PLEASANTON, Calif.-- ServiceMax, a GE Digital company and the leader in cloud-based field service management solutions, today unveiled the results of its latest customer survey, which uncovered dramatic benefits from revenue growth to customer-satisfaction increases following deployment of the platform. Read the full survey here.
Field service has become a strategic asset to organizations looking to kick-start profitability in the face of stagnant product revenue. Concurrently, companies from industrial manufacturers to medical-device providers have seen service function as a key driver for customer satisfaction, revenue growth, productivity and compliance.
ServiceMax commissioned Wakefield Research to poll nearly 140 of its customers in these four key areas and discovered they excel in leveraging their service organizations to drive real business results. Highlights from the survey, which showcase ServiceMax’s average business impact, include:
- 11% increase in Net Promoter Score
- 13% increase in service revenue
- 11% increase in contract renewals
- 13% reduction in the time it takes to repair equipment
- 8% reduction in service costs
Service cost and revenue gains have been extremely difficult to capture over the last two years. Benchmarking work done by The Service Council, an independent research company focused on monitoring service organizations, reveals that a majority of organizations have experienced annualized revenue gains of less than 10 percent over the previous two years and only 1 in 10 have seen an annualized revenue growth rate of greater than 10 percent. On the cost side, most organizations have seen their service cost increase over the last two years. Only 10 to 15 percent have seen service costs decrease by more than 10 percent.
“As customers continue to demand more, field service organizations must evaluate tools that drive efficiency but also improve efficacy and the overall experience delivered to customers,” said Sumair Dutta, Chief Customer Officer, The Service Council. “In an extremely competitive field service market, success is no longer determined by the provision of basic service at the lowest possible cost, but by the loyalty and net-new revenue generated by a differentiated field service experience.”
“We continue to see organizations of all sizes and industry segments realizing significant financial benefits and they move to modernize their field service organizations,” said Dave Yarnold, CEO, ServiceMax. “Every CEO and CFO of industrial companies should be looking at these results. Investing in new field service technologies is the single highest impact investment you can make to improve the productivity of your organization in a slow growth global economy."
ServiceMax, a GE Digital company, is a leading industry provider of field service management software – an estimated $25 billion market worldwide. The company continues to reimagine and create solutions for the 20 million people globally who install, maintain, and repair machines across dozens of industries as the leading provider of complete end-to-end mobile and cloud-based technology for the sector. ServiceMax goes to every length -- from joining technicians on service calls to publishing the industry's leading online publication -- to help customers discover untapped innovation, unleash new revenue streams, drive efficiency, and most importantly delight their end-customer. To learn more, please visit www.ServiceMax.com.