Future of Field Service Management
Field service management deals with the delivery of services at customer sites or other off-site locations, covering equipment installation through inspection and maintenance. It’s a rapidly evolving field, owing largely to technological improvements that are streamlining processes and making customers happy. Mobile devices and apps enable technicians to operate more efficiently from wherever they are and stay connected in real-time.
With every passing year, the Field Service Management industry has expanded its boundaries and increased its potential. In a recent survey, the Field Service Management market began spiking from $2.56 billion in 2018 to around $4.09 billion within 2020. The market has been driven by mobile applications and wearables that improve the efficiency and work of field workers. The significant growth of field service software for small businesses is proof that the future of the Field Service Management industry has more heights to encounter.
In light of the evolution of technology, one might wonder what the future holds in store for this rapidly transforming industry. Accordingly, what changes in business practices might one need to consider in the coming years? The answer depends on the technological trends that are currently ruling the sector, as well as the technologies that are likely to take the driver’s seat in the years ahead.
This blog sums up all the major technological trends you should watch out for in the field service industry.
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Table of Contents
What is the Future of Field Service Management?
Mobile devices, cloud-based software, and enhanced scheduling and routing algorithms are helping field service operations become more automated and efficient, and they will continue to do so in the coming years. Looking further forward, there are so many intriguing technologies emerging that it might be difficult to determine which will be disruptive.
Artificial intelligence, IoT, computer vision, robotics, and other innovations will undoubtedly have an impact on the future of field service management. Companies are testing the use of drones to examine infrastructure and deliver critical components to field specialists, for example. Companies will be able to detect problems before they arise, making offshore work safer than ever before, thanks to networks of interconnected sensors monitoring safety conditions.
Evidently, a wide range of technology-driven changes are influencing how businesses conduct field services. Some developments, such as advances in mobile technology and knowledge sharing, focus on empowering workers on the go. Other trends focus on management functions such as optimizing timetables and routes, tracking business performance, and standardizing business processes.
Technological Trends in Field Service Management
Here are some of the major technological trends in the field service industry we should look forward to.
- Internet of Things (IoT)
- Predictive Maintenance
- Cashless Transaction
- AR and VR for Remote Collaboration
- Dynamic Dispatch and Scheduling
- Performance Management Tools
Mobility is already a driving factor in their speedy progress. It is soon to increase its potential and features to maximize performance for the field service enterprise. Access to the data in hand can hasten and improve the resolution structure, increase the customer base, and enhance the power of management. The investment of the mobile technology industry into the field service industry is assured with the present competitive edge.
IoT, or the Internet of Things, has found its way into the field service arena along with GPS, Accounting books, and other software that upholds Field Service Management functions. The increased performance of deployment, configuration, troubleshooting, installation of software/firmware, patching, debugging, and monitoring the functionality of the Field Service Management software With IoT, the automation process becomes smoother, avoiding lack of context, delays, and lag that lead to customer frustration.
With the improved features of IoT, FSM can now improve their tracking and monitoring features smoothly, along with enhanced wearables instead of devices. These wearables with integrated IoT features are easier to carry around, hassle-free and more efficient when working in the field. Wearables save time, effort, and voice command, making it even more efficient for field workers to perform their responsibilities with ease. Various companies have introduced wearable sensors for health, delivery, and other purposes. With time, field service customized wearables will be in great demand in the market, saving businesses the time to make significant investments.
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Traditionally, field service has concentrated on fixing machines when they break, in addition to regularly planned inspections and maintenance visits. But what if the devices could warn you when they needed maintenance? The combination of IoT sensors and predictive analytics is finally allowing this to happen.
Predictive maintenance, on the other hand, is based on data collected from sensors that monitor temperature, vibration, or other variables. Machine learning and other statistical approaches are used to find patterns and trends in the acquired data. This assists in identifying possible problems before they become major difficulties. The notion is that repairing machines before they break makes everyone’s life easier. Customers experience less downtime, repairs cost less, and employees face fewer unpleasant surprises. Predictive maintenance may also help increase safety in circumstances where machine failure is dangerous.
One of the most noticeable changes in recent years has been the rise in popularity of cashless transactions. People are increasingly relying on digital payment methods rather than cash. Keeping with the trend, the use of cash in B2B transactions has also dropped. Furthermore, mobile payments provide clients with greater convenience and security than cash or physical cards. Customers now want to pay service professionals or businesses with credit cards, or perhaps better, through their smartphones.
Given the shift, an increasing number of service providers are now accepting digital payments from their clients. Organizations that cannot afford to purchase contactless card readers can nevertheless accept mobile payments in various other formats. Customers could, for example, pay online via a secure portal on the company’s website or mobile applications, or via an external payment processor such as PayPal, Square, or Stripe.
According to Gartner, over half of all service management installations will incorporate Augmented Reality (AR) solutions by 2025.
AR and VR technologies are employed in the service business to create a simulated environment based on real-world scenarios. It allows service personnel to view and identify the problem ahead of time so that they may arrive at the client’s location equipped with tools and required spare parts, while also connecting them with qualified specialists from remote locations for help and support. As a result, AR and VR are emerging as significant field service management market trends.
The scheduling and dispatch processes serve as a link between technicians and back-office personnel. Any error or mismanagement at this phase soon manifests as a loss of productivity and a low first-time fix rate.However, it is difficult to coordinate and schedule the workforce in the field. The corporation has little control over working circumstances at many customer sites, and technicians may face unforeseen challenges, such as awkward working spaces or a power wire destroyed by another company. Furthermore, the organization may be required to manage the logistics of ensuring that the proper parts are accessible at the right time so that workers can finish on-site repairs on schedule.
Given the imminent challenges, most field service companies are now embracing smart scheduling and dispatching solutions. In other words, scheduling software applications have become one of the most popular trends in field service management today. This helps organizations streamline workflow, increase productivity, and optimize resource utilization.
A conventional FSM process demands a comprehensive evaluation of the performance of people, processes, and assets. Most firms measure performance using KPIs or metrics. Customer happiness, service revenue, mean time to repair, SLA compliance, field technician utilization rate, and service part revenue are among the most commonly utilized field service KPIs. As businesses migrate their processes online, they will increase their use of performance management solutions to design, define, monitor, and measure key performance indicators (KPIs), whether for assets, field teams, or other purposes.
The worldwide asset performance management market is valued at USD 19.32 billion and is predicted to develop at a CAGR of 12.0% from 2023 to 2030. Similarly, the global field service management market is predicted to increase from USD 3.173 billion in 2021 to USD 6.17 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 11.7% throughout the forecast period.
A Shift towards Automation
Field service is an industry that relies significantly on manual, time-consuming activities. As a result, there is little to no time for the business owner to spend on other duties, such as creating relationships with consumers or using their feedback to build a stronger business structure. However, those are equally crucial considerations in keeping your company going. The more significant issue in this regard is that this labor-intensive process necessitates a large number of back-office operations. Confirming appointments, scheduling and dispatching technicians, monitoring daily operations, maintaining inventory, invoicing, and managing client expectations are all part of the job—all while balancing schedules and responding to last-minute emergencies.
This is where field service management software may help. And as expected, this has been the most prominent and disruptive trend in field service management in recent years. This type of software is beneficial in a variety of ways, including assisting businesses in organizing and comprehending maintenance data from the past and present. Another example is automatically matching technicians to open positions as they become available and then assigning new duties to the workforce. Aside from them, this wonderful innovation automates the standard administrative activities, such as scheduling and dispatching, tracking progress, managing inventory, and invoicing. It also assists you in optimizing your resources, which contributes to revenue generation.
The Field Service industry has been shooting for the stars in recent years. There is no doubt about the future of the field service. However, it also depends on the people hired into the field to determine the success and potential of the business. The varied industries and clients that will collaborate with the Field Service industry will expand in quantity, quality, and genre. The Field Service Industry strives to make business more accessible and simpler and will always continue to do so.
For the best field service software, you can try Field Promax. It also integrates with Intuit QuickBooks, giving you a complete solution for all your automation requirements.
For more information, contact Field Promax today.