As a way of reassuring customers about the quality and long-term viability of their products, manufacturers have traditionally offered warranties. In most cases, the manufacturer (or seller) will cover the cost of repairing or replacing defective products.
From there, the sector has come a long way. Warranties now include everything from product coverage to customer service and logistics, thanks to the increased complexity of manufacturing and the supply chain. Moreover, the Warranty Management System Software offers some advantages, which are discussed below!
What Is Warranty Management System Software?
This unique system helps to manage a product’s warranty through an automated tracking process. This unique software tracks the complete information about a product life cycle, such as its quality, warranty, and supply recovery, which is the returning expenses of the damaged product to the warehouse, etc. Then all these pieces of information are provided to the business users. Some of the essential features that make this management software unique are return, claim, contracts, and parts management. The warranty management system has updated itself, and the new system can effectively control, monitor, regulate and abolish warranty fraud.
An effective warranty management can help to improve the quality of products and also helps to improve the overall customer experience and satisfaction. Furthermore, if manufacturers, service providers, and suppliers cooperate, the system will yield better results.
Warranty Management Software Reduces The Costs Of Warranty
Human error is standard, just like manual mistakes, and prolonged and repetitive administrative work can cause expensive human mistakes. Furthermore, the administrative task requires a lot of time and doesn’t even result in 100% accuracy. Therefore both the time, money, and talent get wasted. That is why automation is required, as there is no chance of mistakes and no need to lose personal talent. A warranty management software can effectively handle repetitive claims and the settlement process, thus reducing the cost of warranty management upto a great extent. So, by employing warranty management software, you could save valuable time, reduce costly errors, and let your employee focus on other valuable tasks like strategic planning.
Improved Aftermarket Brand Value
The Warranty Management system can benefit a manufacturer in various ways as it reduces human errors by increasing accuracy and increasing the brand value of a product. Furthermore, an advanced warranty management software provides faster resolution, increasing the aftermarket product excellence.
Real-Time Insight Into Product Performance
In this era of digitalization, an advanced warranty management system will let the manufacturers monitor the entire life cycle of a product and the entire service experience across its service lifecycle. A manufacturer can watch it in almost real-time and capture the data in various connected devices. With the rise of IoT, data can now be automated in any connected device, and any manufacturer can start to analyze a product’s performance and the service’s status in real-time.
Elimination of Fraudulent Claims
Another benefit of this software is it can effectively detect and eliminate fraudulent claims. As it is AI-based and uses image recognition technology, identifying these claims is much easier and faster. With the assistance of a machine learning algorithm, it is easier to detect digitally manipulated images and thereby can effectively detect fraudulent activities.
Better Transparency And Processing
The warranty management provides a cutting-edge approach to monitoring and regulating the claims process. Therefore, by reducing operational disparities, warranty management can help manufacturers improve the process to a great extent.
Revenue Growth
The warranty management systems will also lessen the casualties incurred due to the delay in logistics or unethical claims. Furthermore, analyzing fraudulent claims takes time, and introducing software becomes less time-consuming and thus increases productivity.
Conclusion
Hope you have understood the benefits of a warranty management system; in case of any queries, you can connect with LetsVeriFy to get an effective solution.