The growing importance of Warranty and Service Contracts for Manufacturers
Over the past several decades, durable equipment manufacturers have experienced an evolutionary shift with respect to how they manage service interactions after the original product sale. Manufacturers originally considered the warranty as a necessary cost they had to contend with in order to keep the customer happy, resolve product failures, and obtain critical data required to improve product quality. Manufacturers no longer view the provision warranty and aftermarket service as a cost of doing business that must be controlled but as an opportunity to add value, obtain critical insights to drive product innovation, and generate incremental revenue and profits.
Right Software Partner for Warranty and Service Contacts Management
In order to take advantage of these opportunities, manufacturers must be effective at managing warranties and service contracts. Having the right software partner is critical to streamlining the warranty processes and driving profitable growth from service contracts. Warranty Managers face challenges with obtaining the budget required to implement new warranty software while dealing with an IT or a corporate mandate to adapt an existing ERP or CRM platform for the warranty process. Most warranty departments have been waiting for years to get their turn as internal teams are backlogged with more pressing changes.
IDC MarketScape Report on Worldwide Manufacturing Warranty and Service Contract Management Applications 2019-2020 Vendor Assessment
In December 2019, Industry Analyst firm IDC published the IDC MarketScape: Worldwide Manufacturing Warranty and Service Contract Management Applications 2019-2020 Vendor Assessment (Doc #US4408619). This study provides an assessment of the capabilities and strategies of software vendors.
According to the report, “For the purpose of this study, we have focused on those vendors that we deem to be notable because of the following characteristics”:
- Vendors must have at least 40 warranty and service contract management customers.
- Vendors must have customers in at least five manufacturing sub-vertical industry segments.
- Vendors must have had a warranty and service contract management application in the marketplace for at least five years.
- Vendors must have capabilities to support end-to-end warranty and service contract management activities and processes.
- Vendors must have a demonstrable track record of innovation within their warranty and service contract management application.
Based on a rigorous evaluation of Mize capabilities and strategies, the IDC MarketScape placed Mize in the Leader’s category worldwide citing, the following
- The product is modular and can be deployed in the cloud, private or public, or on-premise and sits on top of Mize's Connected CX Platform, enabling integration with other corporate systems and applications.
- Domain expertise and the ability to provide capabilities for a range of warranty needs across a maturity spectrum enable manufacturers of varying sizes to leverage the Mize products.
- High level of customer support which has been able to meet the evolving needs of its customers across a variety of industries.
- The Mize Warranty Management product enables an approach to digital transformation which builds on a journey approach to service excellence.
IDC Analyst, Aly Pinder sums up it up this way, “Mize has a track record and a leadership team that has built a product, a set of functionalities, and a platform which can deliver advanced capabilities across the varied processes which support excellence in warranty management going beyond the basics of claims processing. “
Download IDC MarketScape: Worldwide Manufacturing Warranty and Service Contract Management Applications 2019 Vendor Assessment (doc # US44408619, December 2019) -Mize Profile.
IDC MarketScape Guidance to manufacturers and service organizations
For manufacturers and service organizations exploring warranty and service contract management applications, products, and platforms, the IDC MarketScape offers the following guidance:
- Assess gaps in the warranty claims process and focus on areas for quick wins and improvement.
- Ensure warranty and service contract management systems are integrated with other SLM applications to support a seamless service experience.
- Reassess your digital maturity and service processes periodically.
- Focus on delivering enhanced value to the end customer and the service network of dealers, distributors, and partners.
- Work with partners that understand the service-specific nature of your operations and industry subvertical.
- Establish a set of metrics to measure success across a variety of stakeholders: customer, dealer, operational, and profitability.
Optimize Warranty and Service Contracts Management with Mize Platform
While most Warranty Management companies focus only on claims processing, Mize enables all stakeholders including customers, service technicians, channel partners, OEMs, and suppliers to deliver better customer experience and generate service revenues from the install base. Mize specialization, focus, and flexibility offer companies innovative warranty and service contract management capabilities to customers while integrating seamlessly with enterprise ERP and CRM systems.
Given that, Manufacturers are increasingly turning toward warranty and service to provide increased strategic value to their organization and stakeholders (e.g., dealer channel, service provider networks, etc.), Mize provides warranty and service contract solutions that improve channel relationships, enhance customer service, and generate additional revenue.
Mize enables manufacturers to streamline and automate warranty processes through a Closed Loop Warranty Lifecycle Management solution that results in improved customer experience, reduced warranty costs, and higher revenue from a satisfied customer base.
Mize’s leading connected customer experience platform orchestrates standard warranty, service contracts, maintenance programs, and subscription models to service the customer throughout the lifecycle and maximize customer lifetime value.
Mize Warranty Management and Service Contracts Management solutions enable customer-centric manufacturers to deliver differentiated warranty experience and grow service contract attach and renewal rates.
Kick off 2020 with a Webinar hosted by Mize
Mize is hosting a Webinar with Vance Thomas, Corporate Warranty Manager, at Louisiana Pacific Corporation (LP CORP) on Jan 14th , 2020 at 1 PM EST/12 PM CST.
Register Now to join the Webinar to learn about critical success factors in implementing a Global Warranty Management.
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