As companies in the field service industry have learned, the information superhighway is a road paved with data. For some field service companies, that data has yielded actionable insights that continue to inform critical business decisions. Yet, not all of these companies have had the same level of success. Possibly due to an ineffective (or lack thereof) asset data strategy.
Today, we’ll dig deeper into what we mean by “asset data strategy.” Highlighting some of the detrimental outcomes that can occur for businesses, especially those with an approach that isn’t quite as robust as they thought.
There’s a reason why one of the world’s largest research and consulting firms has been touting the importance of data for years—even going so far in 2017 as to say organizations “will be valued on their information portfolios” by 2022. While that may not be true right now for field service management companies, the point stands. Data is an essential piece of the puzzle for success. The assets that generate data will vary by business. But it could be anything from a utility’s smart grid to a smart rain gauge delivering accumulated precipitation data.
So, what, exactly, is a data asset strategy? In essence, it’s the guardrails an organization needs to ensure they’re getting the most of the data generated by those owned assets. It puts in place a strategy that ties all facets of the organization together to facilitate collaboration and the sharing of data inter-departmentally.
The short answer here is that the field service management company is not likely to perform at its best. For instance, consider our utility example mentioned above. A well-defined asset data strategy includes what happens when an asset, like a smart grid, sends data indicating a problem. A significant benefit of a smart grid is that the utility is alerted immediately (if not in advance) that the grid is not operating at full capacity.
But a utility lacking a well-defined asset data strategy may not have thought to include schedulers or dispatchers in that flow of data. If problematic data only goes to leadership, that means at least one extra step is required to dispatch the right repair technicians. That also means a delayed fix.
Another prominent example involves purchasing departments. Asset data doesn’t only just detail malfunctions—it also tells the tale of general use. If there’s an asset with a known lifetime, the purchasing department must be made aware of data depicting each asset’s aggregated use. Without this collaboration, the company runs the risk of not making a replacement purchase until the asset falters. This can set the company back both time and money.
A key consideration of a sound data asset strategy is utilizing technology. You want to ensure employees are communicating and operating in as few systems as possible. Our solution is housed in the cloud so it can be accessed remotely. Additionally, our work order management module keeps remote employees on the same page at all times. To learn more about our capabilities, request a demo today.
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