Exceed your field service business outcomes with predictive analytics
How can you evolve and accelerate operations while keeping an eye on future implications? The secret is predictive analytics.
We all know digitization has changed how we do business, but few have realized the potential that data holds and how to take advantage of it. Field service businesses collect and generate large amounts of data on a daily basis. Data already sits in your system from various sources such as platform integrations, client portals, GPS technology, technicians’ mobile devices, asset sensors, and more. This treasure trove of data is waiting and ready to be channeled into tailored solutions and reports. Reports that indicate possible outcomes, a gap analysis of your operating risks, and even plans for improving the efficiency and productivity of your field service business.
The importance of predictive analytics
With the right toolset and relevant data, predictive analytics technology analyzes a large amount of data, reveals, and tracks trends and patterns to provide insight into your field service operations and future demands. For example, data obtained from work order tickets can be used to predict ticket volumes and types of repairs. Moreover, data obtained from a customer portal can be used to predict customer preferences, while past purchases, customer feedback, and appointment times give insights into customer behavior. Predictive analytics can show you the probability of vehicle breakdowns, equipment failures, the inventory level of spare parts, field technician performance, asset maintenance, and other crucial items.
This tool gives you the power to understand your future needs and makes sure your workforce is prepared for your future volumes. Helping you with your workforce management decisions, you will be prepared to onboard new staff, train existing colleagues, or reassign when volumes change. Forecasting allows you to be prepared and act in advance instead of reacting to changes when it is already too late.
By quantifying your historical data and patterns you can take actions that align with and support your business goals. For example, leverage and improve your KPI results, make intelligent staffing decisions, and react effectively to seasonal changes or emerging issues.
3 steps for implementing predictive analytics
#1: Centralize your data
To successfully integrate predictive analytics into your field service strategic business plans, it all begins with centralizing all your data. If you’re housing your data on separate systems or still using manual processes, then it’s time to seriously consider investing in a field service management system that gives you access to analytical forecast reporting tools which centralize and interpret historical, current, and future data for you. Connecting your FSM system to your existing software doesn’t have to be complicated. For example, Fieldcode’s simple plug–and–play integration with zero coding efforts also offers the use of business intelligence (PowerBI) without additional costs. There are many options in the market so keep in mind your needs.
#2: Identify your business goals and then your metrics
Next, define your strategic goals to set the right benchmarks to evaluate performance. Predictive analytics is a serious tool that has come a long way. It not only identifies but quantifies what will happen, when and perhaps most importantly, why. Critical metrics aren’t always how efficient you are in an area but how effective you are, which can impact your company’s bottom line. That’s why it’s imperative to recognize and focus on metrics that align with your business goals.
#3: Share and create relevant reports
Once you have identified the right metrics, you can start to share your findings. Predictive analytical reports aren’t just for top-level decision-makers. Every level of your business can use these insights that are relevant to their department. For example, managing inventories can be challenging, and getting the right part to the right site at the right time can be tricky. Inventory managers benefit from knowing which parts to keep in stock and when throughout the year. Keeping inventory costs in line and within budget and ensuring technicians arrive on-site with the right parts the first time around. Dispatchers benefit from knowing anticipated future requests and predictions of required technicians so they can better align schedules and meet contractual commitments. Overstaffing or understaffing, especially in relation to fluctuations or seasonal changes, can be a thing of the past.
Conclusion
There is no doubt that predictive analytics will enhance processes and improve field service operations, but an organization that uses predictive analytics can offer a wider range of services and excel in performance regarding time, quantity, and quality in comparison with its competitors. It’s an essential tool to meet customer requirements and exceed customer expectations. Implementing this type of technology is just better business, making you more competitive and attractive to potential customers.
Don’t let success slip away, secure it with predictive analytics and transform your operations and future outcomes today. Fieldcode has supported seamless FSM integration with forecast reporting solutions for businesses around the world. To start implementing predictive analytics, create a free account here.
Or schedule a personalized demo session, customized to meet your organization’s specific needs and see how implementing Fieldcode can advance your mobile workforce, help optimize your organization’s field operations and deliver superior service.