How do you measure the value of your field service?

1 Customer satisfaction

One of the most important indicators of your field service value is how happy your customers are with your service. Customer satisfaction reflects how well you meet their requirements, solve their problems, and create positive experiences. It also influences their loyalty, retention, and referrals. To measure customer satisfaction, you can use various tools and techniques, such as surveys, feedback forms, ratings, reviews, testimonials, and net promoter score (NPS). These can help you collect valuable data and insights on your customers' opinions, preferences, expectations, and satisfaction levels. You can also use this information to identify areas of improvement, address issues, and enhance your service quality.

2 First-time fix rate

Another key metric that can help you measure your field service value is the first-time fix rate (FTFR). This is the percentage of service requests that are resolved on the first visit by your field service engineers. A high FTFR means that you are able to fix your customers' issues quickly and efficiently, without requiring multiple visits, callbacks, or escalations. This can save you time, money, and resources, as well as increase your customer satisfaction and trust. To calculate your FTFR, you can divide the number of service requests that are completed on the first visit by the total number of service requests in a given period. You can also track and analyze the factors that affect your FTFR, such as your field service engineers' skills, tools, parts availability, and scheduling.

3 Utilization rate

A third metric that can help you measure your field service value is the utilization rate (UR). This is the percentage of time that your field service engineers spend on billable activities, such as service calls, installations, repairs, and maintenance. A high UR means that you are maximizing your field service engineers' productivity and efficiency, as well as generating more revenue and profit. To calculate your UR, you can divide the total hours of billable activities by the total hours of available time in a given period. You can also monitor and optimize your UR by improving your field service engineers' training, performance, and motivation, as well as streamlining your processes, systems, and workflows.

4 Service level agreement compliance

A fourth metric that can help you measure your field service value is the service level agreement (SLA) compliance. This is the percentage of service requests that are completed within the agreed-upon time frame and standards between you and your customers. A high SLA compliance means that you are meeting or exceeding your customers' expectations and contractual obligations, as well as enhancing your reputation and credibility. To measure your SLA compliance, you can compare the actual completion time and quality of each service request with the predefined SLA criteria and parameters. You can also improve your SLA compliance by setting realistic and achievable SLAs, communicating clearly and regularly with your customers, and resolving any issues or disputes promptly and professionally.

5 Return on investment

A fifth metric that can help you measure your field service value is the return on investment (ROI). This is the ratio of the net profit or benefit that you gain from your field service activities to the total cost or investment that you incur for them. A high ROI means that you are generating more value than you are spending on your field service operations, as well as achieving your strategic and financial goals. To calculate your ROI, you can subtract the total cost of your field service activities from the total revenue or benefit that they produce, and then divide the result by the total cost. You can also increase your ROI by reducing your field service costs, increasing your field service revenue, and enhancing your field service quality and efficiency.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?