From the Great Resignation to increasingly complicated equipment, the medical device service industry is facing a number of challenges.
But according to new research from Aquant’s 2022 Medical Device Service Benchmark Report, there are additional issues to consider. Service organizations are looking at KPIs in a silo and often looking at KPI data in hindsight without any way to use the information to improve future service. The result? A disconnect in customer experiences.
Looking to provide exceptional medical device service, even in the midst of industry challenges? It’s totally possible – and your data can illuminate the way. Let’s take a closer look at the research.
The 2022 Medical Device Service Benchmark Report analyzed data from:
- 26 organizations, including service divisions within OEMs and third- party service organizations
- More than 1.6 million work orders
- More than 8,000 technicians
- More than $2.6 billion total in service costs
- An average of 3 years of service data per company
Our analysts took a deep dive into:
- How med device service organizations and their workforce measure up against industry benchmarks
- Why hitting your KPIs rarely equates to outstanding customer experiences
- Why a missed First Time Fix (FTF) event leads to a spiraling negative impact
- How a workforce shortage has exacerbated the skills gap
We made several key discoveries:
- Service organizations suffer from a wide customer experience (CX) gap. First Time Fix (FTF) rates are one of the biggest contributors to CX gaps, or the difference between what customers expect and what your organization delivers. Our analysis shows that companies who measure FTF rates in 7-day or 14-day windows have artificially inflated FTF rates, and are setting the stage for a wide experience gap. That's the perfect setup for frustrating customer experiences. The moral of the story: a few metrics can’t provide the entire picture—and it’s time to look at experience as a whole.
- The knowledge gap between heroes and challenges is becoming more expensive. In 2021, service organizations faced even larger hiring challenges than in the past. This has left the industry with tens of thousands of unfilled jobs, and caused service costs to increase.
- The 80th percentile (service heroes) has a 86% FTF rate. Those in the 20th percentile (service challengers) have a 57% FTF rate.
- Service challengers cost organizations 26% more than service heroes.
- It’s possible to overcome these challenges. Your data tells a bigger story—if you know what to look for. Looking beyond your KPIs will help you tailor service for every customer, provide a better CX, upskill your team, and cut costs.
It’s time to understand your medical device service on a deeper level.
Download Aquant’s 2022 Medical Device Service Benchmark Report to see how you stack up to your peers, uncover the stories that your KPI averages are telling, and start seeing your service from the customer’s perspective.