For OEMs collecting IoT-connected product information, the benefit’s in its actionable utilization. How you manage it becomes crucial – having the ability to build a Connected Customer Experience and incorporate proactive Service team interaction – ultimately maximizing Warranty Management profitability.
Connected Customer Experience
The Mean Time to Resolution (MTTR) is a metric that service organizations grapple with in terms of related cost and customer experience. One objective is clear: reducing the time it takes to resolve customer issues – from case creation dates to their closures – benefits both.
Most durable goods manufacturers are mired in manual service contract administration – from initial offering to servicing, through to renewals. While being a strain on operations, it’s a drain on revenue stream maximization: most OEMs realize less than 15% of potential service contract revenue.
To a company, each has heightened concern about brand loyalty. Across all durable goods categories, time to market has hastened, providing customers more options. Churn is real – organizations must be prepared to protect their turf while gaining opportunistic market share.
Generating a recurring revenue stream with customers is critical business objectives facing Durable Equipment Manufactures today. The key: building a forever transaction with every customer you have.
Many Warranty Managers that we at Mize work with often share that field service operations are the most labor-intensive part of their warranty process and are a significant cost driver. The primary reason for this extra cost is due to the field service not being fully integrated into the overall digital warranty processing systems.