Enterprise Field Service Management

Guide to the Common Acronyms in the Service and Asset Management Industry

Whether you are new to the service and maintenance industry, or have many years of experience, you cannot have missed how much jargon and acronyms there are. And also, how many new ones are being added as service management technology develops at pace. 

Here is a guide to the commonly used acronyms and terms used, we hope you find it useful. Anything missing? Let us know!

 

Artificial Intelligence

Artificial intelligence (AI), in its broadest sense, is intelligence exhibited by machines, particularly computer systems. AI enable machines to perceive their environment and use learning and intelligence to take actions that maximise their chances of achieving defined goals. 

Augmented Reality

Augmented reality (AR) is an interactive 3D experience that combines a view of the real world with computer-generated elements. AR is used in service management systems to provide a detailed visualisation of an asset and troubleshoot issues remotely.

Beyond Economic Repair

Beyond Economic Repair (BER) means wear, tear or damage to an item beyond economic repair.  The term is applied to a part or asst where repair or overhaul will exceed the current price to replace the part or asset.  An Enterprise Asset Management system will calculate when an asset is BER. 

Business Intelligence

Business intelligence (BI) consists of strategies and technologies used by enterprises for the data analysis and management of business information. Common functions of BI technologies include reporting, online analytical, processing, analytics, dashboard development, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics, and prescriptive analytics.

Bill of Materials

A Bill of Materials (BOM) is an extensive list of the raw materials, components, and instructions required to construct, manufacture, or repair a product or service. Creating an accurate bill of materials ensures that parts are available when needed and that the assembly process is efficient. A good mobile app for field service engineers will help to eliminate service-related paperwork in the field.

Computer Aided Facilities Management

Computer-aided facilities management (CAFM) is a software solution that helps organizations manage and repair their physical spaces and assets. You can use CAFM software to track space usage, manage building systems and automate facility management processes. Facility managers typically use CAFM systems to improve efficiency and reduce costs.

Computerised Maintenance Management Software

Computerised Maintenance Management Systems (CMMS), are digital platforms designed to streamline maintenance operations and optimize asset performance. They tackle the challenges of manual processes, reactive repairs, and disorganized data by providing a central hub for managing work orders, scheduling preventive maintenance, tracking inventory, and analysing equipment health.

Cost to Serve (CTS)

Cost to Serve (CTS) is an accountancy tool used to calculate the profitability of serving the needs of a particular customer account, based on the actual business activities and overhead costs incurred in servicing that customer or customer type.

In the context of service management, total cost to serve is the accumulated ongoing cost associated with the maintenance of an asset. It includes both labour and parts, and when measured against the billed parts and service rates it establishes profitability per job by asset.

Customer Experience

Customer experience (CX) describes the overall interactions a customer has had with a brand right from the point of awareness to purchase to loyalty or churn. It addresses the user’s entire buyer journey and how well they were able to “connect” with a brand. While customer service is an important part of CX, both terms differ. CX is a broader concept that encompasses all aspects of a customer’s experience with a business. 

Enterprise Asset Management

Enterprise asset management (EAM) involves the management of the maintenance of physical assets of an organisation throughout each asset's lifecycle. EAM is used to plan, optimise, execute, and track the needed maintenance activities with the associated priorities, skills, materials, tools, and information.  Enterprise asset management (EAM) software applications include features such as asset life-cycle management, preventive maintenance scheduling, warranty management, integrated mobile wireless handheld options and portal-based software interface.

End of Life

An end-of-life (EOL) product is a product that does not receive continuing support, either because existing marketing, support and other processes are terminated, or it is at the end of its useful life as it is BER, for example.

Enterprise Service Management

Enterprise Service Management (ESM) refers to the application of service management principles and practices within an organisation to streamline and optimise business processes. ESM can bring numerous benefits to organisations, including increased operational efficiency, improved collaboration between departments, reduced costs, enhanced customer satisfaction, and the ability to adapt quickly to changing business needs.

Forward Stock Location

Forward stocking locations (FSL) are also commonly referred to as parts depots or parts stocking warehouses. Essentially, they’re miniature warehouses that store spare parts and components closer to the end users that need them. As opposed to PUDO, they tend to be manned facilities with an inventory of stock, versus a PUDO which is used for specific parts that have been shipped from headquarters. FSLs may sometimes be located at a customer’s premises.

First-time Fix Rate

First-time Fix Rate (FTFR) is a metric to measure the percentage of times a field service engineer successfully resolves customer problems during the first visit, eliminating returns for additional repairs or follow-up visits. It is a key metric for measuring the effectiveness of your field service teams and is often determined by effective van stock management.

Global Positioning System

A global positioning system (GPS) is a network of satellites and receiving devices used to determine the location of something on Earth. This can be from vehicle based or mobile device based but should be integrated with the scheduling functions for more effective job allocation.

Heating, Ventilation, Air Conditioning

Heating, ventilation, and air conditioning (HVAC) is the use of various technologies to control the temperature, humidity, and purity of the air in an enclosed space. Its goal is to provide thermal comfort and acceptable indoor air quality. 

Heating, Ventilation, Air Conditioning, Refrigeration

Heating, Ventilation, Air Conditioning, Refrigeration (HVACR) is the same as HVAC, but also includes refrigeration.

Internet of Things

The Internet of things (IoT) describes devices with sensors, processing ability, software and other technologies that connect and exchange data with other devices and systems over the Internet or other communications networks. In service management, IoT sensors are used to monitor temperature sensitive appliances to ensure safety as well as cut reactive maintenance and energy costs. 

Key Performance Indicator

Key performance indicators (KPIs) are quantifiable measurements used to gauge a company’s overall long-term performance. KPIs specifically help determine a company’s strategic, financial, and operational achievements, especially compared to those of other businesses within the same sector.

Landlord Gas Safety Record

All gas appliances and flues need to undergo an annual gas safety check, and then a Landlord Gas Safety Record (LGSR) with details of all the checks that were carried out is issued. Field service management software reduces the burden of this compliance administration for your back office, engineers, and subcontractors, by creating a time-stamped record and accurate digital Landlord Gas Safety Certificate onsite, when the job is completed.

Machine Learning

Machine learning (ML) is a branch of artificial intelligence and computer science that focuses on the using data and algorithms to enable AI to imitate the way that humans learn, gradually improving its accuracy. Within the service and maintenance sector, machine learning identifies repeated trends and optimal behaviour, such as predicting the EOL of an asset, for example.

Mean Time Between Failures 

Mean Time Between Failures (MTBF) is a key performance indicator (KPI) that represents the average time between two consecutive failures of a system or product. MTBF is a measure of reliability, and it is commonly used in the context of warranties, maintenance planning and product development. An enterprise asset management system will give you visibility of these valuable KPIs via insight analytics. 

Purchase Order Process

The purchase order process (POP) is a sequence of actions taken from the purchase request to the receipt of the goods. The Aeromark system has enhanced functionality to manage all the commercial and back-office functions for both the POP and the SOP from quotation to fulfilment to final invoicing.

Planned Preventative Maintenance

Planned Preventative Maintenance (PPM) is a form of scheduled or planned maintenance that is carried out on a piece of equipment or machinery on a regular basis. Dynamic workflows with a service management system will flag any PPM in the same location when a reactive job comes in enabling multi-intervention scheduling.

Pick-up Drop-off point

A Pick-up Drop-off point (PUDO) point location is any area where field service representatives can pick up items or drop off returns to save them having to return to head office or warehouse to collect spare parts. This is especially valuable for Field Service Representatives to maintain efficiency; ideally a single pick up will ensure engineers have the parts for multiple completions. PUDOs can be deemed Forward stock locations (FSL)

Software as a Service

Software as a Service (SaaS) is a licensing model in which access to software is provided on a subscription basis. The software is located on external servers rather than on servers located in-house. Aeromark’s platform is a cloud-based SaaS, accessed through a web browser with users logging into the system with a username and password. 

Service and Asset Management (SAM)

Aeromark offer a cloud-based service and asset management platform (SAM) that manages services, assets, and property. The Aeromark SAM platform is a configurable database to store and manage all data related to sites, assets, contracts, warranties, SLAs, Schedules of Rates, and more— anything that could influence service decisions in your business.

Skills-Based Routing 

Skills-based routing (SBR) is a job-assignment strategy to assign incoming call outs to the most suitable field service representative instead of the next available. This is a dynamic workflow scheduling feature that any enterprise service management system should offer.  

Supply Chain Excellence

A supply chain is a network of individuals and companies that are involved in creating a product and delivering it to the end user. Supply Chain Excellence (SCEX) is defined both by improving year-over-year financial performance versus a peer group and by outperforming the industry on a portfolio of metrics that correlate closely to market capitalisation. 

Service Level Agreement

A Service Level Agreement (SLA) is an agreement between a service provider and a customer. Aspects of the service – quality, availability, responsibilities – are agreed between the service provider and the service user. A service management system will help you to optimise your service and ensure you meet customer SLAs.

Sales Order Process

A sales order process includes quotations for labour and parts, the acceptance of those quotes by the customer, the fulfilment of the order, and the completion of tasks, through to invoicing.

Schedule of Rates

A Schedule of Rates (SOR) sets out the rates that will be charged for various items of work. It is used as a basis for pricing tenders and contracts. The SOR typically includes a description of the work to be carried out, the unit of measurement, the rate per unit, and any other relevant information. Automation of SORs ensures accuracy and removes a huge and mundane back-office burden.

Total Cost of Ownership

Total cost of ownership (TCO) is the purchase price of an asset plus the costs of operation. Assessing the total cost of ownership means taking a bigger picture look at what the product is and what its value is over time. With an Enterprise Asset Management solution, KPIs such as this can be easily tracked via the insight analytics dashboard.

User Interface

The user interface (UI) is the means in which a person controls a software application or hardware device. A good user interface provides a "user-friendly" experience, allowing the user to interact with the software or hardware in a natural and intuitive way.

User Experience

User Experience (UX) is the experience of someone using a product, system, or service, for example whether they find it enjoyable and easy to use. When choosing an ESM system, choose one that offers an easy to use interface to increase the success of your team adopting , or to be able to onboard new colleagues with ease.