Field Service Unlocks Top and Bottom Line Growth Potential, Says ServiceMax
Field Service Management Delivers 22% Increase in Service Revenue, 24% Productivity Increase, 12% Increase in Contract Renewals, and Decreases Repair Times by 19%
20 April 2016 – London, U.K. – The growing adoption of field service management platforms is delivering double digit top and bottom line revenue growth for businesses globally, according to 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, a 24% increase in productivity, a 12% increase in contract renewals, and a 19% decrease in average repair times, according to ServiceMax customers. And 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 an ongoing relationship with the customer that effectively locks out competitors.
“Field service is now speaking the language of finance,” said Rick Gustafson, Chief Financial Officer for 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.”
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 solutions. This helps drive product upgrades, replacement products, additional service provisions, and control expenditure. More importantly, unlocking service potential is an effective strategy for combating economic uncertainty.
ServiceMax leads the massive global industry of field service management software -- an $18 billion market worldwide. The company continues to reimagine and create solutions for the 20 million people globally who install, maintain, and repair machines across dozens of industries as the only provider of complete end-to end mobile and cloud-based technology for the sector. ServiceMax goes to every length -- from joining technicians on service calls to publishing the industry's leading online publication -- to help customers discover untapped innovation, unleash new revenue streams, drive efficiency, and most importantly delight their end-customer. To learn more, please visit www.servicemax.com.
ServiceMax Media Contact:
+44 (0)7768 693779
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