Why predictive analytics is the future of field service management

Predictive analytics is a massively important aspect of field service management for one simple reason: it literally redefines the idea of ‘service’ when done right.

Consider this: in a normal service setting, you have a contract with a customer to service his or her machines or products. If something breaks or generally doesn’t work, he or she calls you, and you send a technician to fix it. That’s ‘service.’ Event A happens (machine breaks), then Event B happens (technician goes to fix it).

Think about predictive analytics, though: because of the Internet of Things (IoT), a customer’s machines are connected devices, so they’re sending data to your back office. This data allows you to know when a machine needs servicing -- so you can show up without the customer ever calling you.

Customers have thousands of things to worry about as they run whatever their primary businesses are. Now, they have less things to worry about -- the service is essentially handling itself (with the help of your great field service management team).

It benefits your bottom line as well: studies have shown that field service organizations utilizing predictive analytics see profit increases of 18%, as well as customer retention increases of 42%.

The importance is clear. The next question is: how do you get successful with predictive analytics in field service?

The basics your organization needs include:

• Integration with Internet of Things at some customer sites
• Mobile integration for scheduling and dispatching
• Back office staff that understands how to work with data
• A field service management software tool that ties everything together

Predictive analytics is clearly a wave of the future in field service management organizations -- it will allow you to service the customer before the customer even realizes there's a problem! Do you know what that's huge for? Customer experience. And customer experience is a powerful driver of revenue growth and profitability right now, with no signs of slowing down. If you follow the thread, then, embracing predictive analytics will allow for greater customer experience and satisfaction, which will allow for growth of your field service organization. That's very valuable.

For more on the crucial role of field service management in customer experience, download our eBook. 

Written by Julio Hartstein