4 Ways Service Companies Can Be More Competitive During A Recession
According to Forbes “Some analysts are predicting that we’ll avoid a recession altogether; others are saying that one is imminent, and even the type of recession is under debate.” Nonetheless, companies need to anticipate the possibility of a recession and the use of technology might be perfect to be more competitive even in the context of a recession.
Right now, Service companies are facing tough decisions, cost cuts and the emerging fear of layoffs. This article explains four ways in which service companies can be more competitive despite a recession.
Driving efficiency to each service
Cutting costs does not always mean massive layoffs. Managers should take a look at how efficient the operation is.
A company that relies on paper forms or outdated software might be losing precious time and money. This is especially true for service companies, For example, If a technician is scheduled to arrive on site to the client to fix an HVAC but arrives late due to lack of route planning, the company is not only affecting their image with the client, they are also wasting money on unnecessary gas and hours of the technician.
Route planning solutions like Twnel can help technicians optimize their routes in order to arrive on time. Additionally, it can help technicians gather information in real time interacting with a bot on their phones so that no time is wasted filling out paper forms.
The less time they spend with each client, the more clients they can visit daily.
Switching from on-site services to self and remote services
Another trend I’ve noticed working with service companies is the switch from on-site services to a self-service structure or remote service if needed. These two ways of servicing clients gained visibility during the pandemic and fueled the development of new technology such as VR and augmented reality.
By providing your customers with the right, timely guidance, your company can save up to 45% of the costs of having mobile workers going to serve clients on-site. In this case, having the right communication tool with them is key.
For more complex issues sometimes self-service is not enough. Remote service became more popular as people were not able to assist the client on-site when more complex issues arose.
Using video chat and real-time data from broken devices, companies might be able to assist the client in fixing a problem. Many clients that depend on expensive machinery to operate agree that even though is more practical to have a technician on-site, is way faster to have the guidance of an expert and do it themselves.
Companies in the service industry can even monetize this trendy need by adding to the service contract a subscription service for remote assistance. It’s scalable, extra cash, and at a very low extra cost for the servicing company.
Real-time data collection
Not being able to flag certain issues that arise during a service visit has a huge impact on operational costs. For instance, if a technician is not able to look for the information required during a visit, there is a chance that the technician needs a second visit. On the other hand, if the technician is not able to upload information about the visit in real time, the company won’t be able to understand the particularities of the day-to-day operation in order to make changes that improve certain critical processes.
An Internet Service Provider (ISP) uses Twnel to empower technicians to upload photos, extra service requests, and issues regarding a visit from their smartphones using bots to assist them every step of the way. This company has seen a 12% increase in revenue due to customers being delighted by their timely and efficient service.
Considering that companies that are looking to be more competitive despite the threat of a recession are trying to digitize some of their paper-based processes, Companies can use the new data collected digitally to estimate new servicing times and in that way, prevent equipment or service out times before they occur.
Twnel can send push notifications to smartphones as reminders to technicians and clients in order to promote preventive appointment bookings and therefore, increase potential revenue.
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