How much data a field service company collects through analytics can dramatically set that organization apart from the competition. Data collection and analysis is undoubtedly a crucial part of business operations and growth, helping companies identify issues, understand solutions and adapt based on statistical trends. Business analytics can lead to greater profitability and operational efficiency; however, it can be easy for organizations to get lost in the abundance of data. Many businesses struggle to extract key insights from their data alone.
The need for business analytics software has increased immensely, and many organizations, big and small, have realized the need to convert their tools and operational processes to cloud-based field service software. Organizations are beginning to understand using data-backed insights can not only improve field operations, but increase performance, productivity and profitability.
Business analytics basics
As companies face the constant challenge of where to find the most valuable information and how to draw impactful insights from their data, many decisions are made relying on a gut feeling and hoping they’re reading the data right. Business analytics puts an end to second-guessing by helping organizations make data-backed, actionable decisions in half the time. Most likely, these decisions can impact the entire business, so it is important to easily get insights to help drive overall success.
For example, pest management professionals (PMPs) may want to look at data concerning the percent of customers not serviced to see how their company compares to competitors’ efficiency. By doing so, organizations may uncover internal issues that are causing increases in missed or below average services. Other helpful datasets can include the rate of retention or the average age of an invoice.
- Does it take a business longer than it should to collect money?
- Would hiring a billing manager help?
- What is the work order-to-technician ratio?
- Is the business scaling proactively?
All of these questions and resulting decisions will impact the entire business, improving profitability, sales, and operations, and regularly checking analytics allows business owners to compare results based on the changes they make in the business.
Business analytics dashboards in cloud-based field service software allow a business to tailor the data to focus on what matters most. Going beyond finding answers to the simple questions, these dashboards provide key insights into what or who is driving revenue or profitability. Let’s further analyze how organizational data can impact performance and how to make improvements in the future.
1. Amplify management involvement
The key to success for managers is the ability to obtain trustworthy, actionable information as quickly as possible. Traditionally, business intelligence technology lacked the ability to show managers each day where action is needed in order to avoid mistakes or missed opportunities. In fact, recent studies have shown that nearly 73 percent of data goes unused for further analytics and insights. Using business analytics tools allows pest management companies and other field service businesses to create solutions and tap into all the data, tying actual results with key performance indicators (KPIs) in a digestible format. This allows managers to easily view and explore data to better plan for the future of the business.
2. Increased sales, finances, and operations performance
Business analytics can model trends in an organization’s key metrics, while also predicting them for the future. Viewing and comparing relevant data to see how the business is performing against earlier figures allows PMPs to see changes before they happen, empowering them to prepare and plan. For example, predictive analytics can use performance data from the past to give PMPs recommendations on how to handle similar situations in the future for the best possible outcome. Predictive analytics can also help PMPs:
- Gain insight into customer-centered information to guide marketing and sales decisions
- Understand the contributions to revenue, expenses, and profitability in order to make positive change
- Identify statistics to drive overall employee productivity, operational efficiency, and use of time
3. Transform the customer experience
PMPs should closely track their customers’ satisfaction levels through analytics. Understanding the wants and needs of customers, and ensuring that each has an exceptional service experience, is crucial. Many leading PMPs are using predictive analytics to drive better customer experience.
Business analytics tools are changing the game for PMPs. Cloud-based field service software can help PMPs tap into their data to glean valuable insights that result in better, more informed decision-making. Gaining actionable insights can improve field operations, technician performance, and profitability, while allowing PMPs to plan for the future.