[[{"@context":"http:\/\/schema.org","@type":"Article","@id":"https:\/\/www.the-future-of-commerce.com\/2020\/07\/10\/field-service-kpis\/#Article","articleBody":"Most business leaders understand there\u2019s no such thing as resting on your laurels \u2013 you need to be constantly re-assessing and making improvements. A key aspect of being able to do this is understanding what problem areas are. Key performance indicators (KPIs) help companies understand how their business is doing over time. And when you\u2019re in charge of a division that\u2019s responsible for fixing things that go wrong, getting things right is even more important. So when it comes to field service KPIs, which ones should leaders be measuring?\nKPIs allow companies to see their performance metrics and understand exactly where they need to improve.\nUnderstanding KPIs can help to:\nDrive profitability\nProvide better service\nMake technicians more productive\nLower business expenses\nKPIs can cover everything, from specific types of profit margins to technicians\u2019 work performances to service profitability.\n8 field service KPIs that leaders must track\nCustomer satisfaction: Knowing the satisfaction rate of your customers is one of the most important field service KPIs to measure. In FSM, satisfied customers make loyal customers that help you anticipate future profits. Customer satisfaction also leads to customer retention, which is great for the bottom line. According to Aberdeen Research, companies that have a high level of customer satisfaction also have an 89% customer retention level. These companies experienced a 6.1% growth in service revenue and 3.7% growth in overall revenue as well.\u00a0\nCustomer retention: Existing customers are worth more than new ones, as the revenue a company generates from loyal customers can sustain a business. Customer acquisition is often expensive due to the time, resources, and efforts that need to be put into finding new clients. Retaining clients means having ready-to-go word-of-mouth marketing that can help you acquire new customers. Similarly, if you provide great service and your technicians use their power to offer customers new products and services, you\u2019ll be able to increase customer retention.\nRevenue from services: In comparison to total company revenue, it\u2019s important for field service businesses to be able to identify how much\u00a0revenue comes from services. As many manufacturing businesses shift from being product-based to being service-based, it\u2019s crucial to measure how much revenue is being made from services so that business offerings can be adjusted from there.\u00a0\nCompleted vs. invoiced jobs: If a technician has completed a job, but the customer has not been invoiced yet, you\u2019d want to know, right? Tracking the rate at which service calls are completed compared to those that have been invoiced can let you know whether you should invest in workforce management software and invoice automation to ensure your business receives payments quickly. An unsent invoice after completed work means missing revenue for your business.\nSales on field service jobs: Salespeople play a crucial role in field service businesses, but techs do, too. Given that field service software equips your techs to become up-sellers and cross-sellers who help give your customers the services and equipment they need to keep their machines running smoothly, it\u2019s critical to keep track of how many sales your techs are making in the field.\u00a0\nEmployee productivity: Knowing how productive your employees are can show you where their skill strengths and weaknesses lie. It can also show you whether more training is required, new techs are needed, or if you need to restructure your current team.\nEmployee retention: As with acquiring new customers versus retaining current ones, knowing the rate at which your business is retaining employees is important to your business success. It is usually much cheaper to retain an existing employee than to find, hire, and train a new field service employee. And attracting younger employees will require your company to innovate and adapt to millennials\u2019 changing job expectations.\nAverage resolution time: Knowing your business\u2019 first-time fix rate KPI, will help you understand your employees\u2019 productivity levels. Additionally, since first-time fix rates contribute to customer satisfaction, knowing your company\u2019s 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.\nDon\u2019t leave your customers in the dark. Light the path to loyalty with great customer service. \ud83d\udca1Discover the ROI\u00a0HERE.\ud83d\udca1","author":{"@type":"Person","@id":"https:\/\/www.the-future-of-commerce.com\/2020\/07\/10\/field-service-kpis\/#Article_Person","image":{"@type":"ImageObject","@id":"https:\/\/www.the-future-of-commerce.com\/2020\/07\/10\/field-service-kpis\/#Article_Person_ImageObject","url":"https:\/\/23x6xj3o92m9361dbu2ij362-wpengine.netdna-ssl.com\/wp-content\/uploads\/2019\/08\/Anna-Irniger-150x150.jpg"},"name":"Anna Irniger","sameAs":"https:\/\/www.linkedin.com\/in\/annairniger\/","url":"https:\/\/www.the-future-of-commerce.com\/contributor\/anna-irniger\/"},"dateModified":"2021-03-11T12:44:15+00:00","datePublished":"2020-07-10T16:24:58+00:00","description":"Level-up your field service management by understanding the most critical field service KPIs that FSM leaders should be tracking.","headline":"Field service KPIs: Top 8 to track as head of field service","image":{"@type":"ImageObject","@id":"https:\/\/www.the-future-of-commerce.com\/2020\/07\/10\/field-service-kpis\/#Article_ImageObject","height":"630","url":"https:\/\/www.the-future-of-commerce.com\/wp-content\/uploads\/2020\/05\/field-service-kpis-1200x630.jpg","width":"1200"},"mainEntityOfPage":"https:\/\/www.the-future-of-commerce.com\/2020\/07\/10\/field-service-kpis\/","name":"Field service KPIs: Top 8 to track as head of field service","publisher":{"@type":"Organization","@id":"https:\/\/www.the-future-of-commerce.com\/","additionalType":"https:\/\/www.wikidata.org\/wiki\/Q1193236","description":"Relevant, timely information & analysis on commerce trends, both consumer-facing and B2B.","logo":{"@type":"ImageObject","@id":"https:\/\/23x6xj3o92m9361dbu2ij362-wpengine.netdna-ssl.com\/wp-content\/themes\/hybris_foc\/assets\/images\/layout\/logo-new-2x.png?_=1","height":"96","url":"https:\/\/23x6xj3o92m9361dbu2ij362-wpengine.netdna-ssl.com\/wp-content\/themes\/hybris_foc\/assets\/images\/layout\/logo-new-2x.png?_=1","width":"500"},"name":"The Future of Customer Engagement and Experience","sameAs":["https:\/\/podcasts.apple.com\/us\/podcast\/a-call-for-a-better-experience\/id1479742201","https:\/\/twitter.com\/FutureOfCEC","https:\/\/www.linkedin.com\/groups\/4844282","https:\/\/www.the-future-of-commerce.com\/feed\/"],"url":"https:\/\/www.the-future-of-commerce.com\/"},"url":"https:\/\/www.the-future-of-commerce.com\/2020\/07\/10\/field-service-kpis\/#Article"},{"@type":["Article"],"@id":"https:\/\/www.the-future-of-commerce.com\/2020\/07\/10\/field-service-kpis\/#Article","@context":{"@vocab":"http:\/\/schema.org\/","kg":"http:\/\/g.co\/kg"},"url":"https:\/\/www.the-future-of-commerce.com\/2020\/07\/10\/field-service-kpis\/","publisher":[{"@id":"https:\/\/www.the-future-of-commerce.com\/"}],"author":[{"@type":"Person","@id":"https:\/\/www.the-future-of-commerce.com\/2020\/07\/10\/field-service-kpis\/#Article_author_Person","image":[{"@type":"ImageObject","@id":"https:\/\/www.the-future-of-commerce.com\/2020\/07\/10\/field-service-kpis\/#Article_author_Person_image_ImageObject","url":"https:\/\/cdn-bijap.nitrocdn.com\/AuMaQmessFRMSicXmZsEecJFLEquAyoT\/assets\/static\/optimized\/rev-b3d386d\/wp-content\/uploads\/2019\/08\/Anna-Irniger-150x150.jpg"}],"sameAs":"https:\/\/www.linkedin.com\/in\/annairniger\/","url":"https:\/\/www.the-future-of-commerce.com\/contributor\/anna-irniger\/\nhttps:\/\/www.the-future-of-commerce.com\/contributor\/anna-irniger\/","name":"https:\/\/www.the-future-of-commerce.com\/contributor\/anna-irniger\/\nhttps:\/\/www.the-future-of-commerce.com\/contributor\/anna-irniger\/"}],"subjectOf":[{"@type":"FAQPage","@id":"https:\/\/www.the-future-of-commerce.com\/2020\/07\/10\/field-service-kpis\/#Article_subjectOf_FAQPage","mainEntity":[{"@type":"Question","@id":"https:\/\/www.the-future-of-commerce.com\/2020\/07\/10\/field-service-kpis\/#subjectOf_FAQPage_mainEntity0","name":"8 field service KPIs that leaders must track","acceptedAnswer":[{"@type":"Answer","@id":"https:\/\/www.the-future-of-commerce.com\/2020\/07\/10\/field-service-kpis\/#subjectOf_FAQPage_mainEntity0_acceptedAnswer_Answer","text":" <li><strong>Customer satisfaction: <\/strong>Knowing the satisfaction rate of your customers is one of the most important field service KPIs to measure. In FSM, satisfied customers make loyal customers that help you anticipate future profits. <a href=\"https:\/\/www.the-future-of-commerce.com\/2017\/04\/14\/top-5-field-service-considerations\/\" target=\"_blank\" rel=\"noopener noreferrer\">Customer satisfaction also leads to customer retention<\/a>, which is great for the bottom line. According to Aberdeen Research, companies that have a high level of customer satisfaction also have an 89% customer retention level. These companies experienced a 6.1% growth in service revenue and 3.7% growth in overall revenue as well.<strong>&nbsp;<\/strong><\/li> <li><strong>Customer retention: <\/strong>Existing customers are worth more than new ones, as the revenue a company generates from loyal customers can sustain a business. Customer acquisition is often expensive due to the time, resources, and efforts that need to be put into finding new clients. Retaining clients means having ready-to-go word-of-mouth marketing that can help you acquire new customers. Similarly, if you provide great service and your technicians use their power to offer customers new products and services, you\u2019ll be able to increase customer retention.<\/li> <li><strong>Revenue from services: <\/strong>In comparison to total company revenue, it\u2019s important for field service businesses to be able to identify how much&nbsp;revenue comes from services. As many manufacturing businesses shift from being product-based to being service-based, it\u2019s crucial to measure how much revenue is being made from services so that business offerings can be adjusted from there.<strong>&nbsp;<\/strong><\/li> <li><strong>Completed vs. invoiced jobs: <\/strong>If a technician has completed a job, but the customer has not been invoiced yet, you\u2019d want to know, right? Tracking the rate at which service calls are completed compared to those that have been invoiced can let you know whether you should invest in workforce management software and invoice automation to ensure your business receives payments quickly. An unsent invoice after completed work means missing revenue for your business.<\/li> <li><strong>Sales on field service jobs: <\/strong>Salespeople play a crucial role in field service businesses, but techs do, too. Given that field service software equips your techs to become up-sellers and cross-sellers who help give your customers the services and equipment they need to keep their machines running smoothly, it\u2019s critical to keep track of how many sales your techs are making in the field.<strong>&nbsp;<\/strong><\/li> <li><strong>Employee productivity: <\/strong>Knowing how productive your employees are can show you where their skill strengths and weaknesses lie. It can also show you whether more training is required, new techs are needed, or if you need to restructure your current team.<\/li> <li><strong>Employee retention: <\/strong>As with acquiring new customers versus retaining current ones, knowing the rate at which your business is retaining employees is important to your business success. It is usually much cheaper to retain an existing employee than to find, hire, and train a new field service employee. And attracting younger employees will require your company to innovate and adapt to millennials\u2019 changing job expectations.<\/li> <li><strong>Average resolution time: <\/strong>Knowing your business\u2019 first-time fix rate KPI, will help you understand your employees\u2019 productivity levels. Additionally, since first-time fix rates contribute to customer satisfaction, knowing your company\u2019s 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.<\/li> "}]}]}],"image":[{"@type":"ImageObject","@id":"https:\/\/www.the-future-of-commerce.com\/2020\/07\/10\/field-service-kpis\/#Article_image_ImageObject","url":"https:\/\/www.the-future-of-commerce.com\/wp-content\/uploads\/2020\/05\/field-service-kpis-1200x630.jpg","width":"1200","height":"630"}],"mainEntityOfPage":"https:\/\/www.the-future-of-commerce.com\/2020\/07\/10\/field-service-kpis\/","articleBody":" Most business leaders understand there\u2019s no such thing as resting on your laurels \u2013 you need to be constantly re-assessing and making improvements. A key aspect of being able to do this is understanding what problem areas are. Key performance indicators (KPIs) help companies understand how their business is doing over time. And when you\u2019re in charge of a division that\u2019s responsible for fixing things that go wrong, getting things right is even more important. So when it comes to field service KPIs, which ones should leaders be measuring? KPIs allow companies to see their performance metrics and understand exactly where they need to improve. Understanding KPIs can help to:  Drive profitability Provide better service Make technicians more productive Lower business expenses  KPIs can cover everything, from specific types of profit margins to technicians\u2019 work performances to service profitability.  8 field service KPIs that leaders must track  Customer satisfaction: Knowing the satisfaction rate of your customers is one of the most important field service KPIs to measure. In FSM, satisfied customers make loyal customers that help you anticipate future profits. Customer satisfaction also leads to customer retention, which is great for the bottom line. According to Aberdeen Research, companies that have a high level of customer satisfaction also have an 89% customer retention level. These companies experienced a 6.1% growth in service revenue and 3.7% growth in overall revenue as well.&nbsp; Customer retention: Existing customers are worth more than new ones, as the revenue a company generates from loyal customers can sustain a business. Customer acquisition is often expensive due to the time, resources, and efforts that need to be put into finding new clients. Retaining clients means having ready-to-go word-of-mouth marketing that can help you acquire new customers. Similarly, if you provide great service and your technicians use their power to offer customers new products and services, you\u2019ll be able to increase customer retention. Revenue from services: In comparison to total company revenue, it\u2019s important for field service businesses to be able to identify how much&nbsp;revenue comes from services. As many manufacturing businesses shift from being product-based to being service-based, it\u2019s crucial to measure how much revenue is being made from services so that business offerings can be adjusted from there.&nbsp; Completed vs. invoiced jobs: If a technician has completed a job, but the customer has not been invoiced yet, you\u2019d want to know, right? Tracking the rate at which service calls are completed compared to those that have been invoiced can let you know whether you should invest in workforce management software and invoice automation to ensure your business receives payments quickly. An unsent invoice after completed work means missing revenue for your business. Sales on field service jobs: Salespeople play a crucial role in field service businesses, but techs do, too. Given that field service software equips your techs to become up-sellers and cross-sellers who help give your customers the services and equipment they need to keep their machines running smoothly, it\u2019s critical to keep track of how many sales your techs are making in the field.&nbsp; Employee productivity: Knowing how productive your employees are can show you where their skill strengths and weaknesses lie. It can also show you whether more training is required, new techs are needed, or if you need to restructure your current team. Employee retention: As with acquiring new customers versus retaining current ones, knowing the rate at which your business is retaining employees is important to your business success. It is usually much cheaper to retain an existing employee than to find, hire, and train a new field service employee. And attracting younger employees will require your company to innovate and adapt to millennials\u2019 changing job expectations. Average resolution time: Knowing your business\u2019 first-time fix rate KPI, will help you understand your employees\u2019 productivity levels. Additionally, since first-time fix rates contribute to customer satisfaction, knowing your company\u2019s 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.  Don\u2019t leave your customers in the dark. Light the path to loyalty with great customer service. \ud83d\udca1Discover the ROI&nbsp;HERE.\ud83d\udca1 &nbsp;    ","name":"Field service KPIs: Top 8 to track as head of field service","dateModified":"2021-03-11T12:44:15+00:00","datePublished":"2020-07-10T16:24:58+00:00","headline":"Field service KPIs: Top 8 to track as head of field service","description":"Level-up your field service management by understanding the most critical field service KPIs that FSM leaders should be tracking."},{"@context":"http:\/\/schema.org","@type":"Organization","logo":{"@type":"ImageObject","url":"https:\/\/23x6xj3o92m9361dbu2ij362-wpengine.netdna-ssl.com\/wp-content\/themes\/hybris_foc\/assets\/images\/layout\/logo-new-2x.png?_=1","height":"96","width":"500","@id":"https:\/\/23x6xj3o92m9361dbu2ij362-wpengine.netdna-ssl.com\/wp-content\/themes\/hybris_foc\/assets\/images\/layout\/logo-new-2x.png?_=1"},"name":"The Future of Customer Engagement and Experience","sameAs":["https:\/\/podcasts.apple.com\/us\/podcast\/a-call-for-a-better-experience\/id1479742201","https:\/\/twitter.com\/FutureOfCEC","https:\/\/www.linkedin.com\/groups\/4844282","https:\/\/www.the-future-of-commerce.com\/feed\/"],"additionalType":"https:\/\/www.wikidata.org\/wiki\/Q1193236","url":"https:\/\/www.the-future-of-commerce.com\/","description":"Relevant, timely information & analysis on commerce trends, both consumer-facing and B2B.","@id":"https:\/\/www.the-future-of-commerce.com\/"}],{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"2020","item":"https:\/\/www.the-future-of-commerce.com\/2020\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"07","item":"https:\/\/www.the-future-of-commerce.com\/2020\/\/07\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"10","item":"https:\/\/www.the-future-of-commerce.com\/2020\/\/07\/\/10\/#breadcrumbitem"},{"@type":"ListItem","position":4,"name":"Field service KPIs: Top 8 to track as head of field service","item":"https:\/\/www.the-future-of-commerce.com\/2020\/07\/10\/field-service-kpis\/#breadcrumbitem"}]}]