Let’s face it; the power services industry is changing. In fact, all companies must recognize and embrace changing industry trends in order to survive. Today, service organizations must keep pace with the latest technologies in order to be competitive, to retain customers, to enhance profitability and to grow.
The service component of your company is (or should be) the most profitable segment of your business. Therefore, it is imperative to focus on growing this segment of your business. Planning for service growth is vital. However, there are inherent challenges that we face in our industry that will limit growth if we do not plan accordingly.
Our Industry’s Dilemma
The power systems industry faces certain challenges when it comes to providing excellent service to customers. One of the key challenges we face is the shortage of qualified technicians. We need more technicians. However, there are not enough technicians entering the profession to keep pace with the growing number of power systems being deployed each year. As a result, there comes a point in time where we simply cannot continue to operate our service companies the same way we have if we expect to grow, much less remain competitive. We must find better ways to deliver a higher level of responsive service to our end user customers and serve more customers with the labor force that is available. What that means is that service organizations that want to grow MUST strategically plan to implement tools and technology in order to serve more customers.
What’s the Solution?
Service companies must compete every day to add new customers and to retain the ones we have. It has become more and more challenging to deliver the high level of service that we want to provide (and that our end user customers expect), and still remain as profitable as possible. In order to grow and to improve profitability, we must take a holistic view of our business, our markets we serve and how we can strategically plan for growth. Companies who do not take action today to prepare for growth will eventually find their market share and profits eroding.
Implementing technology to better serve our customers must be a key part of a strategic growth plan. The day will come when we are remotely connected to all generators and vehicles. Those who embrace this fact now will emerge as the leaders of tomorrow. Those who do not may likely be out of business.
To learn more about the benefits of implementing telemetry into your service program download our pdf.