Replying to Yash Ved of IIFL, Vivian Wong says "We have grown more than 100% year over year (YOY), for the past 5 years, and we plan to continue that momentum by expanding to new markets, offering new solutions, and enabling cutting edge technologies for our customers."
Brief us about your business model?
ServiceMax is the leading provider of cloud-based field service management software, and supplies the only complete suite of cloud and mobile applications designed exclusively with the field service technician in mind. Using iPhones and tablets, engineers can utilize ServiceMax to transform service into a revenue generator, rather than a cost center. Our software allows engineers to directly communicate with team members at the home base and leading industry experts in the field, as well as access case and customer histories, warranty information, and parts manuals. With or without internet connectivity, appointments are optimized based on technician availability, location, and expertise, sending directions to the customer site directly to the iPad or iPhone. Arriving on time, with the information and tools they need to complete the job, customers are happier, and the company can increase revenues by servicing more sites in a single day.
Your plans for Indian Market?
Being our center for Research & Development, India plays a vital and strategic role in ServiceMax’s growth in the APAC region. We have only recently begun to execute our APAC strategy in Japan. With the rapid growth in hi-tech, life sciences, as well as medical device manufacturing and installations, India and China have tremendous untapped potential for the field service market. We also see significant opportunities as the region will take advantage of Internet of Things technologies, and make significant strides as they implement in the near future.
What is your USP?
There are no other cloud-based software solutions that are specifically built with the needs of a field service technician in mind. From optimized dispatching, to access to parts manuals and case histories, ServiceMax provides technicians with everything they need, right in the palm of their hand, regardless of having internet connectivity. We’re able to improve the way field service technicians can resolve issues in the field, enabling field service to become a revenue generator, as opposed to a cost-center. The benefits are twofold when supplying technicians with the tools and knowledge they need to complete jobs more quickly. First, customers will be happier when downtime is reduced, and their problems are solved on the first visit. Secondly, technicians will be able to complete more appointments in a single day, with optimized scheduling and increased knowledge of their assignments, thereby driving additional revenues for the company.
Who are your competitors?
The largest competition to a cloud-based field service software is traditional pen and paper methods and on-premises CRM systems. When manually entering data, technicians often fail to enter the information while onsite. Often tracking and monitoring occurs only after all visits for the week have been completed, and the technicians has a difficult time differentiating each visit. This information, often either entered late or incorrectly, prevent the home base from accurately billing customers, or correctly dispatching future technicians to the site, ultimately costing the company money and time. With ServiceMax, the entire service organization is able to communicate and collaborate in real time, increasing customer satisfaction and revenues while minimizing costs.
What are the Challenges being faced in the industry?
It is challenging to convince field service technicians the benefits they can receive by implementing a software solution into their daily lives as a mobile worker, when they don’t typically work with tablets and handheld technology in their personal lives. There is certainly a learning curve for engineers as they learn how to maintain and care for their tablets in often perilous environments. It can also take time for technicians to feel comfortable with the software. Our goal is to convince all field service organizations that the long-term benefits far outweigh the short term learning costs. Field service, which has traditionally been considered a cost-center, can ultimately drive additional revenues and improve the perception of the company, all with a software solution.
Your growth target for 2015, 2016?
The field service industry is rapidly growing, and we look forward to supporting the companies that are driving this expansion. As more companies turn to software solutions to organize and maintain their fleets of technicians, we plan to be the application and tool of choice. As our offering becomes synonymous with field service, we’ll be responsible for keeping the world running. We’ve grown more than 100% year over year (YOY), for the past 5 years, and we plan to continue that momentum by expanding to new markets, offering new solutions, and enabling cutting edge technologies for our customers.
What are your fundraising plans?
ServiceMax raised $71 mn USD in a Series E funding this past March. We’ve used that funding to further scale our business, in areas that include our engineering department and product, expansion to India, and sales efforts to close additional customers.
Your current customer base?
ServiceMax customers come from a range of industries, which include, but are not limited to, solar energy, construction, security, home appliances, technology, machinery, printing, energy management, healthcare and medical devices. Large customers in the United States and Europe include Coca-Cola Enterprises, Pitney-Bowes, Topcon, Luminex, Tyco, and Elekta.