When businesses first introduced warranties on their products, it was initially thought of as a great way to increase profits. However, over the years where claims have steadily risen, it’s proven to be difficult to manage the warranties manually.
Take a look at how implementing a warranty management system that can automate manual tasks can give your business a strategic advantage.
What is warranty management?
In a large company, warranty management is almost essential in achieving effective organisation of the business. It can also improve the customer’s confidence in your products and services which, in turn, will help to increase retention and potentially generate new leads.
Investing in a warranty management system will not only include both the management of warranty and post-warranty support, but it’ll also eliminate the risk of fraud and provide opportunities to up-sell. All manual tasks such as registering, processing and settling claims, issuing returns and replacements and checking inventory can be far more efficient with a management system in place.
While traditional warranty management methods have worked well in the past for some businesses, they are often long-winded, taking up a lot of time and effort that could be better spent elsewhere. The costs and handling of warranties can also be reduced with the implementation of a management software, combined with a more productive team the overall ROI of your company will quickly see improvement.
How can warranty management software improve business?
Integrating warranty management software can significantly improve your business by enabling your company to build better customer relationships and increase operational efficiency.
Here are some of the main advantages of having a well-managed warranty management solution in place:
- Faster processes: A warranty management system can help to easily track the progress of each claim and process each stage faster. Allowing the system to automate menial jobs your employees will have more time to focus on bigger tasks and improve their skills.
- Reduce fraudulent risk: Customers who are worried about their data can be easily reassured as the risk of fraud is reduced with a warranty management system. As all of the processes and policies are already in place and with the latest technology any issues or errors such as fraudulent activity is much easier to detect and stop.
- Cost-effective: With a management system you can easily save on administrative costs as the system will automate claims and settlement processes.
- Improved customer service: With real-time data available you can easily track the progress of each claim to keep customers updated and improve the overall customer satisfaction.
- Clearer insights: Clearer insights and analysis data are available with the help of a warranty management system. This makes it much simpler to monitor any quality issues and give you a clear understanding of customer requirements.
Warranty management software is the ideal solution for building strong customer relationships, cutting costs and safeguarding your product value. This system can also be considered as another stream of revenue as you can up-sell and cross-sell products and policies. At Lucid UX, we have the capabilities of creating a totally white-labelled, scalable software solution to automate your complex needs.
To learn more about how to manage customer relationships read our guide on everything you need to know about what makes a good CRM software.
Get in touch with us to find out how our bespoke systems can help your business.