Did you know that improving the implementation of warranty solutions (WMaaS) can save millions of dollars and improve client satisfaction?
Yes, warranty services were considered an afterthought in the past; however, over the time – perception has changed, and more organizations have started looking at it from a different lens to leverage it as a revenue and margin- generating machine.
Business Requirements for Warranty Services
For businesses that offer durable items, a strong warranty system is a crucial asset. Since it can raise client satisfaction, it's also an excellent approach to show customer loyalty and devotion.
Running a successful business requires offering clients an effective warranty strategy. Professional warranty program software may lower expenses, boost sales, and maintain your business in compliance with legal requirements.
A warranty is a clear selling point, and customers expect suppliers to stand behind their goods. By extending product warranties and providing prompt assistance in case of issues, a strong warranty program also acts as a tool for keeping customers. The customers are more likely to return for subsequent purchases if you can help them save money on replacing damaged or defective goods.
Significance of Warranty Management Services
Customers can clearly see how a manufacturing company treats product warranties by the caliber of their products and how much they value their business. Manual warranty procedures fall short for customers and can increase the risk of fraudulent claims or serious data security breaches. Manufacturers who invest in warranty management software can:
- Boost performance
- Reduce costs
- Reduce the risk of fraud
- Enhance the client experience
In a live interactive session hosted on LinkedIn, industry veterans Bharath Vasudevan, Chief Capability Officer – Business Process Services, Tech Mahindra; Sushil Lohia, Global Supply Chain and Manufacturing Practice Head; along with Ashok Kartham, Chief Product Officer, Syncron discussed how we can stop treating warranty services as a ‘non-essential expense’ and start looking at it as a differentiator to improve revenue and customer satisfaction.
During the LinkedIn live interaction, the experts from BPS and Human Resources shared their insights on:
- Making the warranty process agile, lean, and thin
- Developing a strategy and implementing quickly
- Focusing on failure and challenges rather than celebrating the wins
- Creating real-time visibility across the space
- Increasing customer satisfaction to improve repeat business
- Achieving compliance throughout the process
- Using technology to amplify processes
Warranty Management: Key to Customer Satisfaction
Want to revamp and transform warranty management operations to improve customer satisfaction and revenue? Access the session recording to gain insights and reap the benefits!
About the Author
Chief Capability Officer – Tech Mahindra Business Process Services
Bharath Vasudevan has over two decades of experience in leadership roles across global Fortune 500 organizations and has created and led several world-class teams with diverse skills and competencies. He has had direct P&L responsibilities for several large portfolios. He has also partnered with leading Fortune 500 companies to drive large and complex projects with diverse stakeholders across the globe and has helped drive efficiency and effectiveness enhancement initiatives across these organizations.