Field Service Future Trends Report Identifies Methods for Growing Revenue with Service Operations

By CIOReview | Monday, March 27, 2017
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NEW YORK: Today, Field Services USA released their findings from its new report titled “Benchmarking Performance Marketing Adoption within Financial Services Strategies”. As of 2016, field services companies of all sizes are prepared to adopt cutting-edge technologies that increase efficiency, drive product development, and reduce costs associated with service processes. This report expands on these trends and how they will be applied in 2017.

Field Services USA and WBR Digital conducted a survey of leading-industry field services companies, 60% of which have 2,001 employees or more and most of which are profit centers. Among the companies, 35% claim the primary products that they service are ‘Imaging, Medical & Scientific.’ 23% of companies claim they primarily service ‘Construction & Industrial’ products, while 10% claim they

primarily service products associated with ‘Enterprise Network Support Services.’

“In an age of customer reviews and tightening competition, service interactions no longer can be considered open- and close-case instances; rather, they must become pieces of a holistic approach that broadens service offerings, generates customer loyalty, and enables companies to make improvements to products and processes in real time,” stated Christopher Rand, Business Analyst, WBR Digital. “Our research shows that field services technologies and strategies maximize the lifetime value of customers by improving products and service experiences, and by increasing the business value of all customer touchpoints – both digital and personal.”

Key statistics from the survey include: 

- According to almost half of field services companies, automating knowledge management leads to the greatest revenue growth among the 10 options available, followed by automating warranty management at 41%.

- Among long-term investments companies have yet to work into their budget, a connected service system is a priority among nearly half (46%) of companies.

- 22% of companies – the largest group – identify selling value-adds to existing service contracts as the greatest opportunity for revenue growth.

- Younger employees may be more capable of utilizing remote and on-demand training—now the primary method of delivering technical training content for 11% of companies—during service visits.

- Companies continue to prioritize technical training through traditional methods: more than half (65%) of companies utilize classrooms, lectures, and traditional media such as text, pictures, and diagrams.

Consequently, it is customers who are reshaping today’s industries. They are shifting companies’ focus towards training the next generation of field service heroes, increasing business value from their evolving customer touchpoints, and implementing the technologies that will help those customer-facing teams succeed—and so, the evolution of excellent service continues. To download the full report, please click here.