Repair Revenue Leakage in Your Business
What’s the average days sales outstanding (DSO) for your business? If you have a paper-based process, have you considered that it may contribute to this? Revenue leakage can be a problem for a business with employees that work in the field servicing its customers. If there is not an efficient, optimized system in place to ensure integrity between the field, back office, and your billing department, funds will flow out of a business just as quickly as its flowing in. While you’re trying to build towards growth, you may find instead that your revenue is not reflective of your efforts.
Field service workers are dispatched daily with the task of not only servicing their customers, but of maintaining control of all transactions as well. This includes ensuring that signatures are captured at the beginning and close of each job, delivering accurate invoices, and making sure warranties and contracts are adhered to. When the ball is dropped, it can lead to disputes with the customer, which may delay payment on work performed or sacrifice what could have been the ideal upselling opportunity. For each of these instances, the time it takes to rectify the situation costs personnel time, but also jeopardizes your ability to collect payments that are due.
Another area for leakage lies in first-time fix rate. Each time a field worker has to visit a customer for the same issue, the additional truck rolls cost additional fuel, labor, and other expenses associated with dispatch and reassigning of jobs. In addition, this may cost valuable customer satisfaction points (CSat) because customers have to make themselves available for another attempt to address their request and may be without the equipment or service they need while waiting.
Which other areas of a field service business do you think cause revenue leakage? FieldAware is holding a Summer Webinar Series to help field service businesses learn how to optimize the service chain. The first event, which will be held this Tuesday, June 16, will cover how to repair leaks within your revenue stream. We’ll help you to identify areas of concern, provide helpful insight to how to address these areas, and close with a Q&A to respond to your specific questions.
To learn more about our Summer Webinar Series and to reserve your spot for each event, visit our registration page.