Majority of Financial Executives Believe Optimizing Post-Sales Service Can Reduce Costs and Improve Customer Satisfaction
ASHLAND, MA – April 20, 2016 – OnProcess Technology, a global pioneer in service supply chain management and optimization, today released the results of a new survey that shows CFOs view post-sales service as critical to profitability and business growth, but still too inefficient and costly. The study, “Why the CFO Cares about Post-Sales Service,” conducted by CFO Research and sponsored by OnProcess, found that nearly 60% of financial executives think business growth will increase their post-sales service costs over the next several years, and 75% believe their companies could substantially improve their post-sales service.
“Business success depends as much on what happens after the sale as it does on the sale itself. However, as this survey implies, because the post-sale supply chain is so complex, with many moving parts and stakeholder interdependencies, it’s very difficult to get a handle on. Most companies don’t have the expertise to effectively optimize post-sales services. As a result, it’s weighed down by very high cost-to-serve,” said Mike Wooden, CEO of OnProcess Technology. “The good news is that, if you can get granular, real-time visibility across your post-sale services, use analytics to drive insights, and apply best practices to improve processes, your company can save millions of dollars annually and deliver a great customer experience.”
More than 125 senior finance executives at U.S. companies with $100 million-plus revenue participated in the survey, providing perceptions on post-sales service impacts and costs, and opportunities for meaningful benefits from changes in their processes. Key findings include:
- 78% believe post-sales services is becoming an increasingly important competitive differentiator for their company
- Improving post-sales service leads to tangible financial benefits:
- 70% say it will help cross-sell and up-sell opportunities
- 71% say it will eliminate redundant work
- 59% of CFOs at product companies say it can reduce service or repair inventory, bolstering cost savings
- 83% believe they would boost customer satisfaction by improving the quality of post-sales service
- 50% need better communication and coordination among their company’s post-sales functions, such as customer service, field service, returns, repairs and transportation
- 41% could benefit from better data and analysis on customers and service events
For more survey findings, click here.
About CFO Research
CFO Research is the sponsored research group of CFO Publishing LLC, which also produces CFO magazine and CFO.com. CFO Publishing and its Innovation Enterprise brand are the leading global voice in enterprise information and innovation, specializing in serving the information needs of senior finance and business executives. CFO Publishing has long-standing relationships with more than 500,000 executives.
About OnProcess Technology
OnProcess Technology is a managed services provider specializing in complex, global service supply chain operations – the flow of people, parts and services following the sale of a product. The company’s deep expertise, technology-driven delivery and continual analytics-based process improvement, enable clients to quickly optimize efficiencies, scale operations, grow revenue and profitability, and deliver superior customer experiences. OnProcess provides services in 26 languages and operates in seven global facilities, including its Massachusetts headquarters and offices in India and Bulgaria. www.onprocess.com
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