With markets becoming more customer centric, manufacturing superior products isn’t enough. Brands need to combine great products with exceptional pre and post-sales services to sustain themselves. Having an effective supply chain management system is indispensable to business success and added to that is the need for a flawless warranty management system software. Tight control over operations and holistic awareness of customer needs, complaints, and actions are essential differentiators for businesses today.
Importance of syncing up warranty operations
OEMs incur staggering annual costs while running their warranty programs. That is mainly because current processes are not in real-time sync. Even if they are, the required person-hours make the sync-up unfeasible. Added to that is the fact that different companies within the supply chain also fail to connect. Lack of communication delays flow of quality information, leading to inefficiencies in the management.
Better warranty service providers integrate processes, eliminate wastes, and experience quicker, error-free flow of data. They enable business and entire chains of dealers and suppliers to leverage the power of integrated warranty workflow through streamlined processes, rich data, and active warranty intelligence and analytics. A seamless workflow allows all stakeholders to communicate and collaborate. The entire cycle is thus benefited by lower warranty spend, improved product quality, fewer customer complaints, and enhanced customer satisfaction.
Here are the top five components for an effective warranty platform. Choose a technology provider that combines the features listed here to enable an effective warranty management system for your business:
1. Extended warranty: An extended warranty component involves functions like dynamic pricing, sales promotions, quotations management, changes, and claims management.
2. Warranty intelligence & analytics: Superior warranty management platforms have analytical systems built into them, and help estimate, forecast, and maintain optimum warranty reserves. The reports and dashboards provide a glimpse of the whole chain of suppliers, dealers, and service providers. Warranty intelligence also triggers early warnings about quality issues and fraudulent claims. Dynamic insight on critical performance metrics is provided through warranty intelligence.
3. Claims management: The functionality facilitates submission, authorization, and processing of claims. The features allow detection of invalid and fraudulent claims. All manual processes are automated, and help prevent wastage.
4. Parts return & reverse logistics: Through this functionality, all returns and exchanges are taken care of. It helps to process return logistics, parts tracking, parts diagnostics, and disposition.
5. Supplier recovery & mapping: This functionality manages and tracks all suppliers and the parts each has supplied. In the event of a quality issue, damaged goods, replacement, or repair, the system can map each component to its supplier and thereby recover costs quickly.
It is important to prioritize integrated workflow that automates time-consuming tasks. It should also detect frauds, provide intelligent insights, manage claims, and support reverse logistics. For companies to become undisputed leaders in the ever-changing marketplace, they need to invest in a robust warranty management system that manages product quality and meets end-to-end manufacturing and supply chain needs.
A warranty management system is useful when it enables uninterrupted information and product flow. Consumers with vast options will choose to be loyal only to the brand that meets their expectations, and anticipates the unanticipated. At a time when companies need to concentrate on quality products and exceptional customer support services, warranty management remains the key.
Preethi Vagadia is currently a Senior Business architect with the Service operations practice at a well-known IT Industry in Bangalore. She has worked in several process improvement projects involving multi-national teams for global customers. She has over 8 years of experience in mortgage technology and has successfully executed several projects in logistics management, logistics integration, reverse logistics, campaign management software solution, warranty software and programmatic solutions.