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Tracking KPIs with Custom Field Service Software
- Why is Measurement Important and Why Use KPIs?
- Which Metrics are Important and Why?
- So, Where Do You Start?
- The Importance of Data
- Technology to the Rescue
If you are a business owner or manager in the field services industry, you’ll already understand how important it is to track KPIs (key performance indicators). Keeping a sharp eye on how your business is going and how your teams are performing out in the field is what keeps you ahead of the crowd.
In this blog we consider why measurement is important, which metrics to choose and how you can use custom field service software to easily track the metrics that are right for your business. After all, steering business performance in the right direction relies on constantly reassessing and making improvements. The right data that is easily visible enables companies to understand exactly where they need to make changes, and whether relevant processes require a tiny tweak or a more fundamental overhaul.
Why is Measurement Important and Why Use KPIs?
Measuring success isn’t always easy to do, but without some form of measurement how can you make things better? Decisions to improve must be based on facts, not a spurious whim.
Taking a data-driven view of the business helps to:
- Drive profitability
- Provide better services
- Improve technician productivity
- Reduce business expenses
Everyone, including those in the field services industry, sets out in business with objectives. Measuring performance enables companies to achieve strategic goals. By understanding the health of the business, leaders and managers can make the necessary adjustments to optimise productivity, increase profitability and ensure business success.
There are five key reasons you need KPIs. These are:
- To monitor the health of your business
- To track progress
- To analyse patterns over time
- To solve problems and unearth opportunities
- To keep strategic objectives on track
Most businesses in the sector are seeking solutions to help them. Flexible workforce management software is helping leaders and managers to make smarter, faster business decisions. Quick operational adjustments can make a big difference to outcomes and to customer satisfaction.
Which Metrics are Important and Why?
KPIs differ from company to company, even for those within the same industry. There is no definitive list of KPIs all companies should use, and it’s worth noting that not all metrics were created equal.
The metrics you choose must be right for your business. Why? Metrics tell us whether a process is good enough to meet the customer’s requirements or whether it needs to be better. The right metrics will help you make meaningful and impactful adjustments.
It’s critical that you measure what matters. There’s little point trying to measure everything – before long you’ll be drowning in metrics and won’t be able to see the wood for the trees. This is where custom field service software can help – metrics and how they are reported can be customised to suit you and your business.
So, Where Do You Start?
There are four key areas of metrics all businesses need to cover.
- Employees / contractors
- Customers
- Processes
- Revenue
In field services, metrics are tailored to daily workflow and the specific challenges field service technicians face. Relevant KPIs can include the below:
- Financials
- Employee productivity
- Employee retention
- Customer satisfaction
- Customer retention
- Uptime
- First time fix rate
- Completed versus invoiced jobs
- Billable time
- Contract leakage
- Job resolution times
- Rescheduling ratio
- Average work orders completed each day
- Average revenue per customer
- Average revenue per engineer
- Field visits each day per engineer
- Average miles travelled by each engineer per day
- Back-end service costs
- Carbon footprint
And of course, if you have a USP, it’s important to measure that too. This could be, for example, a promise to have an emergency engineer on site within a set number of hours. Either for all jobs or specific types of job, you could measure how often this target is met. Over promising and under delivering is never a good thing. Your metrics on this will tell you if the issue is with a single engineer or if it is companywide. Importantly, it gives you insights into what you need to do to improve.
In addition to actual results, leading indicators (what you measure that helps you reach your objectives) will help you to see when you are in danger of missing a target.
The Importance of Data
Measuring anything in business all comes down to data and having this centralised is key. Companies must be able to critically analyse operational and financial data regularly and fast. Gathering data slowly is pointless – by the time you make decisions, the data set will have changed, and your actions are less likely to make a difference.
Tracking data over time also helps businesses to better understand external influences (seasons, for example), and enables appropriate navigation. Identifying patterns in data is invaluable for future planning of the workforce, stock sourcing and managing other resources.
Technology to the Rescue
Management software for field service teams is no longer a luxury. It’s essential. Keeping a plethora of spreadsheets isn’t a very efficient or effective way of managing KPIs. That’s why Joblogic succeeds in making field service analytics easy.
Dynamic dashboard reporting allows managers to analyse their overall business performance far more effectively. Joblogic’s customisable dashboard designer is fully interactive and can be tailored to fit the specific needs of your business. Our experts will guide you to build a bespoke dashboard that reports exclusively on your chosen data and metrics.
Gathering financial data isn’t a problem either – Joblogic’s software enables integration with numerous accounting packages. All the data you need for extensive KPI setting and monitoring is on hand.
We’ve thought about some of the solutions for service improvements too. For example, our parts arena integration combines the power of Joblogic Mobile with PartsArena Pro® It assists heating engineers with diagnosing boiler faults and ordering the right parts first time, helping to improve the first time fix rate. Joblogic also uses the finance provider, Creation, to enable you to offer no-fuss payment options to your customers and keep aged debt under control. And our bespoke dashboards are easy to use and easy to understand, making management decision making a dream.
The effective use of KPIs can increase productivity, improve customer service, and boost profits. Joblogic’s flexible workforce management software helps to refine your critical business decision making. Book a demo now and we’ll give you a glimpse of your growth potential.