Profitability Pointers: Making the Most of Maintenance Contracts

November 6, 2023
3 min read

In the world of field service management, maintenance contracts are often perceived as a double-edged sword. On one hand, they provide a steady stream of revenue, a loyal customer base, and allow for better planning and resource allocation. On the other hand, they can be a source of unexpected financial pitfalls when non-billable work, such as warranty claims, preventive maintenance, and emergency service calls get intertwined with these contracts.  

Many contractors find themselves in a dilemma, not knowing the true value of their maintenance contracts. Without proper tracking and analysis, contractors often underestimate the actual cost and time invested in projects. The consequence? Contractors might unknowingly be leaving money on the table. 

The answer to better managing your maintenance contracts is simple: a modern, end-to-end field service management solution.

How to Maximize Contract Profitability with Maintenance Contracts

Maintenance contracts are formal agreements between a service provider and customer used to provide proactive and ongoing maintenance services. They typically outline the terms and conditions for maintaining, repairing, and servicing a customer’s equipment or assets.   

To truly understand the profitability of your maintenance contracts, you need a field service management system that’s as smart as the contracts themselves. 

Enter FIELDBOSS. FIELDBOSS is a world-class field service management solution built on Microsoft Dynamics 365 with unmatched capabilities in maintenance, service, reporting, and mobility. To effectively manage your maintenance contracts and fulfill your contractual maintenance obligations, our solution includes built-in maintenance contract management with service scheduling, contract billings, and automated workflows fully customizable to your field service operations.  

Here are some of the biggest benefits of using FIELDBOSS for managing your maintenance contracts:

Comprehensive Contract Visibility

FIELDBOSS provides a 360-degree view of your maintenance contracts. It tracks all aspects, from scheduled maintenance to unplanned service requests, allowing you to see the full picture. With this transparency, you can assess the actual costs incurred and identify areas for optimization.

Real-Time Analytics

Say goodbye to spreadsheets and manual calculations. FIELDBOSS offers real-time reporting and analytics via easy-to-read charts and graphs that give you instant insights into the financial health of your maintenance contracts. You can easily monitor key performance indicators, assess profitability, and make data-driven decisions that impact your field service operations.

Streamlined Billing

With FIELDBOSS, invoicing becomes a breeze. The software automates billing processes, ensuring that no service or expense goes unaccounted for. This eliminates revenue leakage and maximizes your contract’s profitability.

Proactive Contract Management

FIELDBOSS doesn’t stop at tracking and analysis; it also empowers you to proactively manage your contracts. The system can generate alerts for upcoming preventive maintenance tasks and warranty obligations, helping you stay ahead of your commitments and avoid costly penalties.

Navigating Maintenance Contracts in FIELDBOSS

Understanding the profitability of your maintenance contracts is vital to the success of your field service business. With accurate insights and the right functionality in place, you can build long-term relationships with customers, ensure equipment reliability, and provide a predictable cost for ongoing maintenance and support.  FIELDBOSS field service software offers the solution you need to unlock the full potential of your maintenance contracts, make informed decisions, and watch your profitability soar. 

To learn more about how maintenance contracts in FIELDBOSS works, watch this short overview video:

If you have any questions about maintenance contracts in FIELDBOSS or want to see its full capabilities,  schedule a personalized demo with one of our field service experts today.