Strategies For Growth Announces Launch of Its Third Annual Warranty Management Benchmark Survey Update and Workshop Session

Westtown, PA., January 19, 2017 – Bill Pollock, President & Principal Consulting Analyst, Strategies for GrowthSM (SFGSM), the Westtown, Pennsylvania-based research and consulting organization, today announced the launch of the firm’s third annual Warranty Management Benchmark Survey Update.

The survey will be running “live” through the third week of February, and a summary of the results will be presented as part of Pollock’s Pre-Conference Workshop Session at the 2017 Warranty Chain Management (WCM) Conference to be held on Tuesday, March 7, 2017, in Tucson, Arizona. The two-day WCM Conference itself will follow on March 8 – 9, 2017.

Pollock’s Workshop Session, entitled “Leveraging Effective Warranty Management into Improved Customer Satisfaction and Profitability”, will share both information and guidance based on insights derived from the data collected from the more than 100 Warranty Services professionals who are expected to take part in SFGSM‘s 2017 Warranty Management Benchmark Survey Update.

According to Pollock, who also blogs regularly via his www.PollockOnService.com Blogsite, “Research like this makes for invaluable assets that are foundational to organizational best practices with regard to warranty chain management. In this session we will share findings from our 2017 Warranty Chain Management Benchmark Survey Update that identify the top drivers, strategic actions, Key Performance Indicators (KPIs) and emerging technologies that are pushing Warranty Management Organizations to aspire to attain higher levels of performance.”

Led by Pollock, the Workshop Session will present fresh insights on the current state of the Warranty Chain Management industry, and how Best Practices services organizations are able to differentiate themselves from all others. The session will also help participants learn:

  • What Services Organizations are doing to attain Best Practices status with respect to Warranty Chain Management
  • What leading Warranty Services Organizations are doing to attain the highest levels of Customer Satisfaction and Service Profitability
  • What is driving the Warranty Services market to aspire to higher levels of performance, and what challenges they are likely to face in doing so
  • How to emulate the strategic and tactical actions presently being taken and/or planned by the leading Warranty Services organizations

To participate in SFGSM‘s 2017 Warranty Management Benchmark Survey Update, respondents may simply click on the following Weblink: https://www.surveymonkey.com/r/2017SFGWCM.

All participants that provide their name, title, company, e-mail address and phone number, will also receive a link to a complimentary copy of the Executive Summary, to be made available shortly following the WCM Conference.

For more information, or to register for Pollock’s Workshop Session, please visit the 2017 WCM Conference website at: www.warrantyconference.com.

Also, please be sure to watch for more information from the SFGSM survey results in upcoming issues of Warranty Week: www.warrantyweek.com.

Salesforce Poised to Strike with Its Field Service Lightning Solution (Part 3 of 4)

[This is part 3 of a 4-part series on the launch of Salesforce Field Service Lightning. Part 3 focuses on the Industry’s “Take” on the new offering. Part 4 will follow over the next week or so.]

Field Service Lightning – The Industry’s Take

Early on, CRM Daily cited that “Salesforce is adding some lightning to its customer success platform. The latest iteration of Salesforce Lightning aims to raise the bar on customer relationship management with a platform that taps cloud, mobile, social, IoT (Internet of Things) technologies and data science.” The publication also reported that, “Salesforce launched Lightning in 2015 as a multi-tenant, next-generation metadata platform that enterprise workers can use on any device. It quickly gained traction, boasting 90,000 customers and 55 partners today.”

NewsFactor referred to Salesforce chairman and CEO, Marc Benioff’s, press release statements hyping Lightning as a “game-changer” for Salesforce and its customers as just that – “hype!”. But, in a direct response to the press release, wondered whether Benioff was “overselling the platform.”

However, Mary Wardley, vice president of enterprise applications and CRM Software at research analyst firm, IDC, believes that Salesforce is on to something, as she opined (in a Salesforce statement) that, “Salesforce has set the standard for innovation in the cloud, and by association, CRM, delivering an unprecedented three releases per year for the last 17 years. Maintaining that pace of innovation is even more crucial as both the pace of technology and customer requirements continue to accelerate and become more complex.”

She further went on to say that, ““Field service operations remain a bastion of antiquated systems in many organizations. With the advent of IoT and more objects becoming connected, field service will only become more complex and critical to the success of service organizations. Having a complete end-to-end view of the entire customer service experience – from purchase to installation to maintenance – will allow companies to grow customer loyalty and engagement.”

ChannelBiz reported that Sarah Patterson, Salesforce senior vice president of marketing, after presenting a preliminary demo of the new Field Service Lightning platform, referred to the app by calling it “the Uber of field service apps.”

Also according to ChannelBiz, “the demonstration showed how Field Service Lightning tracks the location of service representatives and has the ability to assign the one closest to a new job. But the system also lets the dispatcher see if that first choice is stuck in traffic and automatically assign the job to someone who can get to the job site faster. An online map shows the field representative’s progress getting to the job and when they’ve arrived.”

However, Diginomica believed the introduction of the new Lightning component to be generally expected on the basis of scuttlebutt … that a field service play would feature at last year’s Dreamforce after Oracle acquired TOA Technologies and Microsoft snapped up FieldOne”. However, it also believed that the announcement was just “another example of Salesforce’s expanding functional footprint putting it on a collision course with partners in the company’s ecosystem”.

Nonetheless, the analyst firm went on to say that “Salesforce’s angle on partner-clash is simple enough – these are big market sectors and the key is to provide customers with choices. That’s also the line being taken by ServiceMax today.”

In support of their belief, Diginomica provides a quote from Spencer Earp, ServiceMax’s Vice President EMEA, saying that:

  • “Field Service is a very big market – it pretty much keeps the world running in just about every sector you can think of from healthcare to energy to manufacturing – and it’s applicable to companies of all sizes. What’s interesting is that it’s not just the size of the market that’s expanding, but also the potential.
  • So it’s not surprising that as both the market for field service grows and the potential for monetising grows with it, that we’ll see multiple players with different levels of offerings. It’s a multi-billion-dollar market, so there’s plenty room for field service leaders like ServiceMax who operate on the Salesforce1 platform to co-exist with Salesforce in this space – partly because of the sheer size of the market, but also because of the diverse set of customer requirements in a market this big.
  • Some companies will want to simply automate the location and scheduling of their service techs, for example, whilst others will need the richer experience and deep sector expertise that a complete end to end field service management solution like ServiceMax provides.”

Information Week sees Salesforce as having, “enhanced the field service and several other capabilities across its platform, reconfigured its packaging, and raised prices. It has also added Accenture as a cloud CRM customer (i.e., on the same day as the announcement)”. In an interview published soon after the initial announcement, in Information Week, Forrester Research senior analyst, Ian Jacobs, was quoted as saying that Salesforce’s approach to adding field service functionality is “lightweight” and internally developed; that it marked a difference from Salesforce competitors, some of whom have sought to add this field and dispatch functionality to their products through acquisition (e.g., Oracle and Microsoft). He also believed that other large global companies may also follow suit.

However, following Salesforce’s March 15, 2016 press release, Jacobs went on to say that, “There are several reasons for Salesforce to jump into this space. The obvious one: they are in a competitive tit-for-tat with Microsoft and Oracle who have both acquired their way into the market. But there are actual benefits to companies of combining field service and customer service on a single platform: better handoff between contact centers, dispatch, and field workers; connecting field service to cases opened in Service Cloud; and a better ability to create a holistic service process.”

In another interview with Jacobs, Elec Café reported that “The company took the unusual step of releasing the new field service product without a pilot or Beta testing period, instead going straight to market. The lack of a pilot did not escape the notice of Forrester’s Jacobs,” who further elaborated in TechCrunch that “The no pilot or beta was a big surprise to me. But the growth in the subscription model across all sorts of industries (HVAC companies offering cold air as a service, for example) dramatically elevates the importance of field service in the B2B world, and the explosion of home automation and ‘smart’ appliances does the same for the B2C realm.”

Fortune also weighed into the mix by reporting that, “The cloud software giant’s latest application launched Tuesday, called Field Service Lightning, automates the management repair or service calls – everything from dispatch alerts to work order creation to wrap-up reports. As you might expect, the service ties closely to the flagship Salesforce customer relationship app. In theory, that turns service technicians into potential sales representatives. For example, if someone notices that a customer might benefit more from a product update – rather than a repair – the technician will be able to suggest that to the customer and note that in his or her report.”

Overall, the various industry analysts’ reports look very positive thus far.

[Watch for part 4, to be published on our Blogsite shortly.]

How Service Managers Can Meet Today’s Most Pressing Service Management KPIs: MSI Data’s Interview with Bill Pollock

Field service industry expert, Bill Pollock, explains how service management KPIs in 2016 are shifting back to the basics, although the ways they measure and exceed those goals are changing fast.

[Reprinted, with permission, from MSI Data.]

A seasoned field service analyst, Bill Pollock, president and principal consulting analyst at the Westtown, Pennsylvania-based research analyst firm Strategies For Growth (SFG), has his eye on service industry standards and provides no shortage of advice for service managers looking to run a top-flight field service department.

In this interview, Bill breaks down how business leaders can improve key metrics, such as profitability and customer satisfaction and what service managers can to do exceed key performance indicators (KPIs) using today’s technologies.

Today’s service KPIs are back to the basics, but also back to the future

Even though there have been many changes in how companies do business, and there are many new technologies that have transformed business processes, many of the traditional service KPIs have stayed the same. For example, customer satisfaction is still #1. “The best practices organizations have 90% or higher customer satisfaction,” said Bill.

Service Management KPIs

Here are the top KPIs Bill highlighted for today’s service organizations:

1. Customer Satisfaction
2. Total Service Revenue
3. Total Service Cost
4. Technician Utilization

Returning to Normalcy: The Evolution of Service Management KPIs

In fact, the priority of these top KPIs have evolved significantly in the last decade.

“Recently, we’ve been seeing total service revenue surpass service cost. In 2016, we’re seeing 72% of organizations looking at total service revenue, and 69% at total service cost.”

While this isn’t a huge difference in percentage, it’s reflective of the trend to increase revenue from service since the cost-cutting days of the 2008 recession. According to Bill, best practices organizations are more focused on revenue than cost.

“During the recession, KPIs were cost oriented: cost, per product; cost, per field engineer; cost for service. But, after 2-3 years, the most aggressive – and progressive – organizations had cut all the costs they could, and the market started coming back to revenue generation.”

Service organizations are prioritizing revenue-production over cost-reduction. But, in 2016 they’ve started coming back around to placing the highest importance on customer satisfaction.

“Today, now that best practices organizations have implemented everything they could to generate more revenue; they’ve come full circle, back to normalcy, and back to customer satisfaction as the most important measure of success.“

How Service Managers Can Help their Team Meet KPIs

As a service manager, it’s one thing to set goals and another to meet them. Empower your team to meet the KPIs you’ve set by following these tips:

  • Set targets: Decide on the baseline, and define standards or targets. Then create a plan to reach them.
  • Define a scoring methodology: Determine how you’ll measure success and assign individual scores that roll up to a total score for each category; for example:
    • 95-100% = Exceeds expectations
    • 85-95% = Meets expectations
    • 0<85% = Does Not Meet expectations
  • Link KPIs to critical factors that drive the performance of the organization. If the metric is not directly linked to a critical organization success factor, it will probably not be worth the resources to measure.
  • Assign someone to take ownership of the data coming in. If you don’t have accurate data to report on, there’s no chance you’ll achieve your goals.
    Communicate KPIs clearly to everyone involved.
  • Invest in resources necessary to achieve goals. You can’t expect someone to increase measurement in an area without listening to their needs and giving them the resources to make improvements.
  • Foster collaboration between sales and service. Give sales-reps an incentive to sell more service contracts and turn the service department into a profit center.

Technology is Changing How Service Organizations Set Goals and Measure KPIs

Manual or paper-based service processes make it nearly impossible to track the data necessary to manage and measure KPIs. That’s part of the reason why FSM software is a crucial piece of the service management puzzle. Not only does it improve service operations, it also enables you to collect the information you need to measure improvements.

“You could be looking at the right KPI for your business, but calculating it the wrong way. You can use technology to figure out what the problem is. Then, once you know the problem, it’s a synch to fix.”

Conclusion: Always Room for Improvement

In closing, Bill emphasized the importance of continuous improvement and measuring success. “Even if what you’re doing is rated as excellent today, you still need to improve it. How are you going to do that? You need to measure where you are and make improvements from there.”

Even if you’re turning a profit today, if you’re not taking steps to stay up-to-date and relevant, you’ll find yourself slipping to competitors.

Bill suggests that “Now is your time! You have the technology; you’re collecting the data. Now you have to use it effectively!”

____________________________________________________________________

Bill Pollock is President & Principal Consulting Analyst at Strategies For Growth (SFG), the independent research analyst and services consulting firm he founded in 1992. In 2015/2016, Bill was named “One of the Twenty Most Influential People in Field Service” by Field Service News (UK); one of Capterra’s “20 Excellent Field Service Twitter Accounts”; and one of Coresystems’ “Top 10 Field Service Influencers to Follow”. He writes monthly features for Field Service News and Field Service Digital, and is a regular contributor to Field Technologies. Bill may be reached at +(610) 399-9717, or via email at wkp@s4growth.com. Bill’s blog is accessible @PollockOnService and via Twitter @SFGOnService.

Business Analytics in Support of an Effective KPI Program: The Importance of Data Analytics

From the results of the Strategies For GrowthSM (SFGSM) Field Service Management Benchmark Survey, updated in 2015, more than one-half (52%) of respondents cite that developing and/or improving the metrics, or KPIs, they use to measure field service performance is the top strategic action currently being taken with respect to optimising their organisation’s overall service delivery performance.

However, for Best Practices Field Services Organisations (FSOs) (i.e., services organisations that are already attaining levels of customer satisfaction at 90% or higher, and services profitability of 30% or greater) this figure increases to 61%. The percentage jumps even higher, to 64%, for UK/Europe-based services organisations; that’s right – more UK/Europe-based respondents cite their respective KPI programs as the top strategic action they are currently taking – moreso than the survey’s top-of-the-line Best Practices survey segment!

So, why is the establishment of a services KPI program so important? Mainly due to the targeted applications that most of these organisations have for using the collected, analyzed, measured and distributed data – basically for the following top reasons:

  • To improve field service
  • To make product design changes/improvements
  • To make manufacturing changes/improvements
  • To make changes to product documentation
  • To make purchasing decisions

Nearly as many respondents in the UK/Europe (i.e., 48%) also cite the use of a business intelligence/analytics solution as one of the top technology applications currently used to support their services operations – and another 39% cite knowledge management as a top-used application. However, few of them actually refer to these programs as “big data” – just, simply, business analytics!

What this proves is that, for most FSOs, data collection, analysis, measurement and sharing is not conducted merely for the sake of doing so – but, rather to:

  • Build, maintain and apply these data to a formal services KPI program
  • Distribute/share the collected and analysed data with the appropriate departments and individuals within the organisation
  • Establish and maintain an enterprise-wide knowledgebase from which all facets of services operations can benefit from – and build upon
  • Share the database/knowledgebase with all components of the enterprise (i.e., manufacturing/production, warranty management, forward and reverse logistics, etc. – rather than simply “holding the data hostage” within the FSM or Service Lifecycle Management (SLM) areas of the business
  • Use the data, and resultant database, knowledgebase (or, for the largest of organisations, data lake) to foster a more collaborative relationship between and among the key departments/divisions that ultimately have an impact on supporting the customer

But how big does your data really need to be in order to support each of these functions? The required size of the database, or knowledgebase, will depend largely on the size of the organisation, the volume of field service activity conducted on a regular basis, and other key measures of throughput that characterize the overall “size” of the organisation and its requisite data analytics needs. Similar types of organisations, with similar characteristics, but with order-of-magnitude differences in one or more key throughput factors may find themselves with totally different needs for data; big, small or otherwise.

The one thing to remember is that all services organisations need a minimum of data to support their respective operations. Call it what you will, but they will still need the analytical support contributed by a formal Key Performance Indicator (KPI), or metrics, program; the structure of a formal service call data activity repository; a Customer Relationship Management (CRM) database; accessibility to a centralized database, or knowledge bank to support management decision making; and all of the performance metrics and measurements required to evaluate and assess the organisation’s performance over time.

An effective business analytics program is what most organisations need – not big data, data lakes, or the construction of overly-sophisticated, cumbersome and highly inefficient knowledgebases. It should never be primarily a matter of how much data needs to be collected; but, rather, the ability to collect enough data to support the organisation’s overall business analytics goals, objectives and targets.

[Our thanks to Astea UK for commissioning this Blog on Data Analytics. For more information, directly from Astea, please visit their Website at www.Astea.com.

You may also wish to visit the Astea UK booth at Copperberg’s 2016 Field Service Summit in Oxford, UK, 12 April, 2016. For more information on the Summit, please visit the conference information Webpage at www.fieldserviceexcellence.co.uk.]

“7 Simple Strategies to Increase Revenue in 2016” – Our Take

[The following is a transcript of the “One Simple Strategy Recommended for Increasing Revenue in 2016” material we submitted to Field Service Digital in response to their request. The full interview was published in the December 18, 2015 issue of the magazine; however, only some of this material actually made the cut (i.e., there are six other industry experts who also had their say in the Field Service Digital piece).

Read our response first, then read the Field Service Digital piece to gain a perspective from among the seven of us. A link to the magazine is provided at the end of our Blog, for your convenience.]

One Simple Strategy to Increase Services Revenue in 2016

“The best services strategies are typically the simplest ones – particularly the ones that target improved service revenues and profitability. But, whatever the strategy, it should always follow a process of ‘Measure, Assess, Adjust & Track’ (MAA&T). What that means is, whether you’re looking at overall service operations, or individual components of service, such as warranty management, parts/inventory management, customer relationship management, or the like, you will need to, first, measure where you stand today, how you got there, and where you’re likely to end up if nothing else changes; second, assess what needs to be changed, modified, upgraded or replaced; third, make the necessary adjustments to facilitate – and in many cases, expedite – change, as appropriate; and fourth, track your progress over time as you implement new and/or revised processes, policies and procedures, or new technologies.

Supported through the ongoing review of input and feedback, the process then starts all over again on a virtual continuous loop, thereby fostering continuous quality improvement that goes directly to the bottom line.

Using warranty management as an example, a sound strategy might be to (1) measure its current contribution to the bottom line in terms of revenue generation and profitability, (2) assess alternative scenarios for process improvement; (3) make changes to the current program to stimulate improved revenue generation; and (4) track your progress over time. Then, you start all over again!

The old adage goes something like, “You can’t know how much you’ve improved if you don’t know where you’ve come from” clearly supports the MAA&T approach. And the ability to continue cycling through the process time after time allows this strategic approach to foster continuous quality improvement.”

[To read the full Field Service Digital article for which this information was prepared, please visit: http://fieldservice.com/2015/12/18/7-simple-strategies-increase-revenue-2016/.]

PTC’s SLM Market Strategy – Built Solidly on the Intersection of SLM and the IoT (and Its Partnership with ServiceMax Doesn’t Hurt, Either!)

[With permission; excerpted transcript from an internal PTC Podcast, recorded on October 9, 2015, by Bill Pollock, President & Principal Consulting Analyst, Strategies For GrowthSM (SFGSM).]

Foundation of PTC’s SLM/IoT Strategy

The most important component of PTC’s evolving strategy is that it is built on a foundation of powerful technology as well as its existing base of more than 28,000 customers. And upon this foundation, PTC provides a full suite of solutions to an expanding global marketplace. As a result, I believe that PTC has been able to leapfrog the competition in a number of ways:

  • First, through the early recognition that the adoption and use of the Internet of Things, or the IoT, will be pervasive and ubiquitous;
  • Second, that it will need to actually guide and help the industry understand the potential of the IoT. And by that, I mean, using a consultative sales approach to tell customers how to begin their IoT journey, as the customers may not actually know their respective needs themselves; and
  • Third, by continuing to build its portfolio of IoT-supported Service Lifecycle Management, or SLM, solutions to provide total support for its global customer base.

However, the success of PTC’s vision will ultimately lie in the execution. That is, its ability to build such an all-encompassing strategy on a solid footing to ensure homogeneity, consistency and, ultimately, acceptance by the global marketplace.

Early on, PTC recognized that the IoT would have the most significant impact on, and fastest adoption in, Service Lifecycle Management (or SLM). In fact, PTC CEO, James Heppelmann has repeatedly said that the first use case for IoT is SLM. Why would a manufacturer/OEM want to embrace an IoT strategy? The answer is to better serve its products – and, by doing so, its customers.

Accordingly, the company took several ground-breaking initiatives to prepare itself – and its customers –through a well-planned, and highly orchestrated, mix of internal development and external acquisitions.

PTC recognized that the pervasive adoption of the IoT in SLM would lead to a succession of sea changes that would ultimately change the industry forever – quickly, completely, and with little tolerance for laggards, late bloomers or followers. Further, based on the extensive analysis of market research conducted both internally, as well as by us at Strategies For GrowthSM, PTC foresaw the coming disruptive change, and took concrete steps to prepare itself, as well as its partners, and its customers.

For example, one shining moment for PTC in the SLM space was its January, 2013, acquisition of Servigisitics.

Acquisitions of Servigistics, ThingWorx and Axeda Systems

The Servigistics acquisition, in retrospect, was a critical component of PTC’s strategy to help manufacturing companies capture the enormous revenue potential in after-market services. It also set the stage for PTC’s vision in building out a technological infrastructure, based on the IoT, to enable these firms to transition to, and realize the big opportunities coming from, an outcome-based services strategy. This is generally referred to as “Servitization”.

Over the past year or so, the main message that the market is hearing from PTC is that it is “extremely serious about the importance of the IoT” – and that it is driven to strengthen its continuing leadership role by integrating the IoT into all aspects of service.

While PTC may have surprised many industry observers by acquiring ThingWorx back in December of 2013, in retrospect, that was the move that propelled PTC into the forefront of the IoT – and all of its numerous lifecycle management applications. The IoT is extremely important, not only to the company’s SLM solutions, but also to its PLM and ALM solutions. This acquisition, more than any other, served to communicate the following two messages to the services community in a big way:

  • First, it solidly positioned PTC as the global leader in each of its respective sectors within the Enterprise Lifecycle Management world (that is, Product/PLM, Service/SLM and Application/ALM, ).
  • Second, it clearly put the global business community on notice that PTC was placing the future of its entire solution portfolio in the connected hands of the IoT.

The acquisition of Axeda Systems in June of 2014, further bolstered PTC’s IoT hold on the marketplace by filling in one of the few remaining gaps in the company’s ability to support connected products, people and technology – that is, the software solution vehicle by which its IoT offerings can make their way into the marketplace.

Together, the ThingWorx and Axeda acquisitions have paved the way for PTC to execute on its pervasive IoT- based strategy. But there’s more to it that finally cements everything together – namely, the partnership that PTC has just forged with ServiceMax in April of this year. I believe this partnership represents the capstone of what provides PTC with the ability to fully support the global SLM marketplace.

The PTC-ServiceMax Partnership

ServiceMax and PTC share a common vision for changing the relationship that companies have with their customers by shifting service delivery from reactive, to proactive and predictive. The two companies have highly complementary technology offerings, and the combination of ServiceMax’s innovative service execution capabilities with the proven technical information, parts management and revenue optimization solutions from PTC stand to be unparalleled in the industry.

PTC’s Heppelmann has said that “Empowering the entire portfolio with Internet of Things (IoT) connectivity, will revolutionize service. Service organizations will now be able to capture new business, increase revenue and heighten customer loyalty faster, more effectively and with more ease than ever before.” And I believe that its partnership with ServiceMax will make that happen – not only sooner, but better, as well!

What the partnership brings to PTC and its customers is both a powerful and modern cloud-based field service management solution, fully supported throughout the implementation, management and delivery of services. For ServiceMax, the partnership broadens its portfolio with the addition of service information and parts management functionalities, extends its market reach to a global base of more than 28,000 PTC customers, expands its distribution channels multifold and, most importantly, empowers its entire portfolio through PTC’s state-of-the-art ThingWorx IoT platform.

But, why ServiceMax? ServiceMax was the first complete field service software solution to help companies of all sizes manage workforce scheduling, while also providing solutions for social, portals, and analytics – all delivered in the cloud, to any mobile device. And PTC offers the “book ends” to that critically important scheduling function: that is, technical information on one end; and parts management on the other end.

This combined functionality now allows customers to directly leverage product information to ultimately transform service from a reactive product repair function, to a proactive and predictive customer success function – all IOT-enabled, with the prospects of blowing everyone else out of the water. As a result, the company’s customers can expect to fully realize the promise of predictive service – as well as the lofty goals of Servitization.

With its corporate strategy built on the solid foundation of the intersection of SLM and the IoT, we can only expect PTC – and its customers – to continue to evolve as quickly as the IoT itself!

The Internet of Things (IoT) Is Here to Bring Smarter Technologies to Your Organization!

 

The Internet of Things (IoT) is not a new “thing” in and of itself, but rather a pervasive resource that may be used to help run your company’s business. What it does is empower you to leverage all of the tools and resources that had previously been available to you; combine them with newer Web-enabled tools, technologies and resources; and help you manage your services organization in real time.

The explosion of practical – and affordable – Cloud technology has made the IoT even more important with respect to its ability to support all things service, mainly due to its ability to offer the same levels of support to any and all services organizations, regardless of type, size, vertical or geographic coverage.

In fact, the results from Strategies For Growth’s (SFG) 2014 Field Service Management Benchmark Survey clearly show that the global business community is experiencing a “sea change” in the way services are being packaged, delivered, utilized, monitored and managed, and that services organizations prefer Cloud-based delivery by a margin of nearly three-to-one – and growing!

When you think about it, your company is in business for three main reasons: first, to Mobilize your products, services and acquired knowledge to, in turn, enable your customers to discover, select, use and share your products and services by providing relevant information, at just the right time.

Second, and possibly even more important in today’s world, is the ability to Transform the customer experience, i.e., to make it better by simplifying customer interactions and delivering better value and utility throughout the entire customer experience lifecycle.

And, third, relating directly to the bottom line, Monetizing the opportunities for growing revenue and profitability through meaningful metrics, like realizing higher revenue per customer by reducing churn, increasing repeat purchases, and growing incremental sales of related products and services.

However there are many other aspects to also consider within each of the components of Mobilize, Transform and Monetize; namely,

  • Offering customers an enhanced ability to effectively connect, engage and help them on a personalized basis, wherever they are, whatever they’re doing, and with the end result of delivering a personalized and optimized customer experience.
  • Personalizing and socializing every customer touch-point to delight customers by saving them time, money and effort; making customer engagement fun and rewarding, using proven gamification models such as points, leader boards, and badges; and increasing customer conversion, loyalty, referenceability and retention ratings through a customer-centric approach.
  • Up-selling, cross-selling and re-selling products and services utilizing the knowledge gained from capturing these customer insights; and realizing greater Customer Lifetime Value (CLV) for your existing customer base, while lowering the cost of customer acquisition via better customer ratings, reviews and advocacy.

This is where the IoT comes in – as the facilitator to the ability of the organization to connect, engage and help customers, resulting ultimately in a more effective way to acquire, delight and retain customers.

[Click here to read the entire article, compliments of m-ize, the company that directly connects customers and extended enterprise with brands, enabling easier access to products, knowledge, and services.]