With service sector growth accelerating, it’s time to invest in well-integrated service management systems that drive productivity and allow organizations to grow without adding more overhead.
The Institute for Supply Management reports its service index increased from 52.6 in July to 53.7 in August, beating expectations, according to an article on CNBC.com. A rebound in employment helped boost the reading.
There are two areas you should focus on right away. The first is giving your technicians and consultants in the field an easy way to collect time, materials and expenses. Once those things are in the system, no one should have to alter data once it’s approved. It should go straight to billing or job costing.
Next, you need the service management system to go directly into your financial system to generate customer invoices and update accounts for cash flow. Think about how many more jobs and work orders you could generate without adding those administrative resources.
With the industry showing positive signs like those described in the CNBC.com article, service companies could see growth and more opportunities. Creating automation around time and billing will allow them to grow without adding staff.
In every industry, there is a capital spend when things look better. However, with the recession still fresh in everyone’s mind, organizations want to be as lean as possible. Plus, why spend money when you don’t have to?
Source: CNBC.com, September 2012