From our friends at WBR Field Service
According to results released in the new 2013/2014 European Services & Trends Report, European field service companies reportedly earn 35% or higher in profits from services, as opposed to 26% earned by American companies, who were surveyed in a similar report earlier this year.
In addition, service revenues account for 35% or more of all company revenue, according to 31% of respondents to the new European survey. This is an 8-point increase from the 23% of American respondents who reported such revenue earnings from services. The findings suggest that companies in Europe are having more success generating profits and revenues from their service strategies and that companies who focus on customer satisfaction and loyalty can garner higher revenues and profits.
The Field Service research team, with the help of global service software provider ServiceMax, created this report from a survey of more than 100 service and support executives from companies like Johnson Controls and Bayer Healthcare, in attendance at the Field Service Europe event in October. Other key insights of the report include:
- 66% of companies view their service organizations as profit centers rather than cost centers
- 40% of companies have no strategy in place to motivate their parts reps to sell services, and will not be looking to do that for the next five years
See how your firm compares to your peers and competitors by viewing the results throughout this report.
Coincidentally, OnProcess Technology will be a principal sponsor at Field Service 2014.