According to one technology expert, there could already be one zettabyte of data floating around the world, which equals one trillion gigabytes. The business world is drowning in raw data, but too few business leaders take advantage of available solutions and methods to glean valuable insights. Keep reading to learn about the benefits and types of data that can help enhance profits, operations and decision-making.
Enhanced Business Intelligence
Workforce management software can provide field service managers with the tools needed to track, organize, process and understand valuable data. Once this data identifies an opportunistic trend or changing preferences, management can use for strategic planning and creating future offerings. Better business intelligence means that management will understand customers, local markets, industry trends and customer feedback. For example, insightful sales information and real-time customer data can be used to create highly effective marketing campaigns. Some of the ideal sources of customer data include registered surveys, landing pages and social media platforms.
Forbes says that 80 percent of businesses fail because of poor cash management practices and knowledge. Financial data will help field service leaders develop budgets and manage cash flows. The most accurate operating budgets are based on historical information from various financial accounts and departments. Budgets create financial road maps that leaders can use to make better business decisions. Financial trends provide insights into economic indicators, consumer behaviors and resource consumption. Accounts payable and receivable data can be used to monitor purchases and manage trade credit. Strong internal controls and regular audits will maintain accounting integrity.
Field service businesses that adopt GPS tracking software will naturally see an improvement in the punctuality of their mobile workers. Most GPS tracking systems offer vehicle monitoring functionality that allows field service managers to track driving data related to braking, acceleration, idling time and the average speed. GPS data is used to hold drivers accountable and establish metrics for improving sustainability and fuel-efficiency. This can be used to ensure that field workers aren’t using company vehicles for personal activities. GPS tracking systems and inventory management systems can be used to ensure that vehicles are properly equipped every morning.
Organizations with field service operations may invest in training for sales staff, but they need data tracking to accurately measure performance. Collecting qualitative data can’t depend on the sales reps’ memory, but workforce management software can be used to document and discuss performance gap, history and achievements. If a sales team demonstrates a sudden boost in performance, leaders can research why it happened and if it’s repeatable and sustainable. Qualitative data may reveal what objections come up most frequently from prospects and how they respond to specific messages. Knowing how well a rep feels about their performance can identify problems and solutions.
Social Media Sentiment Analysis
Social media management tools include sentiment analysis technology that uses filters and algorithms gauge collective reactions and emotions. These social listening tools measure and report on the tone and feelings of social mentions and commentary. Based on the three standard sentiment categories, positive, negative and neutral, management can use it to quickly and appropriately react to brand mentions by a blogger or online publication. They may be used to interact with site visitors and identify where they come from, what digital paths they take, where they exit and why they complain. Popular tools like Google AdWords helps management to understand ad campaigns in real-time.
Field service managers and business leaders who take advantage of real-time operational data and workforce management solutions may increase profits, efficiency and productivity. Operational metrics that transition into actionable insights contribute to success, high performance and customer satisfaction.