Three strategies service leaders should embrace in 2023
January 30, 2023
Current market conditions may make you feel like you’re navigating in the dark. The threat of a potential recession looms, and fears of an economic downturn combined with stubborn inflation rates have led many companies to delay tech investments and new equipment installs. But the ongoing digitization of the customer experience puts pressure on retailers to keep up with evolving technology needs, and this translates into continued demand for field services. The conflict between these headwinds and tailwinds creates volatility in the industry.
So what are field service leaders to do?
Here are three strategies field service leaders can put in place today to set your organization up for success in 2023:
1. Get granular
In a recession scenario, the market will pay a premium for service providers that demonstrate a well-versed understanding of the volatility upending their customers’ businesses. Rather than falling back on industry-wide trends, familiarize your organization with service types and equipment directly connected to vertical revenue.
2. Compete on customer experience
Digitization is here to stay. Retailers know that competing on the customer experience is a do-or-die imperative, so it should be integral to your business planning as well. Prepare for the continued influx of cabling and networking work. Be aware that client spending may get rationalized and prioritized by geography. If your company can stay flexible when servicing different geographies, that will be a major asset.
3. Stay fast and agile
The market changes quickly. Change quickly with it. Stay connected to your customers and their needs. Attune your organization to those changing needs. Engineer fixed costs out of your P&L and embrace a variable cost structure. Take a hard look at your labor sourcing options, and consider how a blended workforce can help your company remain agile in the face of dramatic market shifts.
For more information about current market dynamics and industry trends, check out our Definitive guide to field service in 2023.
"Rather than falling back on industry-wide trends, familiarize your organization with service types and equipment directly connected to vertical revenue."
ABOUT THE AUTHOR
Wael Mohammed
Wael Mohammed has been in the technology industry for three decades. He has held leadership roles in startups and large enterprises, including SPS Commerce, IBM, and Target. Wael is currently the Executive Vice President of Product Management & Strategy at Field Nation, and oversees strategy, product management, product design, and data science. He is a master in identifying product and market growth opportunities, taking new products to market, and maximizing product performance.
RELATED RESOURCES
More from the field
White Paper
The definitive guide to field service trends in 2023
By pairing our own data from tens of thousands of field service work orders with macro-economic insights, Field Nation's definitive guide breaks down the current state of the field service industry into discrete, actionable takeaways ensuring you stay ahead of the changing marketplace.
White PaperVideo
LinkedIn Live: Trends and predictions for 2023
Our EVP of Strategy, Wael Mohammed, recently went live on LinkedIn to talk about the current state of the field services market, address possible economic scenarios in the coming year, and answer viewer questions. Watch his live stream and get the insight you need to plan for a successful 2023.
VideoBlog
Three IoT trends that will shape retail technology in 2023
IoT (short for "Internet of Things") technology connects everyday objects and produces invaluable data about how we interact with household appliances, industrial tools, consumer interfaces, and more. Learn more about the three biggest trends in IoT.
Blog