LONDON--(BUSINESS WIRE)--Managing a team of service technicians is one of the most complex tasks for any business and it wasn’t that long ago where these tasks were tracked and logged manually with human labour. The evolution of connected mobile devices has since allowed systems to communicate with one another with ease, allowing software professionals to create field service management solutions.
The market for field service management (FSM) software has been experiencing steady growth over the past five years, posting a CAGR of around 12%. Research analysts at Quantzig believe this growth rate will continue as an increasing number of organizations are integrating FSM development as part of their key strategies. According to Quantzig, the FSM software market will surpass USD 2.5 billion in 2020, with fragmented communications, over-scheduled resources, and below-average technicians being the three main reasons responsible for its increased adoption.
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Why are field management solutions essential?
FSM solutions are used to remotely locate, track, and manage information regarding the teams of technicians sent by companies into the field for service processes. There are numerous benefits offered to organizations who deploy these solutions such as cost savings, improved employee productivity, and enhanced customer satisfaction. Highly distributed business operations such as refineries, pulp and paper manufacturing, mining, and transportation industries are major adopters of FSM solutions as field work is a fundamental part of their business model. Their assets and equipment are situated in diverse locations and require frequent and efficient installation, monitoring, inspections, testing, and repairs. Thus, the increased demand for optimized workflow and enhanced productivity is encouraging the adoption of FSM among enterprises.
Quantzig’s latest case study shows that field service management can reduce overtime costs by up to 25%, resulting in huge cost savings. A global machinery and equipment manufacturer and supplier to construction industries wanted to reduce time spent by its workforce in field sales calls, looking to save on overtime costs. Analytics experts from Quantzig were able automate and optimize the information to analyze time spent in traveling, breaks, non-fruitful field calls and other activities. The client was able to take the suggestions and data to ultimately reduce overtime costs by 25%.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of about 120+ clients, including 45 Fortune 500 companies.