Increasing market competitiveness by streamlining warranty chain processes
Despite having made major breakthroughs in various operational areas, several service and warranty executives still wrestle with post-sales issues like controlling warranty costs. In an effort to transform their service organization, some companies usually end up increasing the warranty costs. Quite often, product companies face the following major challenges while dealing with warranty management:
Manipulated warranty claims
Suspected leakages in warranty related inventory
Lack of end-to-end visibility in warranty information
This may happen because managing warranty is an integrated process - like, product registration needs to be correct, claim validations have to be precise, only then all these aspects are taken care of, accurate warranty analysis is done. The current scenario has seen many companies focusing more on streamlining their after-sales business than it was seen a decade ago. The OEMs (Original Equipment Manufacturer), suppliers, and service & warranty executives have learned this lesson the hard way that not focusing on the warranty chain processes may dismantle the business bottom line. Their inconsistent focus on warranty & claim management and its subsequent glaring effects on the company’s financial performance was seen when they analyzed that they spent way too much in giving claims than was actually required.
The Step to Benchmarking Warranty Processes
In an effort to streamline warranty among all levels, including- OEMs, suppliers and third-party service providers, many companies are revising their business processes and adopting technology to better manage their product warranty. Many have understood that a comprehensive review of the entire warranty process includes repair operations, claim handling, reverse and forward logistics, and cost recovery processes. This requires the collation of data at one centralized place. For this, the companies find Warranty Management Software as the perfect technology tool that streamlines warranty and claim processes. This software is integrated business intelligence solutions that have emerged as a helpful tool in pioneering warranty management. The key take-always from effective warranty management software include:
Reduction in warranty life-cycle
Save upon manipulated warranty costs
Easy, Accurate, & Transparent claim processing
Monitor and optimize operational performance
One-point quality hub for warranty validations
Efficient & in-time decision making
Integration & fulfillment with company’s SLAs (Service Level Agreements)
Warranty Management Software has been appealing to OEMs, suppliers and service network heads alike. They play a vital role in company’s ability to compete in the global marketplace by substantially reducing the administrative costs. So when your warranty processes are taken care of, you can maintain your focus on other equally important aspects like production, quality, marketing and sales distribution. On top of that you can save upon your bottom line while adding on to the list of loyal customers.
Rakesh Kumar is a business consultant of Zed Service. Zed Service is leading service management software in India. Zed Service has lots of innovative features including Warranty management software, Claim Management Software etc.
Article Source: Messaggiamo.Com
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