Recently, Mize hosted a webinar titled Reduce Warranty Costs by 15% in the First Year. The webinar featured a case study by Vance Thomas, Corporate Warranty Manager of LP Corporation. Mr. Thomas’ presentation addressed challenges his company faced with respect to utilizing a legacy warranty management system to support products sold within the Building Products industry. He also discussed the transformational journey his company took to replace the legacy system with a new solution from Mize which resulted in a 15% reduction in warranty claims processing costs with the first year.
The details of this presentation can be found in our blog post titled Warranty Transformation: From Legacy System to 15% Costs Savings in the 1st Year
This webinar also included a discussion of Critical Success Factors for Global Warranty Implementation by Eric Marlan, Senior Product Manager at Mize. Marlan pointed out that implementing a global warranty system can be a very challenging and complex project. Project failure can result in cost and schedule overruns, sub-optimal processes, and dissatisfaction of key stakeholders in warranty processes.
Marlan suggested that companies can replicate similar results as LP Corp by adhering to best practices. In addition, Marlan indicated that working with a team that understands processes and is able to collaborate with the customer throughout all phases of the implementation contributes greatly to achieving cost savings as those realized by LP.
Critical Success Factors
According to Mr. Marlan, companies thinking of upgrading or implementing a new warranty system can improve the chances of project success and lower implementation costs by applying a few critical success factors such as:
1. Capability and Flexibility of the Warranty Management solution: Inherent to a successful warranty management system implementation is the ability of the system to address the processes, data standards, and workflows that are used within in your company and industry
2. Degree of Integration: Warranty applications need to share and exchange data with other enterprise systems operating in your company. The system you choose must have the ability to integrate seamlessly and easily with these applications.
3. Ease of Use and User Training: Successful implementation rests on the ability of the systems’ processes, modules, functions, and related training to meet the needs of all stakeholders including customers, dealers, warranty teams, and suppliers.
4. Knowledge and Expertise of the Implementation Team: It is always important to vet the domain knowledge and technical expertise of the implementation team. Look for a team with experience and know-how of implementing similar solutions in similar industries.
5. Level of Collaboration Between your Team and the Software Vendor’s Team: Collaboration between your team and the software vendor is critical to a successful implementation. Consider your vendor’s project management methodology to get a good idea of how your vendor will manage and ensure a high level of collaboration among key participants (i.e., IT team, business team, vendor team, etc.)
During the webinar, Marlan identified how Mize can meet each of these critical success factors.
Mize’s ability to meet Critical Success Factors
Regarding system capabilities and flexibility, Mize supports the full Warranty Lifecycle Management process of all the key stakeholders including the OEM, channel partners, and suppliers. The system supports multiple languages and currencies. It can be configured to support the specific workflows and business models inherent to each company and industry from managing policies and business rules to registration of products along with cross-selling of service plans, and processing claims all the way through adjudication for payment. The Mize Warranty Management solution also manages for Parts Returns including out of the box integrations with shipment tracking for the likes of FedEx, UPS, USPS, DHL, etc. The solution includes Supplier Recovery functionality to recoup Claim Cost, and Business Analytics to view the performance of the entire Warranty program.
Mize also simplifies integrations with ready to deploy connectors. Mize CX Connect is an integration platform based on a Service-oriented architecture (SOA) that provides a standardized framework, components, and connectors to integrate Mize Connected Customer Experience software with other enterprise applications. Mize CX Connect enables easy configuration, deployment, management, and maintenance of interfaces through cloud-based deployment. The 150+ out-of-box connectors enable companies to easily integrate Mize Smart Blox with enterprise applications such as ERP, CRM, Cloud, Web or Legacy business systems
Download IDC MarketScape: Worldwide Manufacturing Warranty and Service Contract Management Applications 2019 Vendor Assessment (doc # US44408619, December 2019) -Mize Profile.
In terms of ease of use and user training, Mize provides one system or platform where all stakeholders can process transactions related to warranty management. For example, support, repairs, entitlements, adjudication, reimbursements, and supplier recovery. All users/stakeholders have access to the same system. However, pre-defined role-based personas determine what feature functionality they have access to and can act upon. User training is also tailored to each of these roles
As far as domain knowledge and expertise is concerned, most members of the Mize team have 15+ years of warranty management domain experience. In addition, they possess knowledge of the warranty management process across a wide range of industries including but not limited to automotive, industrial machinery, construction and agriculture, building material, and many more. Mize ensures team collaboration through an Agile project management roll-out methodology. In addition, Mize performs the appropriate User Acceptance Test (UAT) as part of this roll-out.
Download Webinar Recording
Download our on-demand webinar recording to learn more about LP Corp’s warranty transformation and Critical Success Factors for Global Warranty Implementation. You’ll learn about the Critical Success Factors that enabled Mize to help LP Corp reduce claims processing costs by 15% in the 1st Year.
To view the Webinar recording, and download the presentation slides click here
And to learn more about the Mize Warranty Management Solution click here