5 Ways Tech can Improve You Organization’s Efficiency in a Recession
5 Ways Tech can Improve You Organization’s Efficiency in a Recession
Aquant has identified the five top areas where tech investiments provide opportunity and explains why focus area matters.
Improve the Entire Customer Experience Journey
from a cost-center to a profit-center. According to a study of stock performance during the 2008
recession, companies with a higher-quality customer experience (CX) had an even greater market
share. This indicates that companies with high-quality CX are more likely to withstand a recession
than their counterparts without it. Customers today have heightened expectations about CX: they
expect immediate solutions and on-demand attention.
journey. For example, you can swap static Excel charts for actionable info delivered in plain notes –
or see specific customer trends or challenges so your team can move quickly to remedy them. You
can even use AI in the field to make the most accurate fixes quickly, saving time and parts costs
while maximizing uptime. Additionally, you can also utilize AI to understand which customers are at
risk of churning – and offer solutions before a customer even complains.
Provide Proactive Maintenance
Once service organizations have the ability to recognize issues before a breakdown or customer
complaint, they can take the necessary steps to transform from a reactive to a proactive service organization. After all, interactions that feel effortless are the key to winning hearts and wallets, while ensuring the always-on, Amazon-like level of service that customers expect from
organizations today.
Trailblazing service organizations are using AI to better analyze equipment trends, customer usage
patterns, user errors, and equipment failures to mitigate future service disruptions. Combine
this knowledge with data that illustrates the best service actions to take now to prevent future
breakdowns – as well as prescriptive advice for opportunistic maintenance – and you’ve got
a recipe for a successful proactive or predictive maintenance program.
AI gives organizations the tools that they need to boost the bottom line by offering revenue-generating, predictive maintenance packages – which also happen to increase customer loyalty.
Cut Labor Costs by Upskilling the Workforce
Workers are a company’s greatest assets, and empowering them with the right tools and resources is critical. As Baby Boomers move into retirement and take their hard-earned expertise with them, a wave of younger workers is entering the service industry with a sizable learning curve. The
disruption presents ongoing challenges for service organizations of all sizes and has resulted in a skills gap and a shortage of experienced workers available to train the incoming workforce.
Hiring and onboarding the right people and training current employees when necessary are critical to maintaining adequate cash flow. The right AI solution can track workforce performance, train and upskill employees, as well as optimize labor costs. It’s often more profitable to improve your current employees’ skill sets than it is to hire new employees – and AI can help service leaders identify those
opportunities. And unlike some Tik Tok memes, organizations who employ AI are looking to boost their workforce, not use technology to replace it.
Unite All Departments of a Company, from Engineering to Product
For an organization to run smoothly, all departments need to work in tandem. And when it comes
to information about assets, any data that management can provide for their teams is invaluable.
For example, a Service team needs insights to run the business, Engineering depends on product
feedback, Marketing utilizes insights to inform messaging, and campaigns and Sales benefit from
intel on customer satisfaction.
Gleaning the right type of insights from varied data drives more accurate and successful work for
everyone across the company. Being able to capture and analyze this kind of knowledge is also
crucial to optimizing the customer experience and ensuring a seamless customer journey.
Adopt Data-Driven Decision-Making for Maximum ROI
It’s an incredible challenge to measure workforce performance and customer satisfaction. Most business leaders want to leverage data to make better-informed decisions. However, it has been incredibly inefficient to manually sift through a large pool of numbers to spot hidden patterns.
With today’s common tools, it’s also been nearly impossible to turn historical data into meaningful
recommendations that provide accurate and predictive guidance for the future.
That’s changing with AI that can deeply understand your business and your people. With the help
of AI like Service Intelligence, companies can process massive amounts of data and uncover
existing trends that have remained hidden. These insights – ranging from specific field technician
performance and parts usage to machine output and breakdown rates – will empower leaders
to make data-backed decisions that are aligned with specific business goals. Executives can
confidently decide which practices to keep or improve on. With AI, leaders will be able to track
KPIs, understand what’s influencing those KPIs, and get data-driven recommendations on how to
improve.
This is a powerful way to reduce overhead costs precisely where needed.
Download the e-book to see how service leaders turn to strategic technology like AI to help drive organization-wide goals. Aquant identified the top areas where tech investments provide opportunity – and explained why each focus area matters. The e-book is available to all our FSN FREE subscribers for a limited-time only.
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