TSIA (Technology Services Industry Association) has released an eye-opening report. The 2019 Field Service Technology Stack report focuses on the importance of technology to field service operations.
It showed that knowledge management had a huge impact on performance, with significant improvements in mean time to repair (>50% reduction) and annual employee attrition rates (down over 3 points).
According to TSIA, a leading firm that helps companies embrace technology, the report further cements knowledge management as a “need to have” among field service organizations. This important technology captures, maintains and reuses knowledge to enhance productivity.
Why such a huge fall in repair time?
Quite simply, when field service engineers have insight from a knowledge base, they can achieve faster repairs. In addition, a good knowledge management process increases engagement, resulting in lower staff turnover.
Why Knowledge Management Reduces Churn Rate
Knowledge management’s correlation to faster repairs isn’t exactly surprising. After all, it’s been well documented in numerous studies – we’ve even written about it many times on this very blog.
The evidence is unanimous that giving field service engineers access to the critical knowledge they need on site will transform fix rates (and if your knowledge management solution is AnswersAnywhere, it will eliminate your incorrect parts orders too).
However, the TSIA report managed to highlight an oft-overlooked benefit of knowledge management in field service organizations – reducing staff turnover (also known as “churn rate”).
High turnover is something that many field service organizations struggle with, and it’s only getting worse as companies lose experienced workers to retirement and millennials fill their shoes. After all, millennials are twice as likely to leave a job after two years and are only half as likely to be employed by the same company after 10 years.
For a while now, industry experts and thought leaders have been saying that one of the best ways to retain millennial employees is to engage and empower them with technology. Now, thanks to the Field Service Technology Stack report, we have evidence that this is indeed the case!
Advice for Organizations that Want to Invest
As equipment becomes more complex, so does the knowledge management needed to complement it. Because of this, it’s difficult for companies to know where to start. The TSIA Report offers these recommendations for investing in knowledge management (and new technology in general):
First, benchmark your technology footprint against other members. If your organization’s technology is lacking, examine where those gaps are and revisit what technology will assist you in meeting your goals.
Also, be sure to include integrations in Phase 1 of the project. Integrating technologies like knowledge management can boost adoption and improve performance. According to TSIA, critical integrations are often pushed to later stages and then end up never getting off the ground.