets

Field service management (FSM) software helps address two primary goals: maximizing customer satisfaction and increasing resource accessibility. With customer expectations constantly changing, FSM benefits are becoming more crucial for enterprises in competitive and crowded industries. 

Improve Operational Efficiencies

Field service companies have numerous complex operational workflows. Manually performing these complicated processes creates room for wasteful redundancies and costly errors. Field service software optimizes operational efficiency to streamline field service workflows, improve efficiency, reduce costs, and maximize productivity.

Scheduling and route optimization play a cardinal role in contemporary businesses. An FSO can use AI-driven scheduling to winnow out top technicians within proximity of a service job and seamlessly identify the closest inventory necessary to complete the job on the first try. Likewise, many corporations are turning to automation to increase operational efficiency in their service routes. An AI-based scheduling optimization tool can help an organization attain 15% fewer schedule costs and up to 68% more productivity than rules or manual-based solutions.

Field service analytics and reporting software are also integral for data-driven decision-making within your FSO. Field service reporting through advanced analytics increases visibility and enhances planning and forecasting. Intelligent field service reporting improves operational efficiencies by uncovering fraud and service cost inefficiencies. Field service managers are also empowered with valuable data to analyze their organization's performance more accurately and highlight areas of improvement.

In contrast, manual contract management can negatively affect the customer experience, productivity, and service quality if inappropriately done. It leaves room for human error that may violate the deliberate deviation from the corporation's rules or procedures.

Customers, contractors, and field service managers with access to automated contract management are also empowered with improved service efficiency and quality, increased service coverage, and improved customer experience.

Reduce Field Service Expenses

Field service software can help reduce costly and potentially dangerous mistakes. AI scheduling modernizes field service workflows, optimizes resource allocation, reduces redundancies, simplifies complex tasks, pleases technicians and customers, and maximizes profits.

The algorithm in AI scheduling reduces field technician truck rolls and technician travel time and minimizes fuel consumption in areas where technicians conduct repairs virtually. The algorithm assigns the best technician a job, updates customer information and necessary parts, and ensures the technician resolves the issue on time.

AI scheduling empowers an FSO's comprehensive visibility into real-time reporting so they can optimize and measure profits and KPIs more effectively in the future. Field service management software eliminates paper-based approaches that lead to inventory deficiencies and billing mistakes. Which is a notable benefit because accurate invoicing is an integral component of an efficient FSO.

Using up-to-date field management software can effectively calculate processes, generate invoices, and identify products with outstanding commitments, discounts, and those under warranty.

Improve Your Customer Experience

A self-service customer portal is an invaluable feature of advanced field service software that promotes visibility and choice to your customers. Full-service capabilities allow consumers access to real-time appointment data, embrace complete control of their schedules, and create a feedback loop after service completion.

This instantaneous access and independence not only meet, but often exceed customer expectations. The advantages of a self-service customer portal include the following:

• Improved productivity and cost reduction
• Access to data and increased visibility
• Expedited cash flow
• Improved customer and internal communication
• Enhanced customer retention and experience

Depending on your corporation's needs, consider a solution that enables the use of predictive and preventive maintenance as well. Predictive maintenance streamlines repair and maintenance workflows, preventing equipment downtime that adds friction to the customer experience. With increasing competition in the field, focusing on improving customer satisfaction will become a key differentiator in your company's evolution.

Invest in Field Service Growth

The accelerating digital transformation is pivotal to modern field service industry growth. If you have been holding back from investing in the IoT world, now is the time to make that decision. There are several benefits to digital transformation in field service.

It saves you time and money, particularly by integrating a workforce management solution. Some corporations will realize up to $20 million in annual cost savings through implementing new digital approaches. Further, customers invest in corporations that they associate with a positive emotional connection.

With innovation at the core of the field service industry, a workforce management system is imperative to fulfilling client expectations in this digital era. An intelligent workforce system will promote accountability and help achieve control of a third-party and factory service workforce.

Investing in the Right Field Service Software for your Budget

A pending recession does not imply that you must cut back. In the current economic downturn, field service management software has multiple benefits ranging from field service growth, reduced field service expenses, and improved customer experience. Organizations that are strategic and proactive during economic downturns are more likely to grow exponentially in the future. 

Discover the full whitepaper covering field service budgets.