The market for field service management (FSM) software market is large and growing. In 2017, the market for cloud- based applications was valued at $1.2 billion by Blumberg Advisory Group, and we anticipate that the market will experience a five-year compound annual growth of 22.8 percent. In other words, it will more than double by 2022.
Connected Customer Experience
Michael Blumberg, President of Blumberg Advisory Group and founder of FieldServiceInsights.com discusses some of the most crucial mistakes field service companies can make when utilising contingent or seasonal labour…
Field Service Organizations (FSOs) in North America, UK, and Europe are increasingly turning toward crowdsourcing platforms and subcontractors to augment their field workforce.
This type of outsourcing strategy enables FSOs to become more agile in meeting customer demands for service. As a result, they [FSOs] are able to reduce costs and improve service productivity. In addition, crowdsourcing and contingent labour helps solve the problem of finding skilled labour on a rapid basis.
Now that we are half way through 2018, I wanted to take some time to look at where the Field Service industry is right now. Here are some of my thoughts on the biggest struggles facing Field Service Organizations (FSO), where some of the greatest opportunities lie, and what trends to look for in the coming months and years.
One of the most pressing concerns among field service executives is the impending shortage of skilled workers. These concerns are well-founded. The U.S. labor market is expected to face a shortage of approximately 8.2 million workers by 2027, reports Thomas Lee, head of research at Fundstrat Global Advisors.
Over the last month I’ve spoken to over two dozen Field Service Executives about challenges they are facing when it comes to generating additional service revenue for their companies. I observed several common themes. First, every executive I interviewed indicated that they would like to sell more service contracts. However, they were experiencing resistance from customers as evidenced by low contract attachment rates. Second, these executives were concerned about whether or not their prices were too high or if their customers really needed service contracts. After all, this was the feedback they were receiving from their sales teams and even first hand from the customers that had spoken to directly.