7 Major Automation Moves To Help Optimize Warranty Management
The issues stemming from an underperforming warranty management system are difficult to overlook. Fraudulent claims are a significant drain on revenues, and dissatisfied customers are unlikely to remain loyal. In the long term, poor warranty management can have a negative impact on a company’s reputation and bottom line.
According to research, warranty costs can be reduced by 55% by using integrated warranty management software. Automated digital solutions to warranty management are changing the game by optimizing processes and providing visibility and integration.
Here are seven core Warranty Processes that can be automated:
Slow, manual processes are inefficient and error-prone. By automating the warranty process, claims can be submitted at any time, from any location and can be easily tracked and validated. Cross-functional integration allows claim details to be routed appropriately both inside and outside an organization. Simplifying and speeding up this part of the process ensures accurate, efficient delivery of service.
There are times when a manufacturer’s warranty may not fully cover a customer’s assets, but a supplemental warranty agreement may be available to provide extra services. Automating this feature can ensure that the items covered by the manufacturer are charged to that warranty, while other items are covered by the supplemental agreement.
Innovations in technology, such as the ability to pair predictive analytics with the Internet of Things and Intelligent Automation, give warranty management systems agility and adaptability. When intelligence outputs are fed back into the supply chain, a framework for enabling continuous improvement emerges.
Automated claims management solves some of the most egregious issues in the warranty management process. Customer service is one of the differentiating factors between organizations, and processing claims efficiently can set a company apart. Claims management often involves repeated customer interactions, and an automated system can help customer service representatives handle complicated claims seamlessly. High-performing warranty management systems keep track of claims processes from start to finish, moving claims forward and delivering accurate information along the way.
Automation and integration with the parts return processes can save costs and improve customer satisfaction. An efficient, automated system can reduce turnaround time on returns, reduce shipping costs, and eliminate unnecessary returns. Additionally, software that reports and analyzes returns can provide the data required to optimize return policies and systems.
Managing recovery from suppliers is a key factor in cost-efficient warranty management. Automation can speed up the process of supplier recovery, perform assessments of supplier contracts, and maintain and track sourcing history. Recovery claim decisions can be made more accurate and faster, and analysis of rejections can form the basis for corrective measures.
Creating an automated service contract process enables organizations to maximize service contract revenues. Automating initial offer options, renewals, and notifications can increase the sale of services and rates of renewal. Reaching customers on multiple channels helps to keep customers engaged and in-touch.
Take a look at the ROI Speridian’s Warranty Nexus delivers
Reduced claim lifecycle
- Reduce Phone Calls and Emails
- Reduce Response Times
- Actionable Reporting
Automate Your Workflows
- Eliminate costly escalations
- Eliminate unnecessary service tech “go-backs”
- Eliminated unnecessary service tech reporting
- Empower your limited resources to accomplish more
Added to your bottom line
- Increase in claims without increasing costs
- Reducing or eliminating shipping costs
- More accurate and complete reporting for audit, finance, marketing, and product support