Field service leaders are inundated with data. From location and telematics information generated by fleet management systems, to productivity and parts ordering statistics from the work order management systems, and now real-time equipment status data from (machine-to-machine) M2M and Internet of Things (IoT) solutions, there is more information available than ever before that can be used to better manage your operations.
The sheer volume of that data, though, can be one of the primary obstacles to using it effectively. Many organizations have become “data rich, information poor” (DRIP, for short) because they lack the tools that can turn those terabytes of information in to actionable business intelligence for the service team.
That’s where analytics tools play a major role. In our latest whitepaper, Tapping the Power of Service Analytics, we provide best practice recommendations for service organizations that want to better leverage analytics solutions to take that raw data and use it to optimize resources, improve route and technician efficiency, and create predictive capabilities that can help companies anticipate future customer needs.
Executives need a real-time view of the service organization’s performance so that they can optimize the use of resources across the company. Without that type of data, and the tools to gain insight from the information, they struggle to meet ongoing and emerging demands. Making misinformed decisions could also lead to a failure to meet service level agreement (SLA) requirements, or increased service delivery costs.
But according to Aberdeen’s Service Analytics: Insight Into Field Performance 2014 report, just 68% of users at average firms are satisfied with the relevance of analytical capabilities to their job role.
By putting the right analytics tools in place, service companies can increase revenue, accelerate cash flow, and reduce operating costs, as well as boost customer retention rates and service level agreement performance. Service managers can also better evaluate and track technician performance, create effective incentive programs to reward top performers, and quickly intervene with training and other corrective actions when problems arise.
Aberdeen has found that top performers in the service space have leveraged analytics by breaking down organizational information silos, provide self-service business intelligence tools to employees, and providing analytical capabilities to more operational business functions. Data analytics isn’t just a tool for managers; technicians, dispatchers, and other staff can view data through user-friendly dashboards and act on the information.
Service companies can optimize routes and reduce fuel costs using GPS and fleet data. Service histories can be mined to evaluate the costs of each route, evaluate customer profitability, and spot common equipment failures or misuse of the equipment. M2M and IoT information can help predict equipment failures before they happen, enabling a more proactive approach to service and opening up opportunities for new revenue-generating ongoing maintenance contracts. Performance data from the field can be used to match technicians to jobs based on their skill level.
Field service decision makers need real-time information to meet the needs of a dynamic service organization. Is your organization ready to harness the power of analytics to improve profitability and better serve your customers?