Every year, many organisations lose millions of money due to warranty claims processing issues. There is a dire need for effective warranty management that can reduce warranty spend, improve the quality of products, increase supplier recovery and enhance end-customer satisfaction. Holostik provides an effective management process through which one can track all warranties throughout the lifecycle of the product. The process not only ensures improved customer satisfaction but increased product quality and reduced service costs.
Over the years the definition of warranty management has evolved and today it is a cost-effective and consumer satisfying measure. As per managementstudyguide.com, “Warranty Management had been traditionally viewed by companies as a cost of doing business. The costs of warranty management were found to be costing between 4 to 5 per cent of the total sales revenue of the company per annum and were considered to be the cost of providing customer satisfaction and as an opportunity to building a customer relationship.”
Through Holostik’s automated warranty claim systems and installed base asset tracking, the service organisations will be able to create, administer, and track warranties, claims and assets through their full lifecycles. This would serve as a three-in-one process. It will allow the third parties to submit valid claims and receive credits. Secondly, the customer service can verify coverage and initiate recovery, and thirdly the field technicians can track asset history and replace in-warranty parts.
The process of warranty management
- On purchasing the product secured with a holographic label with a QR code, the consumer authenticates their product by scanning it.
- On authentication, the information of the user and the product (manufacturing date, expiry date, warranty period etc) feeds in the database of the manufacturer.
- Whenever the consumer wishes to get their product replaced or exchanged, they just have to go to the retailer from where they bought the product and they will get all the details.
- This will save the pain of keeping the warranty cards in possession for long periods.