How Field Service Managers Can Mitigate the Rising Cost of Operations Through Asset Tracking

How Field Service Managers Can Mitigate the Rising Cost of Operations Through Asset Tracking

Field service managers have a lot of moving parts to keep track of at any given time. They have to make sure all of their assets are working properly and easily located by other field service technicians. Along with that, they have to manage service contracts, facility policies, and scheduling technicians to go out to client job sites.

One of the most difficult moving parts to manage is rising cost of operations across the board. Many companies don’t have control over their increasing business expenses, and simply have to find a way to meet their growing expenses. Some of the factors that tend to increase operating costs include utility bills, employee turnover, asset attainment, maintenance fees, asset losses, and overall economic inflation.

Rising cost of operations can be difficult for field managers to keep up with. There are several industries in which operation changes can become costly. As the population ages and becomes sicker, healthcare faces more demand for good care. Construction and service industries are also being forced to deal with the rising cost of materials.

Field service managers across a variety of industries have to worry about issues that plague most businesses. Inventory management becomes more difficult as you acquire more assets and company product to track. Work orders can become complicated as you offer more services and bring on more employees to keep up with demand. And if your assets stop working before the expected life cycle is up, you’ll need to quickly replace your lost equipment.

Managers also have to worry about the human side of operations. Unhappy and unproductive workers cost the nation $550 billion each year. Drivers need to be safe at all times, and employee promotion and turnover means you need to maintain regular training sessions. Along with that, managing the demands of your clients and customers can become tricky. Work orders must be filled out properly and addressed in a timely manner so that you don’t lose business.

When you look at all of the factors you have to manage, it’s easy to become overwhelmed. You might feel inadequate, or that you can’t keep up with all of the demands that come from being a field service manager. Don’t fret. Asset tracking can go a long way towards mitigating the rising cost of operations, enabling your company to make the most of your asset investments. Good asset tracking software makes it easy to integrate all of your administrative tasks into one platform, so you don’t have to check between systems and risk losing information. Staying on top of asset location means you can manage worker activity, and ensure asset maintenance is scheduled during company downtime.

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Issues Field Service Managers Face with the Rising Cost of Operations

No matter what industry you work in, running a business becomes more expensive as time goes on. Economic inflation strains many areas of commerce and business enterprises. Perhaps the two most affected parts of operations are rising material and asset costs, and the cost of managing employees.

Rising Material Costs

In the last year alone, raw material costs have risen by 4.8%, which is the most it has risen in the past five years. This is especially difficult for the construction industry, which has to factor material costs in the prices they end up charging their clients.

There are many reasons material costs are going up. Some of it is due to the decrease in availability. Materials like lumber, steel, and oil aren’t as plentiful as they used to be. Because of this, more work is required to obtain the same amount of materials. Companies have to employ more workers and spend more time to yield the same results as they got before. This results in higher cost across the board.

Managing Employees

With more jobs opening up, and more workers entering the workforce, managers have to spend more effort in training and managing their team. There are now more millennials in the workforce than any other generation, which means hiring managers must account for cultural differences and change their tactics accordingly.

Low employee productivity can seriously damage your company’s ability to bring in a profit. Managers must be on the lookout for ways to boost morale and keep their employees motivated, or risk losing good workers to positions at different companies. Unengaged employees can end up costing your company $3,400 for every $10,000 they earn. That’s more than 30%!

Mitigating the rising cost of benefits is a serious concern for both you and your employees. Because healthcare at large is becoming more expensive, it’s becoming more costly to provide the same benefits to your employees. The cost of benefits is rising faster than employee wages can keep up with, making it difficult to provide your employees with the healthcare they need.

Increasing Demand Requires More Efficiency

The population is growing. That means there is more demand for products, services, and labor. While most companies want an increase in demand for what they provide, it undoubtedly makes the cost of operations go up. Companies must hire and manage more employees, acquire more assets, and make better use of what they have on hand.

This growing need for efficiency creates a greater strain upon managers. They must take more effort to manage their inventories, keep a close eye on their assets, ensure team members are pulling their weight, and deal with suppliers who tout rising costs with each year.

Specific Industries Impacted by Rising Cost of Operations

Some industries are being impacted by the rising cost of operations more than others. On average, these industries rely heavily on materials, equipment, and assets to continue providing the services they offer. Field service managers in these industries are looking for ways to mitigate rising operating costs across the board.

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