August 05, 2016 11:24 AM Eastern Daylight Time
The research study covers the present scenario and growth prospects of the global FFAmarketfor 2016-2020. The report presents the vendor landscape and a corresponding detailed analysis of the top four vendors operating in the market.
Technavio ICT analysts highlight the following four factors that are contributing to the growth of the global FFA market:
- Growing need to enhance productivity and efficiency
- Rise in need to improve customer satisfaction
- Need to control and reduce costs
- Increase in demand from SMEs
Growing need to enhance productivity and efficiency
Field force employees are a company's front line workers and play a vital role in customer acquisition and retention. The mobile workforce requires reliable and robust 24/7 access to updated corporate information, and applications that help collect information, boost remote worker's productivity, and enhance the quality of customer service. Such conditions guarantee the success of both the field force and the organization.
Amit Sharma, lead IT professional services analyst at Technavio, says, “Streamlined operations can enhance business efficiencies and this has helped expand the market for FFA solutions. Further, escalating the demand to reduce operational costs in service organizations has encouraged the uptake of FFA solutions.”
Rise in need to improve customer satisfaction
The use of FFA drives the achievement of quality benchmarks, creates a more meaningful engagement with the customer, dispenses better information, helps achieve better market timing, and promotes a responsive corporate culture. A recent study by Technavio found that a 5% improvement in customer retention could boost profits by 85%. Therefore, corporate entities are constantly seeking the means to enhance customer loyalty, boost revenue generation, and to improve workforce productivity.
“Growing demand for superior customer services has encouraged enterprises to embrace FFA solutions. These solutions leverage a service company's resources to better address customer needs in an agile and advanced manner. In addition, growing competition among service organizations and the need to gain competitive advantages have enabled the use of FFA solutions for field service management, which contributes to improving customer satisfaction,” adds Amit.
Need to control and reduce costs
The quality of customer service has emerged as an important criterion for organizations to differentiate themselves in the competitive market landscape. It is imperative for companies to satisfy and retain customers to cope with growing competitive pressures.
Companies are also focusing on service delivery to retain customers. However, the costs of service have risen in response to an expanding scope of service needs. Companies have to formulate strategies to optimize and improve the effectiveness of their field force – to reduce service delivery costs.
An FFA solution helps companies with easy billing and quick invoicing. For instance, Rapidsoft Systems 's Field Force Tracker helps in service scheduling and dispatch, collect accurate information immediately in the field, and generate bills and invoices faster. This software affords better control over the time spent on a job or site and also helps to control service-related costs.
Increase in demand from SMEs
FFA solutions, especially when used in field service management solutions, support the growth of the enterprise, and help it gain competitive advantages by streamlining its business processes and improving operational efficiencies. Deploying a FFA solution is one of the most valuable methods for SMEs. The use of such a solution helps to boost revenues, improves workforce utilization, dispatch work from the corporate office to the field, monitor work progress, and reduce the cost of acquiring workers.
The use of effective FFA solutions can help SMEs to boost sales, marketing campaigns, help technical and support staff to work as a team, manage store activities, and reduce operating costs by improving service delivery and eliminating excessive processes. Hence, the rise in adoption of FFA solutions by SMEs is driving growth in the global FFA market.
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