Before implementing any new process — whether it be software or a training program — you’ll want to be able to evaluate your options and ensure that you’ll get a good return on your investment. One tool that has significant ROI for managed service providers who work with technicians for installations and deployments is a field service management (FSM) platform.
Field service management platforms are cloud-based software that can help managed service providers grow and scale their businesses. For example, it can assist in scouting, vetting, and interviewing new technicians or vendors. An FSM platform can facilitate communication and proper documentation. It can also help with scheduling, time-off requests, payroll, and even tracking to ensure your technicians are where they’re supposed to be.
There are a number of benefits that your company can get from using a field service management platform, but it’s also important to look at these benefits from an ROI perspective, as well. Let’s look at four ways a good FSM platform can increase your company’s return on investment.
1. Lower Cost of Doing Business
Many FSM platforms offer scheduling and resource management tools. Together, these features can decrease overhead costs. By leveraging the platform, you can track your entire inventory and ensure you’re sending the right technician with the right equipment to every job. If a time-sensitive project arises throughout the day, you can easily assign it to technicians who are already in the field and can quickly get to the site, thus reducing turnaround time, transportation costs, and overtime expenditures.
2. Better Invoicing Processes
Freelance technicians and contractors expect to be paid in a timely manner. Thus, if you’re a managed service provider who relies heavily on a contingent workforce, you need an efficient invoicing procedure.
With a field service management platform, your technicians submit invoices while still on-site once the work has been completed. This way, techs collect the needed signatures while in the field and submit them to the office without having to physically return to the building. Some FSM platforms also reduce the billing cycle, either with more timely invoices or by allowing techs to accept payment while in the field. Billing cycle decreases are a great way to measure the ROI of a platform.
3. Increased Productivity
An FSM platform keeps everything in one place so both field workers and office staff can access reports as needed. Field technicians, for example, can find the information they need about a particular job from their phone — without needing to bring the physical paperwork with them. This tool also helps improve customer service by ensuring that anyone who communicates with the client has access to their service history and other important data. Field technicians are often on the road, so offering a mobile, cloud-based tool that helps streamline their workflow will pave the way for a happier, more productive workforce.
4. Improved Efficiency
At the end of the day, field service management platforms save your employees and technicians time. As mentioned earlier, this software can track employees to ensure they’re assigned to the most convenient site as new projects arise, which leads to greater efficiency. Your team will be able to communicate more easily, even across departments, which leads to more efficiency and contributes to a higher ROI.
Speaking from experience, implementing a field service management platform generates a significant return on investment for any organization. Between increasing efficiency and productivity, shortening the revenue cycle, and lowering the overhead cost of doing business, you can easily see the value of this software. If you’re interested in implementing an FSM platform and are looking for guidance, let us know. We’ve helped many companies implement and leverage their field service management platform to the fullest. We also help find appropriately skilled technicians all over the world for dispatches, break/fix issues, and a variety of other projects 24 hours a day, 7 days a week, 365 days a year — regardless of time zone.
