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Reducing Costs Across the Service Lifecycle in 2020

By Mike Campbell, Iain Michel, Leslie Paulson, David Immerman

Service teams are constantly challenged to cut costs and gain efficiencies, yet this is seldom straightforward. There are high levels of complexity in service networks and costly physical resources required to optimize them. However, service organizations understand capturing even fractional percentage improvements in key metrics such as truck rolls, first-time fix rates (FTFR), and asset uptime, can generate millions in operational savings. Many have successfully recognized these efficiencies with traditional methods but have reached a point of diminishing returns.

Technology is powering high value service use cases to drastically reduce extensive labor, asset, part, and customer costs across the service lifecycle. Three impactful areas to cut these service event costs include low-touch remote resolutions, empowering technicians for unprecedented levels of field service efficiencies, and enabling customer self-service initiatives. While these service paths can generate massive cost savings internally, they can externally unify the supply chain and strengthen customer relationships.

Service teams face constant pressure to cut costs across the service lifecycle

Service lifecycles and networks are remarkably complex, creating an ongoing challenge for teams to gain visibility and manage daily operational activities. Within this complexity are an array of costs that service teams are constantly aiming to reduce; IDC cites reducing service-related costs as a top three service driver facing teams.