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10 KPIs For Field Service Management You Need To Take Note Of

· 7 min read
Shoaib Ahmed
Srinidhi Narayana

Before you can begin to measure your business, decide what success looks like, then break it down into stepwise metrics for each area of focus. You'll likely have a few critical areas on your list (or you wouldn't be measuring them) and the rest are good ideas that--if they apply to an area not yet covered--might one day be turned into additional, actionable metrics. Once you've measured your key areas long enough to understand their ups and downs, you'll be able to understand why some areas succeed and others falter.

It’s important to realize that before looking at the most crucial KPIs for field service management, the areas of performance measurement must be divided by role in order to get an accurate representation of what may have occurred during the specified time period and month.

In a service organization, you also need to take into account that there will likely be times when an employee or several employees might not show up for work because of sickness or unexpected issues such as vehicle breakdowns, canceled appointments and so on. On behalf of all this, it is always worth considering this when carrying out analysis.

Let us look at the most important KPIs that can help understand businesses better and work towards clear goals.

People trying to fix gears in position

Ten Key KPIs For Your Field Teams

Customer Satisfaction

FSM focuses on establishing concrete service KPIs that are relevant to the business. Since a satisfied customer is one who will return, it’s great for the bottom line if you have many of these loyal customers . For example, Aberdeen Research conducted a study and found that companies with high levels of satisfaction saw 89% renewal rates. These companies experienced a 6.1% growth in revenue from servers and 3.7% growth overall.

Average Resolution Time

Knowing your business’ first-time fix rate, also called the resolution time KPI, will help you understand your employees’ productivity levels. Additionally, since first-time fix rates contribute to customer satisfaction, knowing your company’s average resolution time can help you understand how your organization is running on a macro level. On a micro level, understanding how long it takes employees to complete certain tasks will allow you to see where techs are running into problems, and how that can be solved.

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Completed vs Invoiced Jobs

This is a KPI that drives your business and it's worth your consideration. An Order-to-Cash process also keeps track of invoice jobs, as well as the number of pending jobs or those that haven't been invoiced yet. It helps you measure how many jobs have been invoiced versus completing what has already been done in the field, which is important to ensure the right amounts are entered into your system of record eventually. But if you notice any discrepancies between the two figures, it's best to invest in a Field Service Management software to help streamline internal processes and optimize revenue streams.

Revenue From Services

In order to ensure that a manufacturing business stays competitive and relevant in today’s modern economy- where business offerings can be adjusted based on the service sector - it is crucial to evaluate how much revenue is being made from services overall. This can help businesses identify where, in their service offerings, more service revenues need to be generated otherwise they will suffer at the hands of their competitors who offer services.

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What Are The Benefits Of A Field Service Management Tool?

With a field service automation tool like Fieldproxy, you can easily

  • Create important dashboards and analytics
  • Identify areas of improvement for individual agents
  • Track resources with greater efficiency
  • Create tasks for different employees and manage them seamlessly.

Customer Retention

Existing customers have been proven time and time again to let new business come to you—as in, without having to spend heavily on marketing campaigns. Retaining clients helps prevent high customer acquisition costs because your brand name has already been established through word-of-mouth by other clients who would happily recommend the services you offer. Similarly, if you are able to work with repeat clients who you’ve grown fond of, it’s going to be easier for them to promote your products and services in earnest so that they can make sure their friends and family members—or even colleagues at work—can derive the same benefits in their life by choosing your company for all their needs as well.

Conversion Rate

If you want to know the effectiveness of your overall sales funnel, the easiest way is to figure out the conversion rate. To do this, count your customer acquisitions and divide them by your prospects.

Tracking your conversion rate over time will help you to see whether changes you make in sales and marketing are improving your conversion rate. For example, if you notice that you get more comments or better ratings on your blog posts when they include pictures, then it might be worth taking the time to re-edit some of your recent posts with a few images.

Employee Productivity

Knowing where best to focus your employees' skills, strengths and weaknesses are is a vital role of an employer. This allows you to understand what products are going to sell better and in turn give you insight into where your team needs more training or whether they need new field service technology or software to perform their jobs most effectively.

Girl stadngin wtih bunch of statistics

Customer Lifetime Value

Customer lifetime value is like gold. You measure the value of customers in a number of different ways, but if you look at it from a strategic perspective, customer lifetime value as a metric is one of your best indicators for measuring how healthy your business is over time. How well can you retain your existing customers? How satisfied are they with their experience overall? All these comprise the customer lifetime value.

Customer Acquisition Cost

Customer acquisition cost is the best way to pinpoint the real value of a new customer. For example purposes, if we are looking at $5,000 in revenue and an average CAC of $1,500 then we can find this by using simple subtraction: ($5,000 – $1,500) = $3,500 per new customer. This lets us know that this is the total amount we need to generate from each customer over the time he or she is a customer before our business becomes profitable!

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Employee Retention

As with acquiring new customers versus retaining current ones, learning about your own company's employee retention trends is key to the long term success of your business. Once you've identified a field service employee who has proven themselves capable of delivering stellar customer service and that you feel confident in, try to ensure that their skills are rewarded too (with salary increases for example). This will help to incentivise other employees to stay with the company meaning that once invest time in training them.

A Little Bit About Fieldproxy

An employee attendance management and time tracking software that also doubles down as a field service technician management software is Fieldproxy - a one-stop solution to all your field service and employee tracking needs. With Fieldproxy, you can easily

  • Create unique dashboards
  • Identify areas of improvement
  • Track resources with greater efficiency
  • Create tasks for different employees and manage them seamlessly.

Fieldproxy FSM Software

And that's not all. With Fieldproxy, you can do so much more. Book a demo and improve your field sales teams with just a few clicks today.