3 ways to find hidden value with your FSM software
Field Service Management (FSM) software is a major investment. It takes a significant time, resource, and financial commitment from an organization to find one that gives them their maximum ROI. This isn’t news.
What is news are the findings from an independent IDC end-user evaluation calculating the business value gained from using IFS enterprise software. The research focuses on how value is realized, and shows that implementation and management is instrumental in achieving increased financial and productivity benefits.
Let’s say you’ve decided to digitalize and increase the scalability and functionality of your organization through FSM software. You know it’s important in order to remain competitive, build and maintain a larger customer base, and increase revenue. What added value should you be seeing, and where should you be seeing it?
Value is demonstrated where many businesses are looking to improve efficiency, profit, and productivity. A FSM solution can be customized to reduce errors, automate time consuming processes, and multi-task for resource optimization. This is information most organizations seeking a FSM solution are aware of, but what does it look like after implementation? What do the numbers show?
The IDC study looks at when and where customers reported their ROI. The largest contributors of value were broken down in the study as follows:
- Operational efficiencies: 47% of total value achieved
- Improved user productivity: 10% of total value achieved
- Higher revenue*: 43% of total value achieved
Higher revenue statistics were further broken down, showing gains were achieved in a number of ways, including:
- Improved Net Promoter Scores (NPS)
- Better sales team performance
- Higher customer retention rates
- The ability to bid for and win more business
An interesting finding of the study was the hidden value provided. An 18 percent increase in productivity and breakeven on investment was achieved in 15 months. Aside from the benefits listed in the previous section, the study showed improvements in unexpected places:
- 28% more work orders completed,
- 14% faster delivery of orders/products,
- 21% faster budgetary cycles.
These numbers may still seem abstract. Break down the statistics from the report by looking at your own organization’s figures of work orders completed, orders/products delivered, and time spent on budgetary cycles over a 15 month time period. An analysis of the reported percentage of improvements using your own organization’s numbers should give you a clearer picture of the hidden value that can be realized.
Achieving those benefits
The findings of this report look great, but as discussed earlier, a FSM solution is a big investment. The statistics listed in this blog can give you a more realistic idea of what the right FSM software can do for your organization, but the implementation and management of that software is vital.
How do you find the right FSM software? Start by listing your top priorities for selecting a solution. Take a look at the helpful information we’ve linked. Discuss the benefits listed in this blog with your leadership team and take a look at the study for yourself.