It doesn’t take a technologist to recognize the impact that everyday technology is having on our personal lives. Phones, Wi-Fi devices, cameras, and more are being integrated together by amazing applications – making our personal lives easier, safer, and less stressful.
But in our professional lives, technology transformation is harder to see; and, the driving factors for transformation are vastly different. Typically driven by goals like increased revenue, productivity, and customer satisfaction, technology transformation decisions are hardwired into corporate objectives.
So, for manufacturers, operators, and other field service platform users, how do we make the world of ‘revenues, profits and net promoter scores’ easier, safer and less stressful? What are manufacturers facing today and where do they want to go with their business models? What should these organizations be focused on?
For many manufacturers, service revenues are outpacing product sales by a wide margin.
Spurred by this reality and looking for solid revenue gains, CEOs are asking their Service teams to drive more revenue, but to do so profitably. And service organizations are responding. With transformations spurred by cloud- and mobile-based applications, service organizations have been hard at work driving technician productivity. Utilizing these new technologies in service orgs have resulted in increased revenue, profits, and even customer satisfaction gains.
But how can manufacturers lock in long-term sales and profits?
Manufacturers and distributors of products want to control product sales and service revenues for years to come; they don’t want to give away critical, profitable services in the future. Why wouldn’t an organization’s leadership want to ensure years of revenues and profits?
To do just that, more and more companies are shifting to Product/Equipment-as-a-Service models: Selling power instead of solar panels, or flight time instead of jet engines. Therefore, service organizations will have to figure out how to work inside of this model. Last year’s transformation gains will not lock-in long-term productivity in this model.
While the Internet of Things (IoT) has enabled a world of connected equipment that do things like kick off a service repair call, the truth is that these processes are still reactive in nature.
In order to stop simply reacting to equipment breakdowns and avoiding break-fix repairs, field service organizations will need to pivot their approach and embrace digital transformation that’s focused on equipment analytics, as well as technician productivity. Digital transformation will empower them to adopt an equipment-as-a-service model, while driving revenue, profits, and sustained efficiencies.
Simply put, organizations need to move from a reactive and preventive environment to a “predictive” solution – this enables an organization to create a model where preventative maintenance is not done on cycles or timing, but on predictive analytics.
What does this do for their customer? It greatly improves customer equipment uptimes, customer satisfaction, and equipment-related profitability.
Of course, to do this well, organizations must have the ability to access, store, analyze, and act on data. And, to do it right, you need to couple the ability of predictive analytics with Intelligent Process Automation (IPA). Together, predictive analytics and automated processes give you the ability to stay ahead of repairs and breakdowns in a far more productive and cost-effective manner.
It is important to understand the climate for today’s manufacturers when thinking of digital transformation. Manufacturers have to constantly worry about new competitors building intelligent, predictive approaches into their business model. In fact, several studies have tied increasing turnover in the S&P 500 to the rise of new, innovative companies creating a better way to work or play.
Intelligent Process Automation and predictive analytics are as close as you can get to the holy grail of digital transformation in field services.
To get started, you don’t have to boil the ocean. Pick some simple use cases and begin the process. I promise, your service organizations can give you two or three high impact places to start. Remember, connecting the data is not enough though. You want to take that data, run your predictive analytics and kick-off intelligent processes.
Data without analytics is just data. Data with analytics and process automation – that’s intelligent action.
Interested in learning more about using the Nintex Platform to automate, orchestrate, and optimize your field services organization? Contact a Nintex representative today.