|

FieldServio Logo
Measuring roi with Fieldservio
March 21, 2024

Measuring Your Return on Investment with FieldServio

Whether you are a small, medium, or enterprise-sized industrial business , every investment counts. Especially when it is linked to how you manage your business processes, the right choices can grow your operations significantly. Choosing to implement a new software for your company comes with risk so it is important to ensure you are getting a return on your investment before making the decision.

So, how do you measure a Return on Investment (ROI) with Enterprise Resource Planning (ERP) software?

FieldServio has an easy-to-use ROI Calculator to help guide you through the decision and help you understand what the numbers mean for your business.

Refresh: What is Return on Investment?

Return on Investment is used to calculate if an investment will be profitable or efficient. It’s calculated by using a simple formula:

Net Return on Investment / Cost of Investment x 100

Although there are many factors that need to be thought out before starting a new project or selecting new software, measuring ROI is helpful in the decision-making process.

Why is ROI Important for Your Business Software?

Just like any investment, when selecting new ERP software for field service management, it’s important to know the “why” behind your decision.

Measuring ROI when implementing a complete business software is important for several reasons:

• Cost Justification – Implementing an ERP software comes with many cost factors, measuring ROI helps define the value for your organization.
• Resource Allocation – Ensuring resources are invested in areas that provide the best return, whether it be process improvement or hiring and training employees.
• Continuous Improvement – ROI helps identify areas of improvement and optimization which will help you see the results.
• Decision Making – It helps prioritize projects and evaluate the need for resources in the future.

Understanding FieldServio’s ROI Calculator

Just like you’re bought into FieldServio, we’re bought into your success.

On our website , we have an easy-to-use ROI calculator so that you can gain a comprehensive understanding of the potential outcome before purchasing new field service management software. We want to help you see the impact FieldServio can have on your bottom line.

How do you breakdown FieldServio’s calculator?

Multiple Software Systems = Loss of Efficiency

Like many other industrial distribution businesses , you may be relying on multiple software systems to manage your business processes. For example, you might have separate software for accounting, which differs from those used for sales, service, and other functions. Why might businesses prefer to have multiple systems? Because they may be individually cheaper, each department wants specific software, or they just might not be ready to make a change.

Knowing this, at first glance, relying on multiple software systems might not seem like an issue. When you take a closer look, this could significantly impact your efficiency and business processes. Using multiple software systems often leads to segmented data, higher error rates, and lack of team collaboration, which prevents growth.

Individual or “siloed” systems can divide your team and bring inefficiencies. Having multiple software systems is usually difficult because they don’t integrate with each other easily, resulting in duplicate data entry and errors across the organization. Imagine your sales team updating important, relevant customer information in the sales CRM system without relaying the information to the service, support, or accounting teams. The outcome? Confusion, frustration, and wasted time re-inputting information.

Instead of focusing on value-adding tasks, your team is bogged down with manual data entry, reconciling information, and navigating inefficient processes that vary across the organization.

You might be asking: what’s the problem with this if my team is happier and the individual products are cheaper? Think of your business as a bucket, each of these software systems is a hole silently bleeding out expenses, revenue, and time, all without you knowing it.

Our customers have reported that prior to switching to FieldServio, each additional software system used cost them approximately 2% efficiency per employee.

What is a Revenue Generating Employee?

Your organization is broken down into two categories of employees: revenue-generating and support. Both are important and serve different parts of your business. Revenue-generating employees are exactly that – employees that bring in revenue for your business – this might include your sales team and technicians. Whereas support employees are roles such as accounting or administrative and coordinating positions. These positions are equally important; however, they are mostly an overhead expense as they don’t individually generate revenue.

Many organizations fall short on growing their revenue-generating team and focus only on hiring more support staff as they grow. This unintentionally hurts their ROI, profit, and reinvest into the business to support further growth. If you’re using inefficient methods and multiple systems to solve business issues you may end up spending more resources to deal with these inefficiencies instead of fixing the root problem.

How does this relate to ERP software?

A single software system helps you to cut down on lost opportunity revenue, which is the potential revenue you could bring in by allocating your employee resources differently. The average FieldServio customer has 1 support-staff employee for every 4 revenue-generating employees. How does your organization compare?

FieldServio benefits the whole organization. Our ERP software makes your support team’s lives easier and helps them to handle more workload. It also gives your revenue-generating resources a better tool to generate new revenue easily and more efficiently.

Why FieldServio?

Our customers are our partners. FieldServio isn’t interested in making empty promises, we want to give you impactful results.

By implementing our complete business software, field service businesses can experience streamlined operations, enhanced productivity, and room for growth. Inefficiency and wasted time are swept out the door to focus on a future where your investment yields a return.

We know that investing in field service management software isn’t just a financial decision, but an investment in the future success of your business. We work with you to understand your organization’s goals, no matter what industrial business you’re in – whether it be generators, boilers, air compressors, forklifts, or beyond.

With FieldServio as your trusted partner, optimizing processes and uniting your team has never been easier. Contact us today for a consultation or demo so that we can better understand your needs.

Who is FieldServio?

FieldServio is a complete ERP business software for industrial distributors, created to address the challenges of our first field service customer in Charlotte, NC. The goal? To turn fragmented processes into a single system. By working closely with this customer, we blended their real-world insights with our technical expertise to develop a distributor ERP software. Now, FieldServio supports distribution customers in various industries across the United States and Canada, making it easy to manage all business functions in one place.

Who Do We Partner With?

Association of Independent Compressor Distributors (AICD) – Air Compressor Industry
Compressed Air Best Practices (CABP) – Air Compressor Industry
Industrial Compressor Distributor Association (ICDA) – Air Compressor Industry
Electrical Generating Systems Association (EGSA) – Generator Industry
Cleaver Brooks Representatives Association (CBRA) – Boiler Industry

Share This!

Facebook
Twitter
LinkedIn
FieldServio Logo

Stay In the Know

Stay up to date with our latest news and software updates.

Newsletter sign up

Recent Articles

About FieldServio

Experience Seamless Field Service Management with FieldServio

Improved cash flow, optimized asset utilization, and simplified operations are just a demo away.

You Might Also Like

FieldServio Logo
Are you an existing customer?
FieldServio Logo

FieldServio Billing and Account

Billing and Account
FieldServio Logo

FieldServio Partner Program

Partner Program
FieldServio Logo

Contact FieldServio Sales

Contact Sales
FieldServio Logo

Suggest an Integration

Suggest an Integration