The field service business has grown massively in recent years, and projections claim it could reach $8.6 billion by 2028, with a compound annual growth rate (CAGR) of 13.9 percent from 2021 to 2028. Despite the increase in demand, organizations still deal with challenges, including manual entry and minimal access, that can impact industry growth.
With the emergence of technology, investing in field service management software may improve operational efficiency.
But what is it, exactly?
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What is Field Service Management Software?
Field service management or service dispatch software provides efficient personnel management, operation insights, and request tracking all in one platform. For it to be considered a good investment, the platform must have:
- Work Order Tracking
- Customer Management
- Dispatch and Scheduling
- Asset and Equipment Management
- Contract Management
- Customer Portal
- Mobile Field Service
- Reporting Dashboards
- Integrations and API
- Invoicing and Payments
In matters concerning warehouse staff, field technicians, customers, vendors, and your base of operations, near-perfect coordination is vital. These features are crucial in establishing and maintaining a standardized and streamlined system to keep a business running and thriving.
Should You Invest in Field Service Management Software?
Even with its many benefits, some business owners are still skeptical of the benefits that come with field service management. It’s understandable since the system is fairly new. Adoption isn’t as widespread as other technologies, but many are catching up.
While all businesses have their own ways of running operations, the numbers behind field service management don’t lie.
Here are the statistics according to a 2022 review on field service management software:
- Generally, 48 percent of companies and organizations utilize field service management software.
- Of fleet management companies, 51 percent of them use field service management software. Fifty-two percent incorporate the software in conjunction with their fleet tracking solutions.
- The percentage of companies that use GPS fleet tracking software for daily operations is 96 percent.
- Fleet tracking software users found 32 percent investment returns after six months of implementing the software.
- Field service management software’s ability to acquire job details and customer information is invaluable. Sixty-one percent of fleet managers utilize this feature to automatically keep their records up to date.
- Seventy-one percent of field service operations utilize field service management tools to maintain control over all processes.
How Can Field Service Management Software Save Businesses Money?
Field service management software not only boosts productivity and efficiency for your business but also helps cut costs. Quality field service management software reduces spending in many business sections, including assets, inventory, manual labor, and training.
Here is how field service management solutions can reduce costs.
Decreased Expenses on Recruitment and Training
Talent scouting, recruiting and training the right people are among the most challenging duties of any human resources department. According to the U.S. Small Business Association (SBA), the cost of a new hire is 1.25 to 1.4 times their salary, and this doesn’t include other mandatory employee costs.
Leveraging technology using field service management tools generates a performance profile for every technician for personalized training and evaluations. With the software, it’s easier to track:
- Daily work order assignment count
- Daily work order completion count
- Task inspections and validation
- Current task types assigned and statuses
- Field service representative call count
Reduced Need for Manual Reports and Labor
Some field service organizations still use manual processes for daily operations. Not only is it inefficient, but it’s also expensive due to the amount of time and resources wasted. Field service management software provides a means to collect crucial information like warranties, contracts, signatures, invoices, and attendance. Essentially, it helps you save on hiring employees for tasks with little value.
Lessened chances of under or overstocking inventory
Field service management software lets users view the list and reorder parts regularly with turnkey solutions. This feature is essential for any business because it addresses several issues in inventory management. It prevents delays and ensures the stocks are accurate.
A study revealed that 87 percent of decision-makers having inventory management remains a challenge. Eighty-four percent of the respondents acknowledge the need for better inventory management tools, such as field service management software. The system notifies users of what items are in stock and which need to be replenished.
The software also provides a view of the inventory count to keep technicians updated about their equipment. With this feature, users can:
- Reduce costs on storage and maintain relationships with vendors
- Properly plot schedules for technicians according to when their equipment is ready
- Decrease expenses used for non-vital requirements
Addressing a Necessity
Should you invest in field service management software? Yes, if you want to simplify your operations, especially when operational efficiency is needed more than ever. These days where efficiency is so critical, the question is no longer if but when you should get the software.