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      Best practices

      6 min read

      Megatrends & Spare Parts Management (SPM) Solutions

      This guest blog was written by Ted Fellowes, President of Fellowes Research. It is the third of three posts that prepares the reader for webinar hosted by Mize titled Parts eCommerce & Megatrend Impacts on Aftermarket Parts Sales in which Ted is the guest presenter

      Introduction

      Megatrends are shifts in behavior or attitude that are large, transformative, global and cross-industry in impact.  The megatrends discussed below appear pivotal to shaping parts and service operations for vehicles and equipment.  The digital solutions that automate and improve service-parts management (SPM solutions) will be vital to OEMs, dealers and repairers as they forge at path to success through the tumult.  

      This post focuses on forecasting impacts, not on exact timing and sizing.


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      6 min read

      Parts eCommerce: Best practices for OEMs, dealerships and solution developers investing in service-parts eCommerce

      This guest blog was written by Ted Fellowes, President of Fellowes Research.

      Preface. 

      Parts eCommerce is the fastest growing segment of fixed operations (a.k.a., ‘aftersales’ and ‘aftermarket’) – it’s projected to reach $6.5 billion in revenue – for U.S. car dealers in 2020.  Parts eCommerce is also evolving and innovating rapidly – and faster than in other sectors.  Mastery of parts eCommerce is challenging and starts with understanding the distinct market segments and solution types.  Success also requires deep understanding of OEM data and technical documentation.  Fortunately, success has its rewards: parts eCommerce represents the best opportunity to promote and profitably sustain – even grow – dealer parts sales – in part through powerful capabilities that parts eCommerce best facilitates. 


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      4 min read

      Webinar Recap: Digital Technologies and Field Service

      When it comes to field service, companies are judged on the service they provide. The top two factors used to measure great service are the speed of service (is this going to take days, hours, minutes?) and first-time fix rate (is this going to be fixed right the first time?).

      In order for field service technicians to achieve this, they need all the help they can get, whether in the form of knowledge or external resources. Knowledge might include manuals, how-to guides, audit trails, and truck stock inventory, while external resources might include support calls to outside experts.


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      4 min read

      Webinar Recap: Best Practices to Streamline Supplier Warranty Management

      This month’s webinar, hosted by Mize, Inc. in partnership with Tech Mahindra, brought together experts in the automotive and warranty management industries to discuss best practices in streamlining supplier warranty management. Our presenters, including Michael Blumberg, Chief Marketing Officer of Mize, Michael Roberts, President of MR Insights, and Eric Marlan, Senior Product Manager of Mize, led stimulating discussions about the current state of supplier warranty management, and what strategies must be implemented to improve quality for all stakeholders.


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      3 min read

      Prescription for Automotive Industry: Optimize Supplier Warranty Management

      Are you frustrated with your access to warranty information? 

      Is EXCEL your “go to” tool for warranty analysis?

      Do you have a “warranty management process” or are you just chasing OEM provided numbers? 

      If you don’t like the way you had to answer any of these questions, you’ll want to join us for this informational webinar! 


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      3 min read

      Webinar: Enabling Service Technicians to Deliver Better Customer Experience

      Customer Experience is a critical factor driving customer loyalty and retention.  It is important for companies to focus on these Key Performance Indicator (KPIs) because it takes 5 times as much to attract a new customer as it does to keep an existing customer satisfied. Maintaining high levels of customer loyalty and retention can also have a huge financial payoff. Benchmark studies show that just a 5% increase in retention can yield profit increases in the range of 25% to 95%.


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      2 min read

      Best Practices to Increase Service Contract Renewal Rates

      Service Contract renewals are vital for a steady stream of service revenues.  Renewal Rate is also a key performance indicator for service revenues, customer satisfaction, and customer loyalty.


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      3 min read

      Key Factors Driving Revenue Growth in the Field Service Industry

      Given the enormous attention that field service organizations (FSOs) are placing on growing topline service revenue, Blumberg Advisory Group and Giuntini and Company recently partnered to conduct a study among service executive about best practices involved in selling extended warranty and/or extended service programs. A key finding of the survey is that the configuration of extended warranty and extended service programs has a tremendous impact on the sale of these programs.  In other words, the length of coverage, level of customization, processes engaged and resources employed in delivering the warranty, and entitlement levels offered play a key role in driving sales. These findings suggest that the more distinctions a company can make about its service program, as defined through the configuration, the more effective the company will be at getting customers to purchase it.


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      4 min read

      Extended Service Best Practices to improve Attachment Rates and Renewal Rates

      Recently, Blumberg Advisory Group and Giuntini and Company conducted a study about the Extended Warranty/Extended Service Market.  We looked at various aspects of sales process and specifically evaluated the Warranty Attachment rate (i.e., customers signing up for these programs) and Renewal rate (i.e., customers renewing their agreement during the warranty or at the end of the term)  as they are Key Performance Indicators (KPIs) that measure how successful a company is in marketing and selling extended warranties and extended service programs. Best in class performance would equate to companies achieving an attachment rate of 50% or higher and renewal rates of 75% or better.


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      7 min read

      Best Practices to automate Warranty Claims processing

      Warranty Managers are faced with a dilemma on deciding the level of automation in claim processing. Automated approvals can lead to more efficiencies, but may result in excess payments from overcharges and even fraudulent claims.


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