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The New Cloud Darling

Name a multi-billion dollar market that’s getting an extended overdue cloud make-over:

Field Service Management.

This $18 billion industry has barely begun to dip its toe into the large pool of possibility because of software-as-a-service, the tablet and smartphone revolution, and senior management’s recognition that service is indeed strategic. increase this the commercial insight into addressable revenue-generating opportunities and therefore the resulting top-line growth, and you’ve got a replacement cloud darling. Service businesses represent around seventy percent of the world’s economy, yet so far, only a few thirds of the world’s large service businesses currently use field service management solutions. technology credit union It’s a market poised for growth, and it’s applicable to all or any vertical service industries and businesses of any size.

Over the past forty years, service hasn’t really changed that much. There’s tons of paper, tons of disjointed, manual processes, and no meaningful connection between the sector service technician and therefore the context of a customer’s business challenges. You can’t actually track data on paper, particularly in an economy that depends upon the swift, accurate transmission of data. Field service is an industry that was comparatively slow to hitch the knowledge economy and typically doesn't move at an equivalent pace because of the remainder of the business. Until now, the efficiency, productivity and disruption of the cloud had passed the sector industry by.

You can’t actually track data on paper…

But that’s all changing. Empowering service technicians with cloud-based, real-time tools within the field means they will do work-orders, request parts, schedule and be scheduled, search manuals, take payments, renew maintenance agreements, use social channels to speak problems swiftly and effectively and upsell and cross-sell products and solutions where appropriate.

All of this is often done on a sensible phone or a tablet. All the info is real-time and technicians have the power to figure offline, saving time-consuming administration at the top of employment. And customer relationship management systems devour the knowledge and make sure that the customer receives future communications, advice, updates and education. And in fact, all of that data is delivering valuable new insights about your businesses and customers. 

There are quite twenty million field technicians globally. Most of them aren't working this way…yet. But CEO’s are increasingly awakening to the ‘sleeping giant’ that's their service department. on the average, service margins are nearly eleven per cent above equipment margins, and during a recovering economy with delayed capital equipment purchases, that counts for tons. Better yet, with the proper tools in situ, service centres can transform from being a price overhead to a profit centre, delivering leads, taking orders and providing customer intelligence.

Field service isn’t exactly known for being a horny or maybe innovative industry

Field service isn’t exactly known for being a horny or maybe innovative industry, but there are some major developments on the horizon that would soon change its image. the economic Internet is simply one example. There are currently around 25 billion devices connected to the web. By 2020, this figure is predicted to rise to 50 billion. As a planet, our civilisation now depends on machines working. It’s already commonplace for manufacturers to trace machine performance of high-end equipment with technicians determining whether a drug is often resolved remotely, reducing the prices of unnecessary service visits.

However, within the future, machine to machine learning will mean that equipment will communicate with technicians about specific faulty parts, with the machine essentially telling the service department when it's ‘sick’. Likewise, in another ten years, it's going to be commonplace for field techs to possess 3D printers in their vans to easily print the parts they require. Gamification techniques can also be wont to reward service techs for creating an SLA, cross-selling, or supporting another engineer with a phone fix.

Granted, this is often not how conventional field service operates today, but I feel these kinds of advances are just a matter of your time. Joining the cloud revolution is simply the primary step, and as a result, we'll see incredible changes in both the short term and long run. Cloud and mobility adoption are creating a replacement breed of field service management solutions that are radically re-defining what ‘business as usual’ means for the sector industry. 

Three Common Cloud Myths That Scare Financial Firms Away

In response to consumers’ demand for fast, always-on service, UK financial firms are showing a growing interest in cloud services. Alan Grogan, chief analytics officer of the customer services group at RBS, even suggested developing a cloud service specifically for financial services organisations, despite the financial industry being criticised for lagging behind other industries in technology adoption.

Financial firms need the potential to revive sensitive information during a secure infrastructure and recover key systems and data within predefined recovery time objectives — a requirement cloud technology can fulfil. But while most financial organisations have adopted some sort of cloud strategy, a fraction of firms have steered beyond the cloud. consistent with the Cloud Security Alliance 2015 Cloud Survey Report, as many as 19 per cent of companies whose customers typically don't interact with banks electronically have a strict no-cloud policy, and 82 per cent of mid-sized organisations haven't any cloud strategy in situ. What exactly is keeping financial firms from integrating cloud-based solutions into their businesses? the subsequent myths might be responsible. 

MYTH: The cloud is insecure

Security concerns are one of the highest reasons financial organizations are hesitant to adopt cloud-based solutions for his or her businesses. call center technology within the Cloud Security Alliance survey, 60 percent of respondents ranked data confidentiality as their highest cloud adoption security concern. Businesses view hacker attacks, data loss and fraud as a true threat, and it doesn’t help that the united kingdom has been named Europe’s worst country for data breaches.

To ascertain whether the cloud infrastructure is secure enough to handle sensitive information, it's crucial to first understand the differences between private and public clouds. Whereas public cloud models store data during a multitenant environment during which customers share an equivalent infrastructure, the private cloud allows businesses to copy their data and full systems configurations in an environment restricted to a selected community. The perception of insecurity is usually related to the general public cloud model.

To mitigate the danger of security breaches within the public cloud, financial firms can use a hosted private cloud (e.g. BlackCloud) that maintains strict security controls like encoding in transit and at rest. for extra control, firms can store critical data in an on-site managed platform (e.g. BlackVault) that integrates with the cloud.

MYTH: It’s the IT department’s decision to adopt cloud technology

It’s a standard misconception that it’s solely the IT department’s responsibility to form the choice to adopt cloud technology. However, research from Harvard Business Review Analytic Services shows that cloud leaders, or companies that have generated new business opportunities through a mature approach to the cloud, don’t leave cloud decisions entirely up thereto. While cloud leaders are likely to possess a CIO leading cloud initiatives, leaders from other parts of the business partner with IT in selecting and deploying services.

In the same way, for cloud implementation to achieve success during a financial institution, executive management must be involved in the decision to introduce cloud backup and recovery to the workplace. Not only will the IT and executive management teams be ready to work together to spot an answer that benefits the whole organization, but employees also are more likely to receive thorough training on using the cloud technology if the initiative is supported by the highest of command also because of the IT department. 

MYTH: Transitioning to the cloud is just too complex

ome financial firms believe transitioning their IT infrastructure to a cloud environment is going to be too time-consuming and will cause downtime or data loss during the transition. there's some truth to the present myth in some cases. for instance, information technology degrees if a little firm’s limited IT team attempted the transition while managing their day-to-day tasks, the project can become quite one firm can handle.

cloud service doesn’t need to be cumbersome and unmanageable.

But implementing a cloud service doesn’t need to be cumbersome and unmanageable. If complexity may be a concern, an IT managed services provider can help with project planning, implementation, maintenance and testing to ease the burden on internal IT staff.

Additionally, Harvard Business Review Analytics Services points out that cloud leaders with a cohesive cloud strategy that’s supported across the business are ready to reduce project implementation time and complexity. 

With a far better understanding of the myths related to cloud-based solutions, financial firms can challenge what they think they realize cloud technology and realise that the cloud can become an integral a part of their ability to satisfy their customers’ expectations.