The field service market is having a significant growth spurt. According to Markets and Markets, a market research company, field service will grow from being a $1.38B market in 2014 to a $3.52B market in 2019. This is a 17% growth rate and technology such as the cloud and mobile have contributed to this growth. As technological innovations keep coming, more and more enterprises are growing frustrated and unhappy with traditional enterprise management methods. Companies want software solutions that offer more functionality than their current CRM and ERP can offer.
Technology has enhanced how efficient and productive field service workers can be. As this wave of change continues to move forward, many companies are looking for real-time service solutions so they can solve their problems fast. Mobile field service management apps are ripe for development with a potential market size of up to $100 billion according to an article by Fortune.
Field Service Challenges
Field service faces a variety of challenges that organizations are trying to overcome. A report by Aberdeen Research called “State of Service Management” stated that the biggest challenge is that 45% of organizations are facing competition in products and services. Additionally, 40% of companies say they need to improve service based on customers' demands. This is a way of adding value and engaging the customer. On the product side, 37% of field service companies say product complexity has increased and this has proved challenging.
Aside from general issues, there are certain challenges that prevent growth in a company. Of these field service challenges, 40% of businesses say the fact that company culture is product-focused and that their current tech infrastructure is insufficient, both issues that prevent growth. As a way to beat out the competition and improve their technological infrastructure, companies are integrating field service software and mobile workforce management into their business strategies. Being able to efficiently dispatch technicians and provide high-quality customer service is a great way to meet these challenges that are holding companies back and stand out from the crowd.
Field Service Trends
As customer service grows increasingly important in the field service industry, customer engagement is high on the list of trends for field service this year. According to the report, 59% of best-in-class field service organizations say engagement is very important to them, which is 13% more than all the other businesses polled. 60% of respondents said that the best way to improve customer engagement was to develop a communication strategy that connects with customers on a regular basis no matter what channel they are on. Another way to create engagement that 61% of companies suggest is offering customers value-added services. Servitization is growing across many industries so it makes sense that it would spill over into this arena as well.
Another trend is getting customers to understand your value. A staggeringly high percentage-- 90% to be exact-- of the best-in-class are SLA compliant, have a customer retention rate of 89%, and a customer satisfaction rate of 88%. This is not a coincidence since all of these topics are tightly connected. Aside from customer service, investments in technology continue to rise as they help field service businesses become transparent to the customer and technicians about assets and equipment. This helps improve visibility for the field service organization, and makes service collaboration--another trend--easier.
Field Service Goals & KPIs
Field service organizations usually have several KPIs to keep in mind, but at the top of the list is customer satisfaction, with 68% of organizations listing it as their number one KPI. Below that, 41% say service profitability is a main KPI to track.
Field service highest ranking goals are also in line with the top KPIs, as 52% of organizations have a desire to improve customer satisfaction, and 37% want to improve customer loyalty and customer retention.
Aside from these customer-related goals, there are revenue goals. While 36% want to drive service revenues, 43% of field service companies have a goal to drive service resource productivity and utilization. One of the ways to achieve both of these goals is to have your technicians use field service software to upsell and cross-sell your products to customers. Nowadays, sales is not just for the sales department. Today’s field service technicians must play multiple roles; they’re no longer just technicians, they are customer service reps and ambassadors as well. So use this to the advantage of your business and equip them with field service software that empowers them to play these various roles well.