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Key performance indicators for field services

KPI

Identifying the right metrics to gauge the outcome and success of your field service operations can certainly help you understand how well your company is performing and help determine areas that need to be improved for you to accomplish all your business goals. But the question is, what are some field service metrics or field service management software KPIs that you need to track? In case you identify the wrong ones, there is a higher chance that you will be overlooking some of the main issues that are impacting your organizational performance. And also if you focus on too few or too many metrics it will get difficult for you to make informed decisions in your daily business operations. Here are the top 6 field service management metrics/KPIs you should be tracking to accomplish all the set goals of your company:

The Efficiency of Field Service Management

When analyzing field service operations, people always consider and prioritize the quality of the service that is being offered in the field. The effectiveness of field service management is measured based on how sooner the jobs are responded to by the company and the technicians, faster resolution time, FTFR, and more. These are some of the important data that can help us gauge the quality and performance of your field services and offer the best service to your customers.

Customer Retention in Field Service

To know if the customer base of your company is regularly growing and if the repeat customer count is increasing too, continually examine your overall customer retention rate. Analyze the profiles of long-term and repeat customers to understand the most effective ways that keep consumers satisfied and encourage them to continue servicing with you. Always ensure that customer service representatives follow up with customers after finishing every job, and address any issues that might have come up post the repair and focus on improving the entire customer experience. In order to be on top of the quality of the service provided, CSRs and technicians should be well-groomed to ask for service ratings from clients and ask the customers to fill out survey forms as soon as the work is done. Continually aim to improve the quality of your customer service to reduce the churn rate and work on improving the chances of customers referring your business to others.

Average time to finish the job

This metric offers a critical insight into the amount of time each of your technicians takes to execute a specific task/resolve the issue. This metric is primarily utilized to plan the capacity of your field service team and also help modulate the scheduling and dispatching steps of your operations. By using the advanced FSM tool, you can effortlessly monitor the performance of your entire time and the amount of time consumed to finish the task by letting your field service professionals/technicians update their check-in time when they reach the client's location and the time they check out post task completion.

FTFR

Your technicians need to be equipped to be able to finish the job/resolve the issue in a single visit and need not have to revisit the customer’s place to deal with the same issue many times. This metric is important for a company to run in the most productive way possible. To monitor this metric, calculate your first-time repair rate and get to know if there are too many follow-ups from your staff side which might lead to several missed opportunities and profits from new jobs. Make sure that correct technicians are dispatched to perform relevant jobs based on each of their experience and expertise which will eventually garner the best score of the service. Additionally, it is also important for the technicians to get to the job site with all the needed gear and equipment they'll need to accomplish the job.

Per lead, revenue rate

To determine your bottom line look no further than revenue per lead rate. The total volume of sales divided by the total number of leads (including canceled leads) amounts to revenue per lead. When looking at field service performance indicators it's critical to look at the % of closed leads. It's also necessary to revisit the primary business processes if your company has been closing only a small % of all the generated leads.

LTV (Life Time Value)

The total revenue you aim to receive from a single customer over the course of their relationship with your organization is termed LTV. To calculate this number you need to know how long customers stay with you on average. Multiply that number by the anticipated monthly revenue to find their LTV. The LTV will help you discover what constitutes a good service operation, different methods to implement while prioritizing tasks/jobs, whether or not the job is worth the time of your technician, and more. Metrics like these eventually lead to one thing: it is immensely important for you to know what needs to be measured in field service projects/processes if you want your business to flourish. And in order to do so, you'll require a heightened understanding of FSM software's analytics capabilities/features. The good thing is that Fieldy will allow you to measure all these indicators and much more. It’s built with the purpose to assist all FSM businesses and field service personnel to make timely and accurate decisions and measures. It is an essential tool for all FSM project managers and administrators, as it will provide them with clarity on success, income, and performance. There is a free demo available for you to check out our services. You can register for the free demo here.
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