Three ways to manage rising field service costs
November 7, 2022
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.
TOP TAKEAWAYS
- 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%
Save or share 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."
RECOMMENDED RESOURCES
More cost-savings from across the field
Webinar
Webinar | The state of independent contracting in IT field services
Join Field Nation for an exclusive live webinar with Field Nation CEO Mynul Khan on 4/6 to get a sneak peek at the findings from our original research study: "The State of Independent Contracting in Field Services."
WebinarWebinar
7 Field Service Predictions to Increase Revenue and CX in 2023
Service leaders want to know what lies ahead, especially at a time when customer experience is paramount. Join us on Thursday, January 12, as we discuss how 2022 trends provide a roadmap for what to expect in 2023 so you can stay ahead of the competition when it comes to exceeding the service expectations of your customers.
WebinarWhite Paper
Win on cost. Win on quality. Win in 2023.
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.
White Paper