ServiceMax, a leader in asset-centric field service management, announced the release of a new report focused on the impact of digital transformation on customer services teams across the energy, automotive, medical devices, and digital imaging industries.

The report analysed and measured real-world outcomes to illustrate specific ways that digital transformation has impacted service businesses. Standout data points include:

● Schneider Electric saw over €65M in additional cross-sell/upsell revenue and an 8% increase in won opportunities.

● Pitney Bowes saved $4.7M through the reduction of inventory.

● Kodak Alaris realised an 80% overall customer renewal rate and consolidated multiple IT systems.

These results illustrate the positive benefits of digitization for service organizations, including:

● Driving revenue growth across existing customers and building new revenue streams.

● Mitigating the costs associated with service.

● Dramatically improving the customer experience and customer retention.

● Improving the performance of assets and increasing an asset’s overall lifetime value.

“Service organisations have long embraced digital transformation to better support their service teams and technicians, simplify how contracts are managed, and gain better access to service and asset data through expanded mobile functionalities,” said Sumair Dutta, VP of product marketing at ServiceMax. “This new report is illuminating in that it provides conclusive evidence that the benefits of digitization extend beyond efficiency and productivity for the service department. A digital strategy can unlock new revenue opportunities and engagement models while delivering value for R&D, operations, sales, finance, executive, and marketing leadership teams. Better still, companies do not have to complete their digital strategies to experience positive outcomes—they routinely experience value with each step.”

Among service organizations, the most frequently cited reason for implementing a digital strategy was to drive additional revenue. In a macro-environment characterised by increasing global competition, disruptive new technologies, executive pressure to improve margins, and the need to differentiate products and services, service leaders have been searching for innovative ways to generate revenue. Companies like Schneider Electric that have been successful in their digital strategies have seen increases to upsell and cross sell opportunities, first-time fix rates, won opportunities, and overall service revenue.

For more information on how service organizations can maximise their efficiency and profits, download the complete report here.