It’s 2020 (Almost) – Time to Revitalize Your Organization’s Services Portfolio!

After a while, even the most innovative services offerings begin to lose some of their appeal, ultimately being perceived as commodity-like offerings, rather than as representing a differentiated portfolio. What was initially offered to the market as a specialized service, often without much competition, soon becomes just another service commodity positioned ineffectively among scores of increasingly competitive offerings.

Regardless of your organization’s market share or position, it is important to gauge exactly where your services portfolio stands at any given point in time with respect to the perceptions – and expectations – of your targeted market base. In most cases, it is the new, innovative upstart companies that are typically conducting the bulk of the market research and competitive intelligence prior to launching their new products and services, not necessarily the companies that are still selling their older commodity-like offerings.

However, there may still be a great deal of life left in the more mature business lines that comprise the majority of your company’s product or services portfolio. Even better, these lines tend to already be “tried and true” with respect to market acceptance, and may only need a gentle marketing or promotional “push” every once in awhile to stimulate additional market interest and sales. Even NASA uses a “mid-course correction” every now and then to ensure that the rocket gets to the proper destination!

There are many ways in which a business can determine exactly how much “kick” its services offerings still have in them, or, conversely, whether it is time to “kick” some of them out of the portfolio altogether and replace them with newer, more innovative and technologically-competitive lines.

The path recommended to evaluate the overall health of your present portfolio of services, is to conduct a strategic business assessment that focuses on:

  • An assessment of your customers’ – and the market’s – perceptions, needs, requirements, preferences and expectations with respect to your existing portfolio of services offerings.
  • The specific features and characteristics (e.g., attributes, benefits, value, cost, etc.) that currently define your services lines, and what it will likely take to “ramp them up” to the new and/or emerging market requirements (i.e., the Three R’s: Refine, Re-design and/or Re-package).
  • Customer/market perceptions and opinions regarding the current quality and performance of the services offered – both from your organization and its competitors.
  • A set of recommended improvements to your existing portfolio in order to better position it against the competition, and to maximize both sales potential and ongoing customer satisfaction.

The assessment and evaluation of the findings from such a study would be extremely useful in terms of providing your company management with the strategic, marketing and promotional tools it needs to:

  • Identify the basic customer/market needs, requirements, preferences and perceptions that can be used to assess and “fine tune” the overall strategic market positioning of the organization’s existing service lines.
  • Ensure that the company is effectively marketing the right services; to the right market segments; by communicating the right marketing, branding, and promotional messages; all through the right media.
  • Modify and enhance existing product/service lines to address the highest levels of customer and market demands.
  • Develop new products and/or services to address the emerging needs and requirements of both the existing and prospective customer bases.
  • Identify and cultivate the most attractive target markets based on identified patterns of customer decision-making and purchase behaviors, and product preferences and perceptions.
  • Strengthen the company’s overall product/service awareness and image, advertising and promotion, and sales activities through the execution of the recommended refinements, enhancements and/or modifications based on the study findings.

While your present business lines are probably the key factors that helped your company grow to its current size and market position, they may have become “dusty” over the years and may now be in need of a good “dusting off” – or even, retirement.

Putting a “cash cow” off to pasture before it is time can cost your company a great deal of money in terms of lost potential. However, keeping it on once it’s gone “dry” may cost you even more in the long run in terms of giving your company a perceived market image as being less than innovative, or no longer offering anything more than commodity-like products and services.

Assessing where your product and services portfolio currently stand in terms of market perceptions, and your ability to meet the market’s – and your customers’ – changing and evolving needs, will allow you to determine just how much “dust” has collected on your existing offerings – as well as what you will need to “dust off” in order to compete more effectively.

Lessons Learned from WBR’s 2019 Field Service Amelia Island Conference – Advancing Service Together through Innovation, Cross-Industry Best Practices & Transformation

[WBR’s annual Field Service Amelia Island conference is one of the premier Field Services event of the year – and this year was, once again, no exception! More than 350 field service professionals attended the conference from August 18 – 21, 2019.

The following is a brief excerpt from SFG℠‘s “Lessons Learned …Analysts Take report, written and distributed under the auspices of WBR. Our suggestion? Don’t read the following excerpt – go to the bottom of the page and download a complementary copy of the full report, and read up on what the key players in the field services community had to say with respect to “Advancing Service Together!“]

Since 2003, WBR has been bringing together the world’s leading services organizations to “benchmark, establish best practices, embrace new technologies and build a strong network to enhance its attendees’ services businesses and field operations.” Each successive conference over the past 16 years has provided participants with “future-facing content and a mix of interactive session formats that ensure [they can] learn and network most effectively.” As such, these annual (and mid-year) Field Service events are designed to set up its attendees “for maximum profitability and competitiveness in [their] service business.”

And this year’s Amelia Island event did not disappoint, as the nearly 400 onsite attendees would most likely attest!

“At Field Service Amelia Island I learned that Field Service professionals love to learn new ways to improve service delivery since that is often the first (and only) personal contact a customer has with their brand. They are especially eager to explore what technology can do to optimize their field service fleets to get them to job sites efficiently and safely.”

– Carol Roden, Senior Product Marketing Manager, Lytx

The main theme for WBR’s 2019 Field Service Palm Springs conference was billed as “Advancing Service Together”, similar to the Palm Springs event held earlier in the year – and the succession of speakers, presenters, moderators, panel participants and practitioners all supported that theme throughout the conference by sharing examples (i.e., mostly success stories) about how it takes a strong commitment to teamwork to have any chance of meeting, let alone exceeding, management goals for improving employee and customer satisfaction – while at the same time, driving increased services revenue streams and making a profit by doing so.

“After attending the Field Service Conference on Amelia Island, the importance of disruptive service, and understanding that what got our businesses to their current level of success will not take them to the next level of success is evident. In an XAAS world, those organizations that embrace these transformations with technology and culture will win!”

– Mary Flake, General Manager – Coastal Southeast Service, Comfort Systems USA

The ”Lessons Learned” at the conference were many, and we have attempted to summarize the main sessions (and lessons learned) in the text that follows. Please note that not all of the sessions are highlighted and summarized in this document; however, there are many others that are available through WBR directly. Also, if you missed the chance to have one of your “lesson learned” quotes included in this paper, … well, there’s always next year in Palm Springs or, again, at Amelia Island!

Each of the three Main Days of the conference had a particular focus, beginning with Day One setting its sights on “Technology and Process Innovation for Efficiency”; Day Two focusing on “Disruptive Service & Customer Value; and Day Three focusing on “Leadership & Service Revenue Generation.”

Overall, WBR’s 2019 Field Service Amelia Island conference gave every attendee the opportunity to learn, question, network, buy/sell and interact with vendors, practitioners, editors, writers, industry experts, consultants, research analysts, peers and competitors and every other important person or company in the field services business.

The temperature was not as hot as in Palm Springs, earlier in the year – but the topics covered at the conference were still “red hot”. One of the key learnings from this year’s event is that “the main benefit of this conference is that it represents a middle ground between what we all learned last year, and what we will expect to learn next year.” As such, this year’s conference represented another key milestone in the Journey that we, as an industry, are taking along with our customers.

At the risk of repeating myself from the “Lessons Learned …” Analyst Take paper distributed following this year’s Palm Springs conference, I believe the following quote still stands true:

“As Bob Dylan once wrote and sang, ‘The times, they are a’changin’.    He must have been singing about the field services industry!”

– Bill Pollock, President & Principal Consulting Analyst
Strategies For Growth℠

Here’s looking forward to seeing you all at Palm Springs and Amelia Island again next year!

[To download a complementary copy of the full “Lessons Learned …” report, simply click here: @@@ 2019 Field Service Amelia Island Analysts Take Report (Final Draft – 19-09-17).]

Bill Pollock’s Responses to Field Service News’ 2019 Big Discussion Questions

[This is the companion piece to Field Service News’ 2019 “Big Discussion”, published in four parts in its digital magazine. This Blog contains the full text of my responses to Associate Editor, Mark Glover’s four questions. Please visit the FSN Website to view my edited responses, along with those of other services industry experts, at: https://www.fieldservicenews.com/blog/the-big-discussion-what-challenges-opportunities-and-trends-should-we-expect-in-2019-part-1.]

FSN – Across the last twelve months what do you think has been the biggest shift in how we approach field service delivery? 

Pollock – The last 12 months have been quite a bit more active among global Field Services Organisations (FSOs) with respect to their acquisition and implementation of new technologies. For example, after having spent a number of years more as a perennial line item on an organisation’s “wish list”, Augmented Reality (AR) has gained a much wider acceptance, and is presently in use by more than twice as many FSOs as just a year earlier. In fact, the trend lines for AR adoption are have begun to increase at an accelerating rate. We are now also seeing the further incorporation of Artificial Intelligence (AI) and Machine Learning into existing FSM systems. As a result, many FSOs have already begun the transformation from the traditional break/fix model to the use of predictive diagnostics and AI-powered chatbots to facilitate and expedite service delivery.

FSN – IoT has become an increasingly key discussion amongst field service companies in recent years – do you think it will soon be essential for field service companies to embrace IoT?

Pollock – I believe it is already essential for field service companies to embrace the IoT. That ship has already sailed – and those FSOs that run their services operations on an IoT platform are already beginning to see the return on their investment. The enormous amount – and wealth – of data that is now being generated through the use of an IoT platform is turning many of the traditional ways of thinking upside-down. For example, it has created an environment where the “old” (i.e., last year’s) way of measuring performance is becoming almost instantly outdated. For example, last year, an FSO might have been assessing its service delivery performance on the basis of asset uptime or SLA compliance, etc. However, this year, they may need to gauge their performance viaan entirely “new” set of KPIs! Measuring your performance in providing “power by the hour” or “airplanes in the air” is quite a bit different than measuring on the basis of the number of monthly site visits, PM calls and asset uptime.

FSN – What do you think should be the key areas of focus for field service managers across the next twelve months?

Pollock – The next most important areas of focus for field service managers in the coming 12 months will likely be among the following three items: (1) embracing the “new” technologies to support an expanded and enhanced capability to deliver their respective service offerings. Artificial Intelligence (AI) and Machine Learning have been around for more than 50 years, but are still relatively new to the services segment – but, it’s time to build them into your service operations! (2) Changing the way in which you deliver – and price – your service offerings. Traditional break/fix service is essentially “dead”. Long live predictive diagnostics and predictive maintenance! Have you spoken to any chat bots lately? Well, you will! (3) Re-engineering the way you measure performance metrics, or KPIs. Mean-Time Between Failures (MTBF) and Mean-Time-to-Repair (MTTR) will not mean anything in an environment where services are being performed remotely on an ongoing basis. It will be time to replace some of the old “tried and true” KPIs with new ones that can measure systemic productivity, rather than merely individual field technician productivity. It’s time to rethink the entire service delivery process – and adjust to it!

FSN – What is the biggest area of concern that field service companies should address in the next 12 months?

Pollock – The biggest area of concern for field service companies in the next 12 months will be, if they’re already somewhat behind the technology curve (or with respect to the competitive landscape), what do they need to do todayto ensure that they will not fall further behind? And, it’s not just a matter of technology either; many FSOs will need to alter their corporate philosophy and mentality as well. Technology goes hand-in-hand with the personnel that use it, so attention must also be given to how the organisation goes about replacing, and/or supplementing, its existing field force with new hires or the use of outside, third-party “feet on the street” support. The services world is evolving so quickly, that any missteps along the way can be devastating – so every step, every move counts. There will also be no time for any intra-mural infighting – only for collaboration and inter-departmental cooperation. Equipment will keep on breaking, and end-of-lifecycles are getting increasingly shorter. As such, there will always be the need for services organisations to deliver their support! However, only those that have the technological and corporate wherewithal to continually improve the way in which they deliver their services will rise to the top of the competitive order – and stay there!