CEDA, a leader in industrial maintenance, turnaround, construction and project services, is continually developing its capabilities by using leading-edge technologies to increase operational efficiency. The company recently decided to implement a streamlined software suite with the goal of enhancing the flow of business information while connecting field employees, clients and partners. CEDA was looking for a solution to reduce response times, lower costs, and improve internal and external key performance indicators. Key requirements were cloud-based technology, reporting capabilities, streamlined entry for operations, robust security features and integration with its enterprise resource planning system.
CEDA selected LiquidFrameworks' FieldFX solution, and it was fully implemented company-wide in February 2018. FieldFX is a cloud-based, mobile field operations software suite designed to manage contracts, equipment, jobs and field tickets. Harminder Bhavra, manager of enterprise transformation for CEDA, indicated one of the main reasons for FieldFX's selection was because of its domain expertise.
"LiquidFrameworks understands our business and the space we operate in," Bhavra said. "The company knows what each level of the organization requires, and it's able to deliver."
In addition to domain expertise, FieldFX's extensibility and integration were important benefits. Also highlighted, the FieldFX Mobile app was noted to be straightforward and simple to use. "Our current testing shows a great reduction in time entry compared to our previous process," Bhavra shared.
CEDA's business strategy has been enhanced by FieldFX's extensive reporting capabilities, Bhavra added.
"FieldFX's capabilities when it comes to reporting are second to none," Bhavra said. "You have the ability to create your own reports very easily in-house."
Any field created is reportable, allowing CEDA to capture an abundance of business data. CEDA has leveraged this data to create strategic reports such as equipment and labor utilization, revenue by client and client-specific reporting.
Industrial service companies spend millions of dollars a year on generating and processing invoices, so projects for optimizing and automating elements of the invoicing process have the potential for big payoffs. Although much attention has been paid in the supplier/customer invoice transmission element of this process, historically the challenges involved in the pre-invoice elements, including the service ticket, have prevented the same levels of automation from being achieved.
Today, the situation is different. Advancements in occasionally connected, quote-to-cash software such as FieldFX allow for complex pricing and capture of all elements of the field operation to be collected in the field, electronically signed off by the customer, synchronized and integrated into back office systems, and submitted to the customer. Implementation of an electronic system to capture service ticket details is, therefore, one of the best ways (with the highest return on investment) to accelerate cash collection and reduce days sales outstanding (DSO). In this manner, the details are entered in a structured format that can be easily validated and transmitted to the back office.
In addition to reduction in DSO, a digital solution can help eliminate revenue leakage. On average, 4 percent of revenue is left uncollected due to omitted and mispriced quote/ticket items. Industrial service providers have many types of billable items, including materials, consumables, equipment and labor. In addition, these items may be priced differently based on the customer, the location or the type of work being performed. A digital solution helps to automate the quote-to-cash process to ensure an accurate quote and to produce an accurate field ticket, which produces an accurate invoice.
Industrial service companies no longer need to put off the enhancements a digital field management solution provides simply because they are without a reliable internet connection. Solutions such as FieldFX that operate completely offline can provide great benefits to users, streamlining the quote-tocash process and enhancing the bottom line.
For more information, visit www. liquidframeworks.com or call (713) 552-9250.