5 Field Service Software Trends to Watch in 2024
- Prominent trends in the field services sector
- How field services software solutions can leverage and support these trends
Field service management is changing rapidly, driven by technological advancements that are streamlining operations and improving customer experiences. For founders and CEOs of Field Services SaaS companies, staying ahead of these trends is crucial, both for delivering value to their clients and for positioning themselves as more desirable M&A targets.
Allied Market Research predicts that the global FSM market will reach $29.9 billion by 2031*, growing at a CAGR of 19.2% from 2022 to 2031. Much of this growth will be spurred by improvements in technology that will allow field service companies to optimize their workforces, capture and analyze data, improve customer service, and respond more effectively to service calls.
The following are five important trends in FSM that can enable field service companies to boost their businesses—and in turn, set you apart from your competitors.
1. Predictive Maintenance
Traditionally, field services have focused on reactive maintenance—responding to issues as they arise—or on preventative maintenance, which focuses on checking for problems on a set schedule. With the advent of data analysis tools and techniques that can detect and even anticipate problems, however, more and more are turning to predictive maintenance, which predicts when equipment might fail and carries out maintenance before the failure occurs.
Leveraging machine learning and AI to analyze data from sensors monitoring variables like temperature and vibration, predictive maintenance helps identify issues before they escalate and preempts breakdowns. This reduces downtime, service costs, and the risk of unexpected failures while increasing safety, efficiency, and customer satisfaction.
2. Performance Management Tools
With the right performance data, companies are able to make better informed decisions, streamline their operations, and enhance customer satisfaction, leading to better business performance and growth. In field services, however, it has historically been difficult to obtain this data because employees spend so much time in the field.
But that is changing quickly. Now, mobile technology allows companies to capture real-time data on key performance indicators (KPIs), such as average repair times, travel times, idle time, repeat visit rates, and profitability metrics, even when employees are off-site. With this information, they are able to provide meaningful feedback, set realistic business objectives, and recognize accomplishments.
3. Self-service Portals
Recent data shows that 88% of customers expect organizations to provide some kind of self-service portal where they can schedule and change appointments online, track technician arrival time and project progress, provide feedback, and more. Especially in light of recent labor shortages, self-service portals can increase customer satisfaction while taking some pressure off field service companies to respond to customers in person. FSM software is responding with a variety of options that empower customers and reduce administrative overhead.
4. Frontline Workforce Training
Field services, like many industries, is hampered by a shortage of skilled workers. Good training is crucial for compliance, safety, and customer satisfaction, but the combination of an aging workforce and the need to train workers on new technologies and interpersonal soft skills is making it harder to find the right people.
FSM software is stepping into the gap with virtual and blended training formats that can work with existing schedules, make collaboration easier, provide virtual training on a wide variety of repairs, and provide immediate feedback on work.
5. New Technologies
Assistive technologies, which include augmented reality (AR), voice technology, artificial intelligence (AI), and IoT data, are increasingly being used in FSM to support the trends above.
- Augmented reality is an interactive experience that combines virtual information, including graphics and text, with a real-world environment. It can provide diagnostic aid, for example, by superimposing virtual diagrams over real equipment, and enables virtual collaborations. It can also be used to train technicians and collaborate at a distance.
- Voice technology enables hands-free communication, including voice commands, voice-to-text documentation, and the ability to fill in field reports while operating.
- Internet of Things devices provide service companies with real-time data, remote diagnostics, and historical data on equipment performance. This makes it easier to schedule maintenance, conduct analysis, and ensure that the right technician is assigned to specific problems.
- Artificial intelligence enables a host of efficiencies, from improved dispatching to data analysis to customized training.
Impact on Field Services SaaS Companies
FSM software companies that incorporate these trends can be a game-changer for field service tech customers, providing them with the tools to offer quick and competent services that meet their own customers’ needs.
This could mean better customer service experiences for your customers, which can often lead to higher retention rates, higher lifetime customer value (LTV), and lower customer acquisition costs (CAC), and potentially helping your company become a more attractive target for potential M&A opportunities.
To learn about other metrics that buyers and investors consider, read Key Metrics for Running and Selling a SaaS Business.
This material and the opinions voiced are for general information only and are not intended to provide specific advice or recommendations for any individual or entity.
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