Leading Field Service Technologies that Drive the Bottom Line
brought to you by WBR Insights
For manufacturers, service has become an important competitive differentiator and a huge driver of both revenue and customer satisfaction. This is causing a shift in business models as manufacturers make cultural, engagement, and technological advancements in selling not only products, but outcomes.
Field Service USA partnered with WBR Insights to conduct an industry survey benchmarking how emerging technologies in field service are driving better business outcomes. Survey respondents are from all levels of the organization including C-Suite (22%), vice presidents and executives (14%), department heads (14%), and others. Most represent enterprise companies (70%).
Technology advancements like IoT, Big Data, and AI have grown in their adoption among field service operations to drive better service results. But as service becomes central to business success, how well are these technologies delivering on their promise for a better industry?
For 96% of respondents, Internet of Things (IoT) and data analysis technologies are core parts of their business. As we will find, these technologies are driving more revenue successfully than any other technology in the study. In fact, 94% of respondents claim IoT and data analysis, as a practice, is either successful or on the path to becoming successful in this way.
Benchmarking Technology-Driven Revenue
Specifically, IoT & Big Data is most cited by respondents (44%) as being the most successful technology in its contribution to additional revenue. Thirty-two percent of respondents also claim this is in progress.
(Note: Seven technologies were omitted from this chart. They will appear in the final version of the report.)
Other technologies are clearly on a growth curve towards driving additional revenue. Fifty percent of respondents are invested in AI & machine learning technology, claiming they are on track to successfully driving revenue. For 38% of respondents, these technologies' contributions are already successful. Plus, AI & machine learning have the lowest unsuccessful rate of any technology in the study.
Although forty-two percent of respondents believe FSM technology is most successful, only 30% believe this is in progress, the least cited in this category. FSM technology is also the most cited as unsuccessful, indicating field service organizations are divided in how well FSM technology contributes to additional revenue.
Augmented reality & wearables are least likely to contribute to additional revenue successfully, although many respondents (42%) claim this is in progress. Fourteen consider these technologies unsuccessful, and another 14% feel this does not apply to their organizations. Generally, these technologies may be complementary to service that more directly contribute to the bottom line.
Visualizing the Business of Field Service
These organizations show us that some technologies--IoT, Big Data, AI, and machine learning, for example--are more direct in their contributions to the bottom line than others. Still, technologies like FSM have shown great revenue potential for some companies and failure for others, with few in between.
There is more to discover about which technologies drive revenue and why. Our upcoming report, Emerging Technologies in Field Service: Driving Real Solutions and Better Business Outcomes shows how the latest tools in field service are truly improving results for service teams and business as a whole. Featuring a dedicated, in-depth analysis for each technology category, these real-world KPIs provide a complete picture of the field service technology performance landscape.
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