Companies are leveraging the latest technologies to streamline warranty, improve product quality, and improve service profits. As you make plans for next year, we want to share the Top 5 Trends that can have significant impact.
- Increased use of Cloud: CRM has been leading the charge for years to move enterprise software to the cloud. As adaption and usage grows within enterprises, warranty and service managers are feeling more comfortable with having their warranty data in the cloud. Companies are increasingly using Cloud based warranty management solutions as they get additional capabilities without huge upfront investments and realize faster ROI.
- Recall/Service Bulletin management: Increased customer expectations and product safety regulations are forcing companies to perform more product recalls. Recent surge in recalls and costly incidents have made it imperative for companies to identify, track, and manage emerging issues proactively. Companies are investing more to improve all aspects of recall management.
- Increased use of mobile by Field Service network: Mobile is now ubiquitous and most field service professionals have their mobile devices as their primary computing tool. Warranty departments have started using mobile applications to check warranty entitlements, complete product registrations, capture pictures, receive alerts on open recalls, access product service history, and refer all service knowledge resources.
- Predictive Warranty analytics: Warranty departments have been focusing on warranty performance or quality reports on historic data. Warranty data driven predictive analytics can improve accuracy of warranty accruals, identify emerging issues sooner, prevent claim fraud, and reduce the time needed to comb through mountains of data/reports. The developments in Big Data, data mining, and cloud based analytics help more warranty departments to benefit from predictive analytics now than ever before.
- Use of IoT: As the cost of sensors and data transmission go down, IoT is changing the way diagnostics and warranty data is collected. IoT subscriptions could become part of the standard offering under warranty or as part of service plans. The service calls, service orders, parts order, and warranty claims can be proactively generated from using the data collected using IoT. Companies offering high-value products with fleet customers are increasingly expected to provide these services using IoT.
Contact Mize on how you can apply and benefit from these trends in 2016. You can have a no-obligation demo and consultation with one of our product managers.