5 Fundamental Field Service KPIs & How to Track Them
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Why It’s Essential to Set and Track Field Service KPIs
KPIs are metrics used to track the progress of your field service operations and understand how well or how poorly your team is performing over time, which is key for understanding and creating workforce optimisation strategies. KPIs can be set up to monitor employee performance, project progress and success, or to monitor a company’s overarching corporate goals. Without them, it’s difficult to determine if your field service processes are effective.
KPIs aren’t just a measuring tool, they work to drive behaviour too. Each key performance indicator helps to identify problem areas within an operation so that improvements can be made. Whether they’re simple or complex. The average number of KPIs measured by field service companies is between four and seven.
Setting realistic yet progressive goals for your field service staff and using KPIs to measure their performance allows you to:
- Monitor operations
- Provide improved service
- Enhance technician productivity
- Drive business revenue
KPIs are crucial for a mobile workforce, not just from a management point of view but also for workers. Individuals can be fairly judged and assessed based on their performance and receive recognition for their achievements.
5 Most Important Field Service KPIs to Set & Track
1. First-Time Fix Rate Metrics
First-time fixes are challenging. The customer might not provide enough information about the problem to the office, parts may not be readily available, or assistance could be needed to carry out a tricky repair. That said, First-time fix rate (FTFR) is a crucial metric to improve for all field service companies because it directly correlates with improved customer satisfaction.
A customer that has their problem resolved on the first visit is likely to be happy to use the firm again. But, if they’re required to wait days or weeks for a resolution, this can lead to them taking their business elsewhere. Failure to resolve an issue the first time was a top customer complaint for 34% of respondents who took part in research conducted by The Service Council.
2. Billable Time
In 2019, 45% of mobile workers said they wasted significant time due to outdated or inaccurate job information. That, along with the time spent driving to appointments, traffic delays, and unnecessary admin tasks, can lead to a decrease in billable hours.
Setting up a field service engineer KPI to monitor billable hours can help you understand where time is being wasted and what measures need to be put in place to enhance workforce productivity.
3. Set KPIs for Daily Field Visits Per Engineer
Tracking the number of visits each engineer makes each day can help you to identify your most engaged and productive employees. It also enables you to understand which engineers aren’t optimising their time effectively. Having this type of data is empowering when you want to reward your top workers or pinpoint those that need further motivation, training or development.
4. Service Profitability
Another important KPI is to monitor backend service costs, to identify where you can make cost savings and boost profits. For instance, payment processing fees, rising fuel prices and ordering unnecessary parts can impact your company’s bottom line.
By tracking the financials with KPIs, you can identify areas where you need to save and make small changes, such as route optimisation and refuelling at the right places.
5. Completed Jobs vs Invoiced Jobs
To ensure your company receives payments for services quickly, you should ensure that jobs are swiftly invoiced. In an ideal world, the ratio of completed to invoiced jobs would be 1:1.
In reality, this doesn’t always happen, which is why completed vs invoiced jobs is a paramount KPI to track. FSM software can help with this if you have on-the-spot invoicing as a feature. This is where field service engineers can issue an invoice upon job completion through their mobile app, which links to your main system in real-time..
How KPIs Help Achieving Service Delivery Goals
KPIs are an essential navigational instrument for field service companies. But they can only deliver mission-critical data if you choose the right ones – those that really matter to your business.
Used effectively, KPIs can increase productivity, improve customer service, and boost profits. They can also indirectly improve employee and customer retention. When setting your KPIs, consider your company’s overarching corporate strategy and what needs to be achieved.
Once you’ve set up your KPIs, inform your workforce about the metrics you’re going to use for monitoring performance. You can access performance data via your FSM system and use it to inform strategic decision-making going forwards.
How Field Service Management Software Can Help Set and Track Core KPIs
Planning your KPIs is one thing and setting them in another. But keeping track of them can be challenging, especially if you haven’t got access to an automated tool with data insight functionality.
Using manual methods such as spreadsheets and whiteboards can be both time-consuming and error-prone, potentially causing friction between staff if numbers don’t match up. That’s where Field Service Management Software comes in handy.
Not only does an FSM system compile the tools needed to plan, schedule, and track your field workers, but it can also easily capture and record data. This helps to:
- Display data in an easily digestible format
- Quickly capture and analyse data relating to your KPIs
- Easily connect data to form patterns
- Make informed decisions on deep data insights