Recently, we hosted an exciting webinar with a twist: a brand new feature!
Tyler Hart, Solution Engineer, and Andrew Knox, VP of Sales & Marketing at MSI Data took the virtual stage to discuss the answers to key ROI questions:
- What is ROI, and why does ROI matter to field service organizations?
- What’s the path to ROI, and how do I get on it?!
- How does Service Pro’s new ROI calculator help?
Keep scrolling for the recap, or watch the full video below.
The Importance of ROI in Field Service
Anyone who invests time, money, or energy into something wants to see it pay off; field service companies are no different. How do you tell if your investment in your field management software is paying off?
ROI, or Return on Investment, measures the value gained versus the cost invested. When it comes to field service, ROI is calculated using a combination of Key Performance Indicators (KPIs), chosen and measured by each respective company.
Fundamentals of ROI Calculation
A Key Performance Indicator is a quantifiable metric that measures progress towards a specific objective or strategic goal.
Some top critical KPIs that field service companies measure include:
- Average technician travel time
- Technician utilization
- Average time-to-invoice
- Customer satisfaction
- Preventative Maintenance on-time completion rate
- And more (watch the full webinar for 5 more KPI examples)
Tracking KPIs is important for many reasons.
- Understanding the health of your business
- Finding areas for improvement or correction
- Maximizing revenue and saving opportunities
- And more!
Since no two companies have the same needs, goals, strengths, and weaknesses, there is no one list of KPIs for calculating ROI. However, there are tools and guides that can help you assess where you stand today and make a plan going forward.
Did You Know? Service Pro’s KPI Guide Series can help you get on track and stay on track. Start with identifying, setting, and tracking KPIs with Part 1 here.
Calculating Your ROI with Service Pro®
Our newest feature, the Service Pro ROI Calculator, is officially here! By plugging in a few metrics into the free calculator, you can discover how much money is quietly slipping away within your operations and see how much you could be saving.
This calculator is a “fill-in-the-blank” style; fill in the numbers to the best of your ability and click “Get Results”. Results are given to you live, and then sent directly to your inbox.
The data points chosen are based on core field service KPIs derived from extensive market research, as well as where our clients have seen increases in value. If you aren’t sure of what your numbers are today,
>Watch the webinar to see an example breakdown of the ROI Calculator’s Results
Next Steps & Resources
Access the ROI calculator in two ways:
- Under our ‘Resources’ tab, select ‘ROI Calculator’
- Click here to be taken directly to the page
Want more resources? Check out case studies, guides, and blogs all about field management software – click here.
Review the results with your team, and if you’re interested in reducing your costs and increasing your savings, book your free demo with Service Pro® by MSI Data today.
