By 2025, the field service management market is expected to reach a value of $4.16 billion (USD), per a new report by Grand View Research, Inc. In 2016, the market was valued at $1.73 billion, so significant growth is expected over the course of the next decade.
Driving the market includes an increase in the number of field operations across manufacturing, oil & gas, and construction sectors, an increase in the use of smartphone devices, and a rising demand for better organizational efficiency and reduced cost of operations.
How Are The Challenges Being Met?
Field service operations are seeing higher costs of business through many different factors including the improper management of inventory and increased inventory cycle time, increased holding and ordering costs, and incorrect information about the stock levels available.
But with a proper field service software and built in integrations, all things inventory can be easily accessible and updated, without having to leave the software. In Fieldpoint, inventory levels are updated in real-time with financial accounting systems, such as Microsoft Dynamics GP, Intacct, and Quickbooks. When a part is needed, it can be selected within Fieldpoint and attached to the work order, with real-time inventory numbers being updated to reflect the part being used. Purchase orders, requisitions, and pick-tickets can also be generated based on inventory availability and the integrations with the financial systems, cutting down costs in administrative work, time waiting for parts and keep stock levels accurate.
Smartphones and tablets are playing an important role in the anticipated growth that is forecasted, as field service software is offering plenty of solutions that add mobility to organizations. Empowering technicians with mobile field service apps will eliminate the cost of paper and make them more efficient, as work orders and tasks can be assigned straight to the technician’s mobile device, limiting the communication needed with dispatch, and thus, the number of administrative roles required.
Mobility allows for real-time reporting, the ability to gain visibility into an individual’s performance, and capacity to push alerts and instructions. Fieldpoint software makes use of mobile computing to improve communication with field workers, streamline work processes, and enhance productivity.
With Fieldpoint, productivity can be enhanced and lead to greater profitability, as well as better lines of communication between front office, management, and technicians. Since technicians and field workers are spending less time in coordinating logistical tasks, they have more time for client work.
Exceptional expansion in the field service industry brings many challenges to management moving forward. However, Fieldpoint’s field service software has solutions that can keep operating costs low and productivity high.