Service revenue and growth are critical to the bottom line
As organizations face greater competition in equipment sales, they are looking to service to support their revenue and growth ambitions. In addition to the impact of service on customer satisfaction and the mitigation of customer churn, service can also add to the top line by eliminating areas of revenue leakage, uncovering new opportunities for contract and part sales, and contributing relevant information that creates opportunities for new equipment or new services.
Benefits of optimizing service revenue
Efficient service management reduces operational costs through better resource allocation, streamlined processes, and preventive maintenance, ultimately driving profitability.
Revenue leakage
Minimize revenue given away/left on the table through better visibility into accounting, entitlements, warranty expirations, and service contract renewals.
Revenue protection
Securing revenue relationships, reducing churn, and boosting customer loyalty by efficiently delivering on service and customer obligations.
Revenue optimization
Visibility into the installed base allows for increasing service contract attach rate and your revenue footprint, converting service contract levels and sale of service parts throughout the lifecycle of the asset.
Revenue maximization
New revenue channels via competitive replacement opportunities, multivendor service opportunities, reviewing customer value data, and management of asset lifecycle events like supporting asset replacement and upgrades.
Additional resources
Service as a revenue engine: 4 critical opportunities
In this webinar, IDC highlights service's impact on revenue growth and how organizations leverage it to unlock new revenue streams.
In this webinar, IDC highlights service's impact on revenue growth and how organizations leverage it to unlock new revenue streams.
Should sales and marketing be using asset and service data?
Smart equipment and assets enable sales and marketing teams to use new data to connect with customers, target prospects, and create opportunities.
Smart equipment and assets enable sales and marketing teams to use new data to connect with customers, target prospects, and create opportunities.
Why are sales leaders taking over service?
Organizations balance the need for both operational excellence and increased service margins by converging sales and service teams into one.
Organizations balance the need for both operational excellence and increased service margins by converging sales and service teams into one.