Top Field Service Trends for 2024: Analytics for Strategic Insights

As we continue our series on the technology trends that will likely be in the 2024 spotlight, next up is trend #9: Analytics for strategic insights.

Modern analytics have revolutionized strategic planning. Organizations of all types and sizes can take advantage of solutions which simplify reporting and allow users to delve into detailed, real-time data on a wide range of topics, from customer buying trends to labor costs and resource consumption.

Predicting the future

Not only can managers retrieve historical data, they also can turn to analytics to help spot patterns, uncover influencing causes, identify typical event triggers, and predict trends. Driven by artificial intelligence (AI) and machine learning (ML), analytics today can track large volumes of data, aggregating it into structured, consumable formats so patterns can be detected. Patterns point to next likely events and outcomes, giving managers realistic glimpses into future demand, resources that will be needed, workforce requirements, and more.

Planning go-to-market strategies

Executives in service-centric organizations can be more strategic in planning for growth and doubling down on strengths and differentiators, like same-day scheduling of service requests or high first call resolution rates. The C-suite can focus on the mission, target markets with buying power, products with substantial margins, and sound strategies for optimizing the profitability of the service operations.

Improving outcomes

They can also drill into outcomes that are disappointing and investigate possible influencing factors. Again, patterns can be found, thanks to modern reporting tools. Perhaps field resolution rates are lower on Fridays or the end of month or for a particular brand or unit. When triggering factors are identified, the organization can work at intervention. This can be fact-based and strategic, without random guesses and trial and error. Being strategic saves money and time.

Planning resource allocation

Managers can make accurate plans for budgeting, hiring, training, and investing in the operational infrastructure such as larger warehouses or more service trucks. With reliable reporting to back up their decisions, executives can make confident decisions, pursuing expansion opportunities with an accurate understanding of cash reserves, upcoming commitments, and potential risks.  

Analytics for everyone

It’s not just the executive level that needs analytics. Mid-level managers and front-line users also benefit from modern analytics that are flexible and easy to use.

At mid-levels, decisions are often about people and processes. Team performance, training requirements, and process efficiency can be analyzed, looking for anomalies that signal trouble spots that may need attention—or successes that warrant celebration.

At the front-line, users who engage with customers, such as field technicians, may turn to reporting tools to help them make everyday decisions such as whether to recommend repairing or replacing an appliance.

Thankfully, modern analytics help individuals throughout the organization make difficult decisions with greater ease, speed, and confidence.

“Digital business provides organizations with nearly unlimited possibilities to create business value,” a Gartner report on digital transformation says. “Increasingly, data and analytics has become a primary driver of business success, and the potential for data-driven business strategies is greater than ever, with further acceleration of digital transformation and data-driven business.”

Read the full Top Field Service Management Technology Trends for 2024 report here.