What Features of Warranty Management Solution Benefits Business
Warranty Management Software Features that Drive Manufacturing Businesses
Warranty data and analytics can help manufacturers improve their products and beat the competition. However, warranty claims itself are a challenge. Long waits and manual processes are enough to cause customer dissatisfaction, and that’s not all. Manufacturers face problems like high warranty wastes, lack of cost recovery, and poor visibility of suppliers and product defects.
The warranty industry badly needs a customer-centric rules-based process. It should be designed to shorten claims turnaround and make real-time use of data on suppliers, parts, and services to improve outcomes.
image credit: www.maccallums.com.au
Data and Analytics
Data generated from warranty services and related processes can be used to isolate root causes, improve manufacturing processes, and predict fraudulent behavior. It is also the way to drive continuous improvement. That is where predictive analytics as a function plays an important role for users of warranty software. Additionally, integration with CRM can help manufacturers be proactive, understand customer pain points, and align modification strategies accordingly.
With cloud-based claims management, geographical service centers can submit complaints and claims from customers, and automatically verify them based on rules. The automatic process of approving or rejecting claims may be based on a set of rules decided by the manufacturer. It is also important that changes in those rules be implemented smoothly. Such a claims management software module speeds up billing and approval, minimizes service cost, creates the scope for quick changes, prevents downtimes, and makes customer satisfaction a by-product.
A dedicated set of functions must allow management of contracts with suppliers. Accountability of suppliers is easy to ensure when your process involves real-time communication. Businesses can take precise decisions to help manage supplier networks and the function can be used for the maintaining maximum trust between OEMs and suppliers. The sourcing history is filled with accurate data. Using analytics on it lets you assesses supplier quality and helps the processes to be modified in a transparent way.
Efficiency of associated parties such as service units and parts suppliers is an important aspect when it comes to improving customer satisfaction. Performance issues should be possible to track so that relevant processes are modified. Otherwise, manufacturers will be forced to stay blind to improvement areas. It is necessary for warranty management solutions to enable flexibility with strategies, especially when it comes to new business requirements. Such changes may involve modifications in the warranty policy.
Whosoever it may be, manufacturers, suppliers, dealers, or end users, a robust warranty administration module will streamline the entire value chain. Critical aspects like flat rates, policy regulations, rules management, claims management, registration, and guidelines development are executable in a coordinated fashion throughout the value chain by using warranty administration on the cloud. Problems related to claims, parts, and reporting can be alleviated due to live alerts. This will help services provided by the manufacturer to be organized.
Automation makes things faster, but software deployment is often seen as expensive. The high-yield functions listed here are possible to be deployed over the cloud and agile development practices can cut costs too. That is the only way how the benefits are realized.
Your system should improve user experience for end-users, dealers, and manufacturers. Reduction of fraud is also a positive outcome when the system is designed with deep focus on transparency and security. And lastly, businesses have to be flexible. When requirements come up, functional changes need to be implemented quickly and accurately.
Preethi Vagadia is a business architect worked in Mortgage and warranty management department with top notch companies and has over 8 years of experience in Warranty Management Solution services , Warranty Claim Management services,warranty software solutions etc. She has also worked in several process improvement projects involving multi-national teams for global customers in warranty management and mortgage.