In Warranty Week article Changing the Way We Think about Warranty Management the authors conclude “The benefits resulting from Strategic Warranty Management may be a differentiating factor in the overall performance and profitability of a company. Failure to implement Strategic Warranty Management may mean higher costs resulting from increased warranty claims and a loss in sales and revenue due to higher customer dissatisfaction.”
Companies benefit by approaching Warranty as a closed loop life-cycle to improve product quality and customer satisfaction rather than just reacting to warranty events and processing of claim transactions.
By having multiple custom systems for each aspect of warranty, companies miss the connections between the data resulting in more manually intensive processes and procedures as well as duplicating work. More streamlined warranty processing will improve channel relationships and customer service
Having different regional systems also leads to fragmentation of data while companies are moving towards global platforms. Increased visibility to accurate and timely warranty data outside of warranty administration to finance, engineering, manufacturing, quality and supplier management departments will improve warranty accruals, product designs, quality, and supplier performance
Closed-loop global warranty management will lead to faster cycles to improve product quality by reducing the time for detection of emerging issues and driving corrective action to fix issues through engineering, manufacturing and suppliers.
Mize Warranty Software helps companies manage the entire warranty lifecycle by connecting all related stakeholders and transactions. Please request a demo to learn how you can take your warranty management to the next level.