The ability to deliver a customer-centric experience has quickly become a prerequisite for competing in the global marketplace across most industries, including durable goods manufacturing. Your customers have an ever-growing list of vendors to choose from, and their loyalty to your brand rises and falls with the experience you provide. In fact, according to PwC, 32% of customers will stop doing business with a brand they love after only one negative experience.
As manufacturers focus on the benefits of modernization and the competitive advantage it creates, the IT department has gained an increasingly important seat at the table when it comes to the organization’s strategy and direction. If anyone is focused on the digital future, it’s the people tasked with keeping IT systems going, troubleshooting and heading off problems before they become catastrophes, and ensuring that customers—both internal and external—are satisfied.
Learn How to Realize a Strong ROI in Our Warranty Webinar
If you're like many manufacturers, it may be time to close the transformation loop with a single, modern warranty management solution and an ROI analysis. You may be overdue in replacing a legacy system and see the potential for increased revenue. If you need the business proof showing ways to realize ROI, then join us for a webinar with industry experts. You'll learn to calculate expected cost reduction and increased revenue.
Recent Study Indicates Utilization of Warranty Management Strategy Ensures Recurring Revenue Streams
Strategies For GrowthSM (SFGSM),in conjunction with Mize, recently announced survey findings indicating positive signals for the expanding Warranty Chain Management market – customer-centric market factors drive organizations to improve existing levels of warranty management performance.
Managing warranty entitlements is vital for manufacturers to gain control of warranty reserves and claims. Entitlement management involves administration, tracking, and enforcement of policies, coverage terms, expiration dates, and claim reimbursements.
For OEMs collecting IoT-connected product information, the benefit’s in its actionable utilization. How you manage it becomes crucial – having the ability to build a Connected Customer Experience and incorporate proactive Service team interaction – ultimately maximizing Warranty Management profitability.
The Mean Time to Resolution (MTTR) is a metric that service organizations grapple with in terms of related cost and customer experience. One objective is clear: reducing the time it takes to resolve customer issues – from case creation dates to their closures – benefits both.
Many Warranty Managers that we at Mize work with often share that field service operations are the most labor-intensive part of their warranty process and are a significant cost driver. The primary reason for this extra cost is due to the field service not being fully integrated into the overall digital warranty processing systems.
Manufacturers often face excessively high labor costs associated with processing warranty claims. At issue, there are often numerous touchpoints involved in supporting warranty claims. The burden on your company starts from the moment the customer purchases a product. Resources are required to register the product warranty, respond to service requests and inquiries, open a claim, issue an RMA, etc. This situation often stems from disparate and disconnected systems. Since end-users are growing increasingly comfortable with self-service and even expect it, one way to overcome these challenges is by replacing legacy systems with new applications that include customer self-service portals.
In recent days, we have all had to rethink how we can conduct business while ensuring we take the necessary measures to keep ourselves, employees, customers, and communities safe. Social distancing and working remotely are crucial in helping to slow the spread of coronavirus.
