Recognition

IDC Analyst logo

 

    Follow us

    Sign Up for Updates

     

      SERVICE CONTRACTS MANAGEMENT

      COMMERCIAL SERVICE CONTRACT

      Grow Service Contract Revenues and Improve Attach and Renewal Rates by Streamlining the Commercial Service Contract Process

      Commercial Service Contracts on products sold to other businesses represent a significant revenue source and profitability for many manufacturers of commercial equipment. The current attach rates for most B2B companies are below 20%, resulting in lost revenues, lower profitability, and higher customer churn.

      Service Contract Process

      Commercial Service Contracts require different processes to achieve the desired goal for contract revenues, attach rates, and renewal rates. Businesses can grow service contract revenues by:

      • Streamlining Configure, Price, and Quote (CPQ) processes
      • Managing the Sales opportunities based on install base and warranty entitlements
      • Enabling the channel partners with better sales and service delivery capabilities
      • Leveraging the customer insights to drive revenues & profitability

      Mize Service Contracts Management solution enables manufacturers and channel partners to streamline quote to renewal processes to grow B2B service contract Revenues.

       

      Configurable Service Contract Programs

      As compared to simple consumer-oriented service programs, business customers expect more options in service contracts such as maintenance, Service Level Agreements (SLAs), outcome-based services, remote monitoring, or other value-added services. Mize solution enables you to manage various policies, pricing, terms & conditions using a flexible policy manager.

      Configure, Price, Quote (CPQ) Service Contracts

      Mize solution capabilities to Configure, Price, and Quote (CPQ) commercial service contracts enable salespeople to drive service contract revenues and renewals.

      When businesses own multiple products or a fleet, the Mize solution allows the process to quote or propose all products eligible for a service contract. The program can apply pricing and discount based on the various products and options included.

      Mize Service Contracts solution helps generate proposals using templates in PDF, MS Word, or Excel formats.

      Contract Sales and Opportunity Management

      Service sales require accurate product registration information to track ownership, warranty entitlements, and contract offerings eligibility.

      Using the Mize Service Contracts solution, the service sales team at the manufacturer and channel partners (distributors, dealers, VARs) can generate opportunity reports and quotes. The service contract opportunity reports help sales teams to identify the products eligible for service contracts or renewals using the expiration dates of standard warranty or existing service contracts. The opportunity reports delivered to the sales team regularly help them follow-up on service contracts at the right time.

      Mize solution automates Email or mobile notifications to customers to increase attach and renewal rates.

      Contract administrator can register multiple products for a customer and manage the virtual stock or inventory of the service products.

      Optimize Service Delivery

      Mize Service Management supports various service delivery options, including

      Support for SLA requirements

      Commercial service contracts may have such SLA terms as expected response or resolution times, availability of parts, scheduled or condition-based maintenance. Mize solution supports such SLA terms by tracking service requests from initiation to completion.

      Customer Portal to simplify access to services

      My Customer Portal enables business customers to access information and perform various tasks based on their authorization.  Customer portal enables self-service by tracking all products, plans, and entitlements.

      Mize CX Connect provides standard web services based on API and data exchange using different file formats (CSV, Excel, JSON, XML). In addition to portal access, B2B customers can integrate with:

      • EAM (Enterprise Asset Management),
      • ERP (Enterprise Resource Planning), and
      • Service management systems.

      Gain Actionable Insights to drive performance

      Manufacturers can gain actionable insights against the install base and customers to manage the service contract opportunities. Companies can track Key Performance Indicators (KPI) such as Revenues, Earnings, Attach Rates, Renewal Rates, Loss Ratios, and Profitability.

      H4: CAPABILITIES

      H3: Insert Feature Headline

      P: Lorem ipsum dolor amet lumbersexual pitchfork dreamcatcher bitters cloud bread. Man bun beard pok pok pickled cliche palo santo raw denim paleo bespoke typewriter asymmetrical chillwave activated charcoal.

      hubspot-computer

      H3: Insert Feature Headline

      P: Lorem ipsum dolor amet lumbersexual pitchfork dreamcatcher bitters cloud bread. Man bun beard pok pok pickled cliche palo santo raw denim paleo bespoke typewriter asymmetrical chillwave activated charcoal.

      hubspot-computer

      H3: Insert Feature Headline

      P: Lorem ipsum dolor amet lumbersexual pitchfork dreamcatcher bitters cloud bread. Man bun beard pok pok pickled cliche palo santo raw denim paleo bespoke typewriter asymmetrical chillwave activated charcoal.

      hubspot-computer

      Mize Brand LogoCommercial Service Contract Management

      Request a Demo and Grow Service Contract Revenues and Improve Attach & Renewal Rates

       

      REQUEST A DEMO

      FEATURED RESOURCES

      2 min read

      Quality Redefined: How End-to-End Service Delivery is Transforming the Customer Experience

      Recent events such as the coronavirus pandemic have made one thing abundantly clear: Disruption will continue to play a...

      2 min read

      Syncron and Mize Join Forces to Bring Service Lifecycle Management Capabilities to Market

      Guest blog by Michael Blumberg, Blumberg Advisory Group

      Syncron, a leading provider of Service Parts Planning, Pricing,...

      2 min read

      WBR Insights Report: New Field Service Tech Delivers Better Customer Support and Consistent Uptime

      Organizations of all stripes—from consumer-facing companies to B2B enterprises—must navigate an array of ever-changing...