5 Considerations for the future success of your fleet-based Organizations
A Markets and Markets report estimates the global field service management market size is expected to grow from USD 3.0 billion in 2020 to USD 5.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.0%. This growth however does not come without overcoming many challenges.
In order to tackle challenges head-on, field service fleets need to be agile, pivoting to respond to unexpected obstacles or events. To ensure this, employees must have the ability to share information and communicate easily and immediately.
Fleets that utilize and take advantage of customizable offerings and take full advantage of new technologies such as IoT will be able to take a bigger share of the market growth and position themselves as a leader in providing exceptional customer service.
1. Competition
The growth in the Field service management market of course means more customer demand. It also translates to a need for more employees needed to meet those demands. Increased competition for both customers and workers can lead to shrinking profit margins. Field service fleets need to seek new efficiencies and ways to optimize fleet operations. Things like better use of technician time, strategically dispatching vehicles, route optimization and timely planned equipment maintenance will be critical factors for cost control and overall success.
2. Customer Expectations
Customers are demanding more transparency and real-time information about service events.
They are expecting more uptime, and constant communication from their service providers. It will no longer be enough for a field service operation to give a customer a window of time for when the technician will arrive. Rather, customers would want to know within minutes the exact arrival time of a package or the vehicle and technician that will be coming to fix their problem.
3. Focus on Safety
In addition, since the outbreak of Covid19 and to ensure both client and employee safety, businesses are looking for contactless interactions with clients including completing paperwork without having physical contact between the client and technician or delivery person. The need to track and notify employees and clients of potential outbreaks is now paramount.
4. Uncertain Economy
Over the past twenty years it is fair to say that the economy has gone through a few unforeseen swings. The recent pandemic has had a significant impact on the economy. The economy is slowly opening back up however it is uncertain when things will return to a normal predictable level. The ability to quickly make critical operational decisions in areas such as asset investment and management will be critical for business to survive.
5. Sustainability
A global push for businesses to be greener will force fleet-based firms to look to fleets which rely on less fossil fuels and will include electric vehicles. Fleet managers can monitor fuel use, time in idle and to find ways to reduce fuel consumption by optimizing routing and dispatching.
In order to tackle challenges head-on, field service fleets need to be agile, pivoting to respond to unexpected obstacles or events. To ensure this, employees must have the ability to share information and communicate easily and immediately.
The adoption of the right mix of IoT enabled technology such telemetrics, mobile apps and predictive data analysis will be the backbone of an over-all strategy that will ensure a fleet-based company is up to meet these challenges. The use of this technology will differ for every fleet depending on a business’s operational structure and key drivers, whether that is to reduce costs, increase customer satisfaction or improve driver safety.
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By Leveraging our partnerships with Telus , Rogers and their key IoT providers, Avega is best positioned to ensure your firm’s unique needs and budget are matched with the right technology solution.
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