In part 1 we showed three ways in which Service Management drives up revenue, and in part 2 two ways in which it drives down costs. Now in part 3 we cover the final area of benefit: Growth.
Service Management can improves the bottom line of your company by accelerating its growth - by accelerating new revenue, and by accelerating the overall growth of your company and your customers.
6. Growth from revenue acceleration
“Customers sign-up quicker if they can see the benefit to their own business with their own eyes”
It’s never too early to start delighting customers! Demonstrating value before you close the sale can help convince decision makers and accelerate the sales closing process.
Enterprise IoT sales usually depend on making clear a Return on Investment (RoI) business case. Service management is not only a key part of that equation, it can also be a vital way to demonstrate the value of the whole IoT deployment. However wonderful your hardware is, if the customer can’t translate that into benefits then it can be hard to convince them. By setting-up a complete service management solution, you can enable them to measure the benefits on their own site - and easily share their findings with colleagues, including key decision makers.
7. Growth from less fire-fighting and better processes
“Now that we’ve stopped wasting our time on reactive management of customer problems, we have the time to build the processes that help us grow faster.”
Most companies we serve are in a race to establish themselves in an exciting new market in just a few years … before their competitors do. So “grow or die” is the norm, and often the number of devices deployed can and must grow by 10x or more over just a few years.
As we’ve seen above, failure to address poor manual practices damages growth by reducing customer happiness. But it’s worse even than that.
Any business has finite resources. Manual processes tend to lead to a “fire-fighting” approach, where everything is done through heroic efforts and hiring new people. But fire-fighting not only sucks for the people caught in it, it also sucks time and money that could otherwise be spent on growing. A successful company invests in building efficient processes to enable it to grow rapidly, while improving customer experience and simultaneously reducing unit operating costs.
In any given month, accelerating growth corresponds to increasing revenue from the growth of existing business.
DevicePilot helps companies put an end to fire-fighting and invest resources in growth instead.
After several years of experience implementing Service Management in multiple markets, DevicePilot is now able to quantify how Service Management increases revenue, reduces costs and enables rapid growth, enabling you to become a market leader.
We have seen here how Service Management has the potential to improve the bottom line of your business in seven areas:
(click on them to revisit)
- Maximise Revenue
- Minimise Costs
- Accelerate Growth
Service Management quickly becomes your most productive team member, with instant payback and benefits which continue to grow as your business grows.
Contact us today to explore how DevicePilot Service Management could dramatically improve your bottom line.
Now go to the final part of this series where we'll show a worked example, showing how to take the guesswork out of proving your Service Management RoI, by capturing a few input numbers from your business.