[WHITEPAPER] CFO's Guide to FSM Software

4/25/2019 / Field Service / Katia Loboda

See how a field service management solution can provide a long-term, recurring return on investment for your organization.

As field service competition gets heated, field service organizations (FSOs) are tasked with creating not just revenue growth but profitable revenue growth. This means increasing the number of new customers, service contracts signed, and/or offering new products and services. But in order to support this type of growth, FSOs are typically forced to hire additional staff, resulting in added labor and overhead expenses.

Field service management (FSM) software plays a critical role in enabling profitable revenue growth, but it requires a significant investment. In the long-term, it can provide recurring return on investment (ROI) both through reducing costs and by enabling the FSO to grow top-line revenues. Service leaders who aren’t investing in a proper field service management (FSM) software could be missing out on an average revenue opportunity of $205,335.

Astea shares with you our newest whitepaper “CFO’s Guide to Field Service Management Software” to demonstrate how an FSM solution can provide long-term ROI through these key means.

Growing Top-Line Revenue with Field Service Software

“With Astea’s Alliance, the processes are streamlined and we have cut manual tasks and follow-ups by at least 95%.” – Astea customer

Faster, More Accurate Billing

With its automation and efficiency capabilities, a proper FSM tool can have a significant impact an FSO’s cash flow. When delays associated with manual tasks such as paper work orders and error proofing are eliminated, the service-to-payment timeline is significantly shortened, creating a faster cash flow. In turn, when field technicians are equipped with accurate customer information in relation to service contracts and warranty updates, they can provide better service based on account parameters with the ability to up-sell on site.

“With Astea Alliance, the processes are streamlined and we have cut manual tasks and follow-ups by at least 95%. Alliance makes sure that all billable hours and materials are billed, while contract covered activities and materials aren’t.” – Astea customer

Real-Time, Proactive Maintenance

When employees are equipped with a complete view of each customer and their products, they bring increased productivity and cost savings to an organization. For example, with an up-to-date view of asset performance and service histories, technicians are able to proactively perform additional preventive maintenance work during their scheduled service work, avoiding future additional service calls, saving travel time and fuel costs. In turn, by keeping customers up-to-date on the lifecycle of their equipment, they are empowered to make smart judgement calls, such as retire or upgrade the asset, all before a catastrophic failure.

Visibility and Flexibility

Every customer has unique needs and preferences and expects personalized experiences based on those preferences. But even more importantly, today’s customers demand transparency from their service providers. In order to create a great experience and differentiate, service organizations must abandon the “one-size-fits-all” approach and tailor their services to meet the specific needs of their customers. FSM software enables organizations to do just that.

Modern FSM solutions provide the flexibility to customize service delivery and communication to meet the needs of specific customers including providing updates via a mobile app, access to a self-service portal and web-based scheduling. The customer has the option to receive as little or as much information as desired. FSM software allows FSOs to update their customers on equipment failures, product and service updates, and ultimately let their customers know when things are going well and when they aren’t, and what the company is doing about it, creating assurance and ultimate transparency.

“Before we had Astea Alliance, we ran the business mainly through intuition and either provided more service than the customer paid for or not enough because of communication issues. Now, thanks to Alliance, the Services division has become Instron’s most profitable business unit.” – John Durkin, Business Unit Manager – Americas Service, Instron

But FSM software also generates feedback from customers and field technicians to help FSOs determine what drives profitability and what areas need improvement. This allows service organizations to adjust their product offerings and processes accordingly. Full visibility into equipment and technician performance empowers organizations to strategically improve communication with both employees and their customers.

Cost Reduction

Upon analysis of Astea’s FSM software performance, it was discovered that, on average, in the first year of deployment, FSM software can provide a cost savings opportunity of $86,520 and productivity gains that can total $627,391. A comprehensive FSM solution allows FSOs to complete more service calls efficiently without hiring additional staff and have a direct impact on several areas of improvement.

Reduction in Administrative Costs

By digitally processing scheduling, work orders and other tasks that would otherwise be performed manually, technicians no longer have to dedicate additional time to administrative tasks. By freeing up this time, back office staff can process work orders more rapidly, significantly improving turnaround time. In fact, according to Aberdeen, it’s estimated that administrative work hours can be reduced by 15 % on average.

Technician Productivity

An FSM platform allows technicians to complete paperwork, checklists and send direct updates to customers and management all on location through their mobile device. The time saved from eliminating non-value tasks, allows them to complete more work orders, increasing productivity and driving overtime costs down. According to Aberdeen Group’s data, annual work orders completed by technicians can be improved by more than 8% using FSM software.

Astea customer Ricoh increased field productivity by 15%, and customer APi Group increased field productivity by 25%.

Download the full Astea whitepaper “CFO’s Guide to Field Service Management Software” to see how an FSM solution can provide your organization with long-term ROI.

Not a CFO? No problem. Share the guide with your team members to learn how an FSM solution can help your organization:

  • Achieve faster, more accurate billing
  • Increase customer retention rate by over 11%
  • Customize service delivery and communication
  • Increase technician productivity
  • Reduce administrative and inventory costs
  • Increase field productivity by 25%

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