How you define success when it comes to your managed print services (MPS) program will vary depending on your strategic plan and your overall objectives. Here, Laryssa Alexander, president field service division, ECI Solutions, runs through the must-track KPIs and how they should be used.
For any business, an increase in revenue and a growing workforce or operation, are all key indicators of success. But how do you measure how you got there, what did you do right and of course what can you improve going forward to gain a better outcome and move the bar higher?
Success in Field Service Management
How you define success when it comes to your managed print services (MPS) program will vary depending on your strategic plan and the overall objectives of your business. The metrics you track and measure to indicate your success, will also differ based on your business priorities.
Having clear key performance indicators (KPIs) set right across your team, from your helpdesk and customer support, to financial sales and marketing, gives you a benchmark to hit. Even if KPIs are just words and numbers on paper, in reality they offer data-driven insights about the day-to-day operation of your business. This can make planning more effective and help you create a well-defined strategy that helps your business grow.
So where do you start when thinking about what KPIs to set your business? Here are five KPIs you should be tracking to measure success.
Machines in field (MIF)
For any field service business, having a fix on the number of devices you’re monitoring is integral to your operation - and there are a number of ways to track them.
For an overview of your print program, you can track how many devices you are monitoring across all customers. If you want to know how many print devices you are monitoring on a customer level, you can find out the average MIF per customer. You can even take it a step further and look at what percentage of customer’s total devices you have under contract. Every layer adds extra detail and with having access to this level of data, it can help you to determine your marketing, sales and other business processes.
Delving into your MIF data will give you an insight into your customer habits and show you where you can grow. Are your customers using your devices more often, is there room to upsell or should you be focusing on acquiring new business? By tracking device data you are able to show the real time usability of your devices.
Early Toner Cartridge Replacements
For any business, cutting costs, while increasing revenue is a win win. So your customers are always looking at ways they can streamline any business expense. Your MPS business can help them do just that. You can save them up to 30 percent on print-related expenses, making it an ideal solution for customers looking to reduce spend.
One of the metrics you can measure to increase your customers’ profitability are toner levels. Many businesses will often order new toner cartridges when they think they’re low, wasting ink that's left in their current cartridge.
"SaaS solutions are typically more scalable and affordable than their enterprise counterparts because they are subscription-based..."
Regularly tracking and mitigating early toner cartridge replacements for your customers can help reduce unnecessary shipping and distribution costs, increase revenue yield on pages printed, and save your customers money on supplies.
Monthly Recurring Revenue (MRR)
As more and more data moves to the cloud, businesses are adding software-as-a-service (SaaS) options to their offerings to provide customers with greater flexibility. SaaS solutions are typically more scalable and affordable than their enterprise counterparts because they are subscription-based.
Many MPS businesses offer both. SaaS services arm providers with the ability to forecast revenue on a monthly, quarterly and annual basis. MRR is the focal point of a SaaS business model and a key KPI that you can monitor to identify growth opportunities. This helps your finance team to create more accurate forecasts and budgets for the next fiscal year.
Support Ticket Close Rate
Once you have built a quality product or solution, the next step is to support your customers when they begin using it. It is a standard practice to have customers sign a service level agreement so both the provider and the user are aware of their roles and responsibilities, and these expectations are clearly communicated. A good measure of how successful your team is executing your service level agreement is your support ticket close rate.
How many tickets are you closing on a weekly, monthly, quarterly or yearly basis? This metric will help you determine how responsive your technical support team is, address any internal process or communication issues, and help you craft SLAs that better reflect your business capabilities. Another KPI to keep in mind if your offering is service-orientated is your resolution time. Like your ticket close rate, this will tell you how effective your support team is at responding to and resolving customer challenges.
Regardless of what industry you work in, customer satisfaction is a good benchmark to use when trying to gauge your success. It’s a truth universally acknowledged in the world of business that a happy customer is more likely to be a repeat customer and to recommend your products and services to others.
Regularly conducting customer satisfaction surveys provides you with valuable insights into what customers think of your business, your team, and your product or service. If done correctly, you can also data mine customer satisfaction surveys for ideas on your product roadmap, the features and functionality of your offerings, and potential competitive advantages. If you listen to your customers and take their feedback under consideration, you are more likely to drive future customer satisfaction and, in turn, future growth.
- Read more about MPS in field service @ www.fieldservicenews.com/mps
- REad more about KPI strategies in service @ https://www.fieldservicenews.com/hs-search-results?term=KPIs
- Follow Laryssa Alexander on LinkedIn here.
- Find out more about ECI here.