Aberdeen advisory: Best-in-Class service means leveraging BI for customer retention
A new report confirms that best-in-class service organizations are adopting data-analysis tools, common knowledge bases, and simulation modeling technology to increase the speed and quality of post-sales service decision-making.
ServiceBench , a Web-based service management solutions supplier and sponsor of a recent Aberdeen Group research report examining business intelligence (BI) adoption rates and best practices across 250 field-service organizations, says leveraging post-sales service intelligence enabled best-in-class companies to boost service profitability by 18 percent, and increase customer retention by 42 percent.
"Top organizations realize the value of accurate, readily available information to drive service decisions," says Micky Long, research director for Boston-based Aberdeen Group. "By leveraging technology and applying the right business processes and workflows, organizations are making more informed decisions, providing better analysis of service performance, and giving service executives the tools to perform rigorous business analysis. The results are reduced costs, better customer retention, and higher service profitability."
The Aberdeen study, Get Smart: Business Intelligence for Service Organizations , identified emerging best practices for BI and analytics usage in the post-sales service environment. Aberdeen used financial, operational, and customer-facing performance indicators to determine best-in-class organizations in terms of balanced service performance.
The study found best-in-class service organizations are adopting data-analysis tools, common knowledge bases, and simulation modeling technology to increase the speed and quality of post-sales service decision-making. These service providers are two and a half times more likely than laggard organizations to analyze service data daily or in near-real time, and are leveraging this data through centralized service management solutions to meet customer commitments, drive forecasting, and improve financial tracking.
"This research confirms the dramatic results that our customers are achieving through the use of ServiceBench's Service Intelligence solution" says Michael Dering, CEO, ServiceBench. "The ability to track service intelligence using a Web-based solution enables service providers to respond to customers more efficiently, generating additional profit, improving SLA [service-level agreement] compliance, and increasing customer retention."
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Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey