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%
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"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."
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