Key performance indicators (KPIs) are how you know what’s working—and what’s not. But in trying to measure all the right KPIs, it’s easy to get overwhelmed and end up with too much information that’s not telling you anything.
In this article, you’ll learn how to:
- Measure the unique KPIs that best suit your service ecosystem and business goals
- Establish KPIs with business benefits in mind, providing a more holistic view of service ROI for upper management
- Gain unprecedented visibility into machine health and customer satisfaction
Key performance indicators (KPIs) are how you and upper management—know what’s working and what’s not working in your service strategy.
The right KPIs help you provide customers with the best support possible. And the right IoT platform helps you meet those KPIs in a cost-efficient, timely and effective way.
At its core, good service is built on recognizing and fixing machine malfunctions as soon as possible. Great service is built on predicting and solving machine issues before they become malfunctions. As IoT is creating explosive growth in data communication between machines and service teams, it’s becoming the proven, cost-effective method for quickly taking your service model to that next level of greatness.
Even while every service ecosystem is different—with unique KPIs based on customers, industry, business goals and a million other nuances—the best way to provide the best service is to use an IoT platform that was purpose-built for your KPIs. Remote monitoring made possible by IoT is the proven first step towards creating reliable predictive maintenance, improving machine uptime and increasing customer satisfaction. No matter the size, strategy or structure of your team, your efficiency, customer happiness and overall service model will benefit from remote monitoring through a purpose-built IoT platform.
Historically, field service organisations measured their success based upon the cost of service delivery and revenue generation. However, as competition in the industry heats up and customer expectations reach an all-time high, measuring additional Key Performance Indicators (KPIs) has become critical to success. — Quick Guide to Field Service Metrics, Field Service News
First-time fix rates (FTFR), customer uptime and mean time to repair (MTTR) is the golden trifecta of KPIs.
Because they overlap both cost-savings internally and customer-service quality externally, measuring these KPIs is the best way to demonstrate your service value to both internal stakeholders and to customers. Meeting these KPIs will lead to increased service margins and operational efficiency through cost reduction and process improvement, as well as increased overall customer satisfaction.
These are the three most important KPIs because they also impact other measurable efficiencies—for example, improved MTTR and FTFR will naturally lead to fewer truck rolls, which is in itself a clear and provable cost-savings. And improved customer uptime will be a huge factor when customers are rating their service satisfaction and deciding whether or not to renew contracts.
The Top 3 Cost-Efficient and Customer-Centric Service KPIs
First-Time Fix Rate (FTFR)
One of the most commonly measured field service KPIs, FTFR is a standard indicator of overall service productivity. When you have a good FTFR, it leads to fewer truck rolls (another cost-saving) and healthier service overall, such as improved productivity, efficiency and customer satisfaction.
High equipment uptime is the most important proof-point for customers evaluating service value. Customer satisfaction and NPS scores are often considered their own KPIs—and measurable, maintained high uptime will impact customer satisfaction KPIs more than any other factor.
Mean Time to Repair (MTTR)
Closely tied to FTFR, MTTR is heavily influenced by unpredictability in the field—such as troubleshooting, diagnostic assessments, testing and other time-consuming activities to determine the right fix needed and find the right tools for the job. When field technicians don’t know what to expect, they waste time figuring out the problem— instead of immediately beginning the repair.
Remote Monitoring through IoT Connectivity
Remote monitoring gives service providers an in-depth look into machine performance before they go into the field, with continued visibility while on the customer site. With ongoing, always accessible data, service teams can easily perform predictive maintenance, which improves customer uptime and stops machine failures before the customer was even aware of the risk. And when service calls are needed, teams can immediately access and analyze the troublemaking machine’s data before going to the call. Technicians can prepare with exactly the right tools and knowledge to make repairs right the first time, for an improved FTFR and MTTR.