Business Efficiency Statistics
Stats about business productivity—or the total amount of output per hour each technician works—are important if you hope to gain an accurate understanding of your company’s overall efficiency. Consider these business efficiency statistics that apply to the field service industry. Then, consider ways to increase your company’s productivity.
Field Service Business Efficiency Statistics
- Employee earnings: In the second quarter of 2018, the average compensation for a service industry worker was $23 per hour plus insurance coverage, retirement contributions, and other benefits. In the HVAC industry, workers earn a median pay of $47,080 per year, as of 2017.
- Job openings: 54 percent of field service business owners struggle to fill open positions and 60 percent are worried about the costs linked to this delay. This concern is valid—after all, the average company loses over $14,000 for every job that remains vacant for three months or longer. Skilled worker shortages have caused 25 percent of field service employers to report revenue losses.
- Labor productivity: 15 out of 25 service-oriented industries studied in 2014 experienced a rise in productivity compared to the previous year. The sectors with the greatest increases were radio and television broadcasting, cable and subscription programming, and dry cleaning/laundry services.
- Mobility: Half of all field service businesses have yet to make their knowledge bases and support documents mobile-friendly, which could increase efficiency. This shows how hard it can be to upgrade technology when you operate a busy service business.
- Scheduling: 89 percent of customers want a way to track their technician’s location and receive arrival time updates. 86 percent of customers are willing to pay a premium to make the scheduling process more convenient, including choosing specific arrival times, setting weekend appointments, and arranging same-day services.
- Software: About one-third of small field service business owners use customer relationship management (CRM) software, and that number is growing every year. Still, about 52 percent of service companies continue to do things the old-fashioned way—with a pen, paper, and plenty of headaches. If you want to remain competitive in this swiftly growing and evolving industry, it’s time to consider choosing software that works for you.
How Software Improves Your Field Service Business Efficiency
One of the best ways to increase productivity and lower costs is to implement field service management software. This solution is about far more than just CRM—it increases business efficiency in several other ways as well:
- Schedule efficient routes: Reduce fuel consumption and avoid excessive travel times by planning the best schedules and routes for your field technicians.
- Manage your inventory: Avoid the stress and expense of rush ordering parts with software that automatically suggests placing an order when your stock begins to deplete.
- Streamline invoicing and payments: There’s no need to learn a new bookkeeping system when your software integrates seamlessly with QuickBooks.
- Tap into business reporting tools: The ability to filter sales by month, technician, type of sale, and more allows you to analyze your workers’ performance more deeply. This thorough look at your efficiency even helps you optimize your company’s long-term operations.
- And more!
Improve Business Efficiency with 3C Connect
Nothing boosts productivity more than using the right software! 3C Connect field service management software is specifically designed to maximize the efficiency and profitability of your business. Plus, our software is quick and easy to implement. We’ll have you up and running in a few days, not weeks. From optimal routing to ease of inventory management and accurate invoicing, there’s no tool more powerful for managing your business.
To learn more about the features of 3C Connect, please contact us and schedule a free demo today.