Annual Maintenance Contract (AMC) services generally contract with customers for an entire year, with the goal of retaining their business on a cyclical basis afterwards. This means that pricing and payments need to be attractive and competitive, but also cover the work that needs doing. Gaining customers in an industry which sees high levels of competition not only from other AMCs but also industries weighing up whether or not to do their maintenance in-house, means that you need carefully targeted quote management, speedy responses and functionality that gives you a competitive edge. In this article, we look at the current state of the AMC servicing industry and where it is expected to grow. We then evaluate the challenges facing these businesses, and how automation can be implemented to remove them, before finishing up with what TEB Apps can do to make your AMC serving business close sales faster.
According to The Business Research Company, the global maintenance services market was valued at $71.87 billion (USD) in 2023 and is expected to reach $80.06 billion (USD) within 2024 as it grows at a CAGR of 11.4%.
They identify the major service types in the industry as covering inspection, maintenance, and repair.
Precision Reports identifies the demand for industrial management and maintenance service as being driven by growing demand from:
With such a broad market of potential customers, AMC servicing businesses need to be confident in their own direction, at the cutting edge of their industry niche, and capable of providing the services that have been promised in the initial contract.
Many AMC servicing companies are fully aware that predictive maintenance can increase savings for customers when compared to reactive maintenance or preventative maintenance that ranges from 8-40% (depending on the type), and educating customers on these potential savings and benefits, without reducing potential sales, is a challenge that must be carefully managed.
Trends impacting AMC servicing businesses include an increasing use of technology and E-Maintenance and Maintenace-as-a-Service (MaaS) to offer predictive monitoring and advice, greater impact from the use of sensor technologies and augmented reality (AR) or virtual reality (VR) to engage with clients and provide guidance, as well as increased utilisation of decentralised repair teams who utilise hybrid working and the benefits of open networks and cloud-based technologies.
AMC servicing is also being influenced by the global push towards sustainability and energy efficiency, requiring businesses to prove that not only are they capable of providing repairs, maintenance, and up-keep – but are also capable of streamlining performance and efficiency, and provide more sustainable results.
AMC servicing businesses have to compete with others in the industry, and with internal options. Some of the main challenges that AMC servicing companies may face when it comes to closing sales includes:
Automation, when applied correctly, can save time, money, staff resources, and ensure that optimal activities are taking place.
When looking at the challenges we identified for the AMC servicing industry, it is easy to see how automation can solve these issues by providing:
With the right options, and platforms such as TEB Apps, who are flexible and customisable to work with your needs, strategic automation can improve functionality in your business, and help you to increase your sales levels, and close them quickly.
Streamline your quote management with a system that is designed to support your AMC servicing business at every stage of the sales process. From sourcing and managing your leads, to generating quotes, and making those all-important sales – TEB Apps provides you with everything you need to ensure a smooth and efficient process.
With TEB Apps for quote management, you can expect to benefit from:
Book your Demo today, and discover the TEB approach to easy, efficient, and cost-effective business processes.
