Today, every company needs to know how to surf the digital waves of technology. Staying on top of industry trends is crucial in light of the emerging digital transformations happening worldwide. Business models in multiple industries are digitally transforming their products on the one hand and their customers’ processes on the other.
On Trend: Sensors
One industry trend impacting equipment and hardware manufacturers is sensors, which are now much smaller and less expensive than ever. This is critical to field service technologies because equipment manufacturers can now capture both representations of product performance within the context of a company’s culture and environs.
On Trend: Connectivity
Connectivity continues to be the clarion call of emerging trends. Devices communicating with each other are key in a home-based operating environment. In addition, these devices can report on productivity in real-time, keeping performance on track for a winning season.
On Trend: Data Storage
Data storage is making leaps and bounds over older processes. For example, digital transformation for manufacturers now means that multiple sensors can collect a huge amount of data and store it for later at a low cost. This kind of emerging digital transformation in the industry means more available data for less money. While beneficial, there are peripheral growing pains to be aware of, such as digital transformation disrupting some business models as the switch becomes mainstream.
Deepening Understanding of Emerging Digital Transformation
Using digital technology to solve everyday problems in the field service industry is the best working definition of the transformation our industry is undergoing. In the digital technology sector, keeping it simple is part of an effective solution for what can be a confusing transaction for many.
In B2B, the approach is to decipher what is complex and make it easier to understand. While the digital allows for increased information sharing, the onus is no longer on a service dispatcher working ‘live’ electrical equipment.
Then an opportunity arises for remote information technologies that optimize performance through real-time monitoring. For instance, Tesla has found that it’s not necessary to use mailers and manually schedule appointments since the advent of these digital transformations that allow for continued customer connectivity.
Recommending upgrades and scheduling service through connectivity and customer journey telemetry continue to be profitable trends. On the other hand, field service organizations’ lack of telemetry on premises frequently means having to dispatch a technician.
Two Waves of Digital Transformation
There are two waves of digital transformation to be aware of: waves one and two. Wave one of digital transformation means focusing on the product that technology providers sell to the industry. As a result, the B2B tech industries focusing on the product have better visibility into what’s at stake with product performance, preventative maintenance, and asset management concerning digital transformation.
Embracing a fully digital customer experience in wave two is crucial to adapting to the emerging trends in the field service industry. Wave two of digital transformation means going beyond the product and pushing customers to pay for what they consume. In addition, wave two transforms customer service capabilities through the land, adopt, and renew life cycle to optimize outcomes like renewals and expansion. Therefore, as wave two of digital transformation takes over, it’s important to have capabilities like low-friction land and product-led growth, and data into insights with clear links between product and service capabilities.
Patience and Perseverance
It takes time for field service organizations to fully understand wave one and wave two trends and embed them in company culture. Spending ample time in both waves is essential to stay on trend and focusing on positive outcomes for your company and customers.
Resource:
Vele Galvoski, The State of Field Services 2022, TSIA.