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.
To take advantage of these opportunities, manufacturers must be active at managing warranties and service contracts. Having the right software partner is critical to streamlining the warranty processes and driving profitable growth from service contracts. Warranty Managers face challenges with obtaining the budget required to implement new warranty software while dealing with an IT or a corporate mandate to adapt an existing ERP or CRM platform for the warranty process.
In December 2019, Industry Analyst firm IDC published the IDC MarketScape: Worldwide Manufacturing Warranty and Service Contract Management Applications 2019-2020 Vendor Assessment. This study provides an assessment of the capabilities and strategies of software vendors.
IDC indicated focus on focused on vendors they deemed to be notable based on these must-haves:
- At least 40 warranty and service contract management customers
- Customers in at least five manufacturing sub-vertical industry segments
- A warranty and service contract management application in the marketplace for at least five years
- Capabilities to support end-to-end warranty and service contract management activities and processes, and
- Demonstrable track record of innovation within their warranty and service contract management application.
Based on a rigorous evaluation of Mize capabilities and strategies, the IDC MarketScape placed Mize in the Leader's category worldwide, citing:
- The product is modular and can be deployed in the cloud, private or public, or on-premise and sits on top of Mize's Connected CX Platform, enabling integration with other corporate systems and applications
- Domain expertise and the ability to provide capabilities for a range of warranty needs across a maturity spectrum enable manufacturers of varying sizes to leverage the Mize products
- High level of customer support which has been able to meet the evolving needs of its customers across a variety of industries
- The Mize Warranty Management product enables an approach to digital transformation, which builds on a journey approach to service excellence.
IDC Analyst, Aly Pinder, summarizes, "Mize has a track record and a leadership team that has built a product, a set of functionalities, and a platform that delivers advanced capabilities across the varied processes. It supports excellence in warranty management going beyond the basics of claims processing."
See how Mize streamlines and automates warranty processes through a Closed Loop Warranty Lifecycle Management solution that results in improved customer experience, reduced warranty costs, and higher revenue from a satisfied customer base. Request a demo today.
IDC MarketScape Guidance for Manufacturers and Service Organizations
For manufacturers and service organizations exploring warranty and service contract management applications, products, and platforms, the IDC MarketScape offers the following guidance:
- Assess gaps in the warranty claims process and focus on areas for quick wins and improvement
- Ensure warranty and service contract management systems are integrated with other SLM applications to support seamless service experience
- Reassess digital maturity and service processes periodically
- Focus on delivering enhanced value to the end customer and the service network of dealers, distributors, and partners
- Work with partners that understand the service-specific nature of operations and industry verticals
- Establish a set of metrics to measure success across a variety of stakeholders: customer, dealer, operational, and profitability.
Warranty and Service Contracts Management Optimized with Mize
While most Warranty Management companies focus only on claims processing, Mize enables all stakeholders, including customers, service technicians, channel partners, OEMs, and suppliers to deliver better customer experience and generate service revenues from the install base. Mize specialization, focus, and flexibility offer companies innovative warranty and service contract management capabilities to customers while integrating seamlessly with enterprise ERP and CRM systems.
Manufacturers are increasingly turning toward warranty and service to provide increased strategic value to their organization and stakeholders (e.g., dealer channel, service provider networks, etc.). Mize provides warranty and service contract solutions that improve channel relationships, enhance customer service, and generate additional revenue.
Mize enables manufacturers to streamline and automate warranty processes through a Closed Loop Warranty Lifecycle Management solution that results in improved customer experience, reduced warranty costs, and higher revenue from a satisfied customer base.
Mize's leading connected customer experience platform orchestrates standard warranty, service contracts, maintenance programs, and subscription models to service the customer throughout the lifecycle and maximize customer lifetime value.
Mize Warranty Management and Service Contracts Management solutions enable customer-centric manufacturers to deliver differentiated warranty experience and grow service contract attach and renewal rates.