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.
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.
A recent Mize webinar included a discussion of Critical Success Factors for Global Warranty Implementation. Implementing a global warranty system can be a very challenging and complex project. Project failure can result in cost and schedule overruns, sub-optimal processes, and dissatisfaction of key stakeholders in warranty processes.
If you work for a global manufacturer of durable equipment, then it is likely that your company still operates a legacy system for warranty management. Legacy systems are costly to maintain and modify. Since there are very few people inside the organization who remember how the system works, your company must employ people with specialized knowledge of the system. At issue, these people are usually focused only on the task of system maintenance and may provide little value to the company beyond this task.
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.
