How Do I Identify Profitable Operations throughout the Service Lifecycle?

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Once you can access, sort and analyse the data about your service in a convenient and logical way, it becomes pretty easy to identify profitable niches in the field service industry.

The next best thing is that with the right software tool, anyone can do it. You can trace every piece of information and derive statistics from the pool of available data, which can then be sorted and analysed according to the dynamics of your business.

By tracking your service from the initial contact with a customer through creating work orders and records before and after the service was delivered, to automatically generating invoices and, finally, getting customer feedback in a few easy steps – you’d be able to follow your service life-cycle and spot the numbers you haven’t seen before.

These precious stats are a game changer in any service industry, as they allow you to see things more clearly and act quicker upon them. And it’s not just about the stats and analytics, it’s also about streamlining your internal operations, coordinating of your staff and tracking your warehouse and inventory items.

But what do we mean by service lifecycle in the first place?

Service lifecycle, as the name clearly says, represents the entirety of one service. It includes tracking and recording on a service from the moment you receive an order from a customer until the moment you get paid for that service. Until the emergence of field service management software, it was quite impossible to tie all these different pieces of information into a meaningful and consistent data which help investigate all aspects of your business.

How can a field service management software help you identify profitable operations throughout a service lifecycle?

In so many ways, actually. Without a software, it would be almost impossible to follow and piece together all the different elements that form one service. Offering features that help you manage clients, requests, offers, services, workforce, assets, properties, inventory and warehouse, plus serving as a simplified CRM solution – a field service industry becomes almost unthinkable without the right software. By using information gathered in the field to advance more complicated operations like warranty management, spare parts, equipment and materials budget planning and, finally, pricing your service, you can reduce costs and overhead significantly.

If you do your research and development well, based on the information gathered, analysed and stored in your software, every step in the service lifecycle becomes an opportunity for you to reduce costs, improve customer satisfaction, and increase revenue. Moreover, by digging deeply into the trends, you can determine the best-selling services, as well as those that do not pay off as much as you planned. You can be proactive in retooling your service by offering the right-suited packages at a discounted price to your valuable customers and respond quickly to the changes that drive the world of services business.

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