In my last blog, I discussed the importance and impact of high First-Time Fix rates for the field service industry. (If you have not already read it, catch up here.) Knowing that a high First-Time Fix rate leads to greater customer satisfaction, higher renewal rates, and lower costs for your company encourages management teams to want to improve this Key Performance Indicator (KPI). And making those changes does not have to be difficult or costly. On the contrary, making this KPI a priority will increase profitability and can make your organization flow more smoothly.
Connected Customer Experience
Benchmarking warranty performance can be a very valuable exercise to gain an independent perspective on how well you are doing compared to other companies. Bill Pollock, President & Principal Consulting Analyst, Strategies for Growth (SFG), has been doing a Warranty benchmark survey for few years and currently conducting a Benchmark Update Survey for 2019. Mize Warranty Insights caught up with Bill to learn more about the Benchmarking survey and process.
This blog post is based on workshop session by Mize at ENG’s Automotive Warranty Management conference on Oct 16th & 17th in Dearborn, MI. You can download the workshop presentation or read the summary blog post about the conference.
The ENG’s 3rd annual Automotive Warranty Management USA, sponsored by Mize, took place on Oct 16th and 17th in Dearborn, MI. The event attracted over 110 warranty leaders from the automotive industry. This blog post summarizes the key themes, presentations, metrics, best practices, and technologies discussed during the conference.
Last year, a commercial service contract trade association was launched at the Nashville conference. This year, two half-day programs have been added to the main conference to delve into topics related to how commercial service contracts are priced, configured, and sold to businesses.
As the ninth annual edition of the Extended Warranty & Service Contract Innovations conference prepares to convene in Nashville next week, industry professionals are in for a treat. Following a day-and-a-half of regular programming about the consumer end of the industry, show producers have for the first time scheduled a day-long add-on forum about the business-to-business service contract marketplace.
Negotiating the Sales Process
To close out the proceedings on Wednesday, Ashok Kartham, the CEO of Mize Inc., will be speaking with Rob Christian, the president of OnPoint Warranty Solutions LLC, about how to streamline the quote-to-renewal process.
Kartham said close to two-thirds of the Mize customer base are on the business-to-business side of the service contract industry, such as Trimble Navigation, Takeuchi Manufacturing, and Blue Bird Corp., makers of the ubiquitous yellow school buses. OnPoint, meanwhile, is using the Mize platform to administer warranty and service contracts on both the B2B and consumer sides. “So we see this as a very important segment for us,” he said.
The market for field service management (FSM) software market is large and growing. In 2017, the market for cloud- based applications was valued at $1.2 billion by Blumberg Advisory Group, and we anticipate that the market will experience a five-year compound annual growth of 22.8 percent. In other words, it will more than double by 2022.