Aly Pinder, Program Director for Service Innovation & Connected Products at IDC, discusses how knowledge transfer can be seamless across service organizations.
Connected Customer Experience
Optimize Your Service Contract Operations: Increase Your Service Contract Revenue
A statistic to overcome: Companies realize less than 15% of potential service contract revenue.
Overall, unachieved revenue results from businesses not offering service programs beyond standard product warranties. Even when service programs are offered, the attach rates remain low as some retailers and channel partners may not focus on service sales, or customers fail to understand the value of these programs.
This month's webinar, hosted by Mize, Inc., highlighted the top priorities for manufacturers and services organizations driving investments around service innovation. Improving the customer experience, growing revenue, and innovation through knowledge management figured prominently.
Our presenters, including Aly Pinder, Program Director for Service Innovation & Connected Products at IDC, Stuart Ransom, Chief Revenue Officer of Mize and Michael Blumberg, Chief Marketing Officer of Mize, led the discussion of how end-to-end service excellence enables the framework to meet the challenges faced today and in the future.
Manufacturers have experienced an evolutionary shift in how they manage service interactions after the original product sale. Having considered the warranty initially as a necessary cost, they had to keep customers happy, resolve product failures, and obtain critical data required to improve product quality. Manufacturers no longer view the provision warranty and aftermarket service as a cost of doing business. It's now seen as an opportunity to add value, obtain critical insights to drive product innovation, and generate incremental revenue and profits.
Manufacturers often face excessively high labor costs associated with processing warranty claims. At issue, there are often numerous touchpoints involved in supporting warranty claims. The burden on your company starts from the moment the customer purchases a product. Resources are required to register the product warranty, respond to service requests and inquiries, open a claim, issue an RMA, etc. This situation often stems from disparate and disconnected systems. Since end-users are growing increasingly comfortable with self-service and even expect it, one way to overcome these challenges is by replacing legacy systems with new applications that include customer self-service portals.