It’s no secret that rising costs continue to have a dramatic impact on the field services industry. The price of everything from gas to essential materials has risen, and higher costs can eat into profit margins.
While you can’t control the macro factors driving inflation, you can lessen the pain by understanding the current economic landscape and taking specific actions to combat rising costs. Here are three primary cost drivers and three strategies for mitigating their impact.
Travel costs are up across the board: Hotel prices +7%, airfare +16%, rental car costs +48%
Labor costs continue to rise: Average wages for U.S. workers +5.2%, field service labor costs +8%
Cost of goods has escalated: Equipment costs +18%
Download your copy
"There are a lot of companies that will only look at the costs associated with a single project versus looking at the total costs for the entire company. This approach prevents them from considering all the costs that are supporting the tech that completes the work order."
Director, Network Development
More cost-savings from across the field
Win on cost. Win on quality. Win in 2023.
For businesses, Cost, Quality
Reliance on traditional labor models has left field service leaders in a precarious position when considering cost versus quality. Luckily, there is another option to add to their toolbelt: on-demand labor.
Win on cost, win on quality, win in 2023: How (and why) field service leaders should leverage on-demand labor
For businesses, Cost, Growth, Quality, Coverage, Retail
Current market conditions put field service leaders in a bind. They need to watch costs with unprecedented care to keep their margins from disappearing. At the same time, they need to provide a quality service experience to stay competitive. By leveraging trusted on-demand technicians, field service companies can reduce costs, expand their coverage, and ensure the quality of service that keeps their clients coming back with new work.
Winning through volatility: How field service companies should respond to present market uncertainty
For businesses, Field Intel, Cost, Industry Trends, Retail
To guide field service leaders through current market volatility, we've dug into data from the millions of field service jobs completed on our platform. We've cultivated insights to help you understand the drivers of market volatility and learnings from previous periods of economic uncertainty. And we've developed three concrete strategies to help you survive (and thrive) in the here and now.