Tips for Calculating ROI: Is Now the Right Time to Invest in an FSM Solution?
Despite the need we’re all feeling for normalcy, it’s a great time of year to look into a Field Service Management (FSM) solution or a new FSM solution. Spring brings warmer weather and a readiness for change, even for organizations who are hoping for more predictability after this past year.
Whether or not your business has struggled during Covid, it makes sense for your organization to have more data and more flexibility moving forward. Unfortunately, even when things may make sense from a business perspective, finances dictate if and when upgrades can go ahead.
Is it the right time to invest in your business?
Start With the Basics
If you’re looking into whether or not a new FSM solution or upgrade makes sense at this time, areas where you’ll see ROI, are key—but before you start with calculations, there are some basic questions you should answer:
- How much time and effort will be required in the actual transition from your current system?
- What is the size of your organization?
- How big a change will this be for your employees and how many employees will be impacted?
- How complicated is your current FSM system and how much integration will be involved?
- What is the timeline you can afford for implementation, training, tuning, etc.; before generating cash flow?
- When will break even on the investment be attained?
Some implementation partners, including Gogh Solutions, will sit down with your organization’s leadership to help put together a business case—addressing both these and other relevant questions—to help prioritize your organization’s needs, and look at when or if it would make sense for you to invest in an FSM solution or upgrade.
Areas of savings and areas where value will be added make up the majority of ROI for FSM solutions. Calculating exact ROI numbers will always vary based on the individual business, but looking at field technician and dispatcher savings is a great place to start for any organization looking to invest in a technology upgrade.
For help with those numbers, we have a new area of our website dedicated to ROI, complete with technician and dispatcher ROI calculators.
For Technician ROI:
- Look at the increase in task completion and the decrease in overtime needed with the new FSM solution.
- Be sure to include the number of technicians your organization employs and their average salary.
For Dispatcher ROI:
- Look at the increase in technicians the dispatcher can handle and the decrease in overtime needed with the new FSM solution.
- Be sure to include the current number of technicians per dispatcher, the number of total dispatchers your organization employs, and their average salary.
For more general information on ROI and ROI calculations: https://www.forbes.com/advisor/investing/roi-return-on-investment/.
We would be happy to connect you with our experts and help you develop an ROI for your FSM business—we will help you find out if this is the right time to invest in an FSM solution for your business—with no obligation to move forward, contact us.
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