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What KPIs to Put on a Field Service Dashboard?
The most crucial KPIs that have to be on a field service dashboard are:
First-Time Fix Rate (FTFR)
The proportion of works that are finished during the first visit to the customer's site is known as the first-time fix rate (FTFR). A high FTFR shows that the field technician has the necessary knowledge, equipment, and supplies to address the problem at the first visit. Also, it indicates that the client is content with the service and does not need a follow-up appointment. Less customer satisfaction, higher expenses, and a negative effect on the company's image may all result from poor FTFR.
Service Level Agreement (SLA) Compliance
The proportion of tasks that are finished within the specified period is known as service level agreement (SLA) compliance. The SLA outlines the level of service that the company has committed to provide to its clients. For client retention and happiness, SLA compliance is essential. Low SLA compliance may result in fines, lost income, and a bad image for the company.
Mean Repair Time (MTTR)
The average amount of time needed to fix a piece of equipment or address a problem is called the mean time to repair (MTTR). A low MTTR demonstrates the field technician's effectiveness in fixing problems, which leads to less downtime and more customer satisfaction. Increased expenses, lower customer satisfaction, and lost income might result from a high MTTR.
Use of Technicians
The proportion of time a field technician spends on billable work is known as technician utilization. A high technician utilization rate shows that the company is using its resources efficiently, which boosts revenue and profitability. Reduced revenue and profitability may result from poor technician utilization.
Length of Stay
The length of time a field technician works on a task is known as time on site. It covers the time needed for travel, setup, and project completion. By spotting process inefficiencies, time tracking on the job site may aid managers in streamlining their operations. They may be able to better allocate resources and plan tasks as a result.
Customer Contentment
A crucial KPI for every service-oriented business is customer happiness. It gauges the degree of consumer satisfaction with the services offered. Organizations may discover areas for improvement and implement changes to increase client loyalty and retention by measuring customer satisfaction. Additionally, it can be used to pinpoint consumer trends and preferences.
Revenue
Revenue is the sum of money a company generates through providing field services. Monitoring revenue may assist managers in finding chances for expansion and streamlining their processes to boost profitability. Making modifications to address problem areas and boost income might also be helpful.
Price per Job
The sum of money spent by an organization to finish a job is known as the cost per job. Managers may find opportunities for cost reductions and make adjustments to improve their operations by tracking cost per task. Finding areas where expenditures are rising and making adjustments might be helpful.
Inventory Control
The process of controlling an organization's supply and component inventories is known as inventory management. Keeping track of inventory levels, predicting demand, and buying new components and supplies are all included. By ensuring that the proper items are accessible when required, effective inventory management may assist businesses in cutting costs and enhancing customer satisfaction.
Safety
For every firm engaged in field service management, safety is a crucial KPI. It gauges an organization's capacity to guarantee the security of both its clients and specialists. Managers may detect possible risks and take remedial action to avoid accidents by monitoring safety KPIs. Also, it may boost employee morale and foster a culture of safety inside the company.
Reaction Time
Response time is the amount of time it takes for an organization to address a customer's service request. Customer satisfaction may be raised and the possibility of repeat business increased with quick response times. Managers may discover areas for improvement and make adjustments to enhance their operations by tracking response times.
Backlog of Work Orders
The amount of open work orders that are awaiting completion is known as the work order backlog. Managers may more efficiently allocate resources by identifying areas of need and tracking the backlog of work orders. Finding inefficient sections of processes and making adjustments to them may also be helpful.
Rate of Customer Retention
The proportion of clients that stay on board with the company over time is known as the customer retention rate. Managers may discover areas for improvement and implement adjustments to increase client loyalty by tracking the customer retention rate. Identifying client patterns and preferences may also be useful for making adjustments to better suit their demands.
Time to Invoice
The length of time it takes for the business to invoice the client once the task is finished is known as the "time to invoice." A quick time to invoice may enhance cash flow and lower the possibility of customer disputes. Managers may discover areas for improvement and implement adjustments to enhance their invoicing processes by tracking time to invoice.
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Gain Margin
The amount of money that an organization retains as profit is known as the profit margin. Managers may find areas for improvement and implement adjustments to boost profitability by tracking profit margin. Finding areas where expenses are rising and taking remedial action to cut costs might be helpful.