7 Major Automation Moves To Help Optimize Warranty Management
Many service providers and manufacturers find redundant and sometime manual warranty processes challenging. Few recognize that the benefits that can be gained through optimization of their warranty management systems. Traditionally, Warranty Management Systems are clunky and inefficient because they are assembled piecemeal over time. These systems tend to be plagued by fragmented communication and manually intensive administrative tasks—making them both costly to maintain and low-performing.
While warranty processes are easy to overlook, the issues stemming from an underperforming Warranty Management System are not. Fraudulent claims are a significant drain on revenues, and dissatisfied customers are unlikely to be loyal. In the long term, poor warranty management can have a negative impact on a company’s reputation. 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, and the Benefits.
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 that a manufacturer’s warranty may not cover customer assets fully, but a supplemental warranty agreement may be available to provide extra services. Automating this feature can ensure that 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 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 various 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 of 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 returns 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 claims decisions can be made more accurate and faster, and analysis of rejections can form the basis of corrective measures.
Creating an automated service contract process enables organizations to maximize service contract revenues. Automating initial offer options, renewals, and notifications can increase sales of services and rates of renewal. Reaching customers on multiple channels helps to keep customers engaged and in-touch.
Take a look at some of 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