A Guide to Warranty Management Softwares

Warranty management as a process is viewed by companies as a cost for doing business. The cost of warranty management falls between 4-5% of the total sales revenue of a company per annum. In other words, it is considered as the cost of offering customer satisfaction and towards building better and healthier customer relationships. The value of warranty management has only been realized by companies over the last few years. However, today it is considered as a separate revenue system and has evolved over a long period. 

Warranty refers to a statement or undertaking issued by a product’s manufacturer regarding the parts and performance of the product for a limited period, as mentioned in the warranty card. It could also be referred to as a performance guarantee for the product given by the manufacturer. If the product starts malfunctioning due to a defect, the manufacturer or supplier would either replace or have the product repaired.

What is a Warranty Management Software? 

A warranty management software manages the warranties of products throughout its shelf life. It offers users complete information regarding the product quality, warranty claims data, as well as its returning expenses, and returning damaged products to suppliers. The key features of warranty management software include parts, contracts, returns, and claims management. The latest software has in-built business intelligence features that help to prevent warranty frauds.

How does Warranty Management Software work?

Softwares of warranty management auto-generates claims and integrates information in the claim template through a mobile feed and diagnostic devices. Also, it supports Return Material Authorization (RMA), live tracking, authorization of return, and more.

Advantages of a Warranty Management Software 

• Warranty management software helps corporations to automate claim processing in accordance with the rules of the corporation and decrease data entry by sharing the warranty, customer, and product information automatically. 
• Manage and maintain a combination of claims, including used product warranties, extended warranties as well as recalls, and campaigns.
• Enhances the quality of products via predictive analytics, fraud detection, and warranty analytics.
• Warranty management process reduces the operational costs and improves the end-results and operational potency.
• It allows service providers, suppliers, manufacturers, and consumers to cooperate and improve product quality and customer experience.
• Improves customer satisfaction and helps them out by offering a simple claim process, clear visibility, better product quality, and a faster payout.
• The warranty management process reduces the number of fraud claims and improves the first-error detection method.

Holostik Warranty Management System

Holostik’s warranty management process offers an end-to-end warranty lifecycle while ensuring high profitability. 

• Automated warranty management to minimize the manual efforts in claim submission, parts return, and payments, thereby reducing the turnaround time.
• Improve the accuracy of customer data by minimizing the room for errors.
• Detect and remove fraudulent warranty claims through the automated warranty management system.
• High transparency in assessing warranty claims with real-time actions to improve customer relationships.
• Keep track of customer complaints and queries to offer better customer experiences.
• Send promotional messages to target customers to ensure a better communication channel. 

Holostik is renowned for offering customized warranty management solutions for its clients. The warranty management process guarantees improved customer service levels, warranty claim processes, and reduced fraudulent claims.

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Neilstark Joined: October 25th, 2019