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.
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.
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.
In recent days, we have all had to rethink how we can conduct business while ensuring we take the necessary measures to keep ourselves, employees, customers, and communities safe. Social distancing and working remotely are crucial in helping to slow the spread of coronavirus.
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.