Top Field Service Trends for 2024: Predictive Analytics

ServicePower recently published its predictions for the top 10 trends in field service management for 2024. In this blog series, we take a closer look at each trend.

#3 Predictive analytics: tracking patterns in data helps anticipate the next likely outcome.

As we continue our series on the technology trends that will likely be in the 2024 spotlight, we turn our focus to trend #3: predictive analytics.

This technology is one of the most impactful and pervasive. It is used in many consumer devices, from streaming platforms that recommend binge-worthy programs you’ll like to a GPS system predicting drive time or an online shop predicting when your purchase will arrive.

In the world of field service management, predictive analytics help anticipate numerous situations, from peak times when service calls tend to increase to likely ways to resolve a field repair on the first trip.

How it works:

With built-in AI-driven algorithms, modern analytics and reporting tools anticipate likely behaviors, spot trends, and use past performances to model what is likely going to happen in similar situations. The insights are based on large volumes of data used as models. The solutions can spot trends faster than humans and can detect anomalies in patterns, such as machinery that is suddenly running too hot or no longer generating consistent output.

Modern analytics and reporting tools are now easier to use, further boosting the relevancy of this technology. The user interfaces are often automated, meaning you don’t need an advanced data science degree to develop comparative reports and predict outcomes. Equipped with modern tools, now managers can write their own queries and use simple drag-and-drop capabilities, rather than needing to ask the IT team for customized reports.  

Instead of focusing on creating the report queries, the user can now spend time responding to the data insight, intervening when necessary to minimize negative consequences. For example, by anticipating spikes in service requests, inventory managers can adjust safety stock parameters for seasonal fluctuations. This can help reduce stockouts, ensuring key replacement parts are always on hand for timely repairs.  

Predictive analytics also can be used to predict the lifespan of appliances, vehicles, pieces of machinery, or equipment. Understanding the product’s usual viable course helps call agents and field workers respond to customer inquiries and make recommendations on whether to repair or replace the unit.

Predicting the future may seem like a page from a science fiction novel, but the technology is firmly rooted in statistics, probabilities, and the ability to aggregate and analyze huge volumes of data. Just as the science behind the applications is reliable, so are the insights generated by reporting tools.

Field service organizations (FSOs) should be alert to opportunities for applying analytics and take advantage of capabilities built into end-to-end solutions, like ServicePower’s field service management platform.

To learn more, read our complete report on 2024 field service technology trends.