IoT Product Data, Warranty Management, and Field Service Optimization

For OEMs collecting IoT-connected product information, the benefit is in its actionable utilization. How you manage it becomes crucial – having the ability to build a Connected Customer Experience and incorporate proactive Service team interaction – ultimately maximizing Warranty Management profitability.

To the issue of information management, disparate systems can get in the way of a good thing. Multiple data collection sources without unified visibility useful for planning and execution of the strategy leads to data dumps that are useless. The best intentions are there; it’s just impossible to corral what’s there and deploy it usefully.

Here’s the opportunity missed without it. The ability to monitor, measure and then dissect each aspect of warranty, service, and customer experience operations. Whether it be through internal teams or externally engaging service partners and customers, this automated capacity offers the ability to leverage vast amounts of untapped insight into businesses that will open new revenue streams, or fully maximize those in place.

Speaking of data utilization, these stats from Field Service News provide a wake-up:

• 67% of field service teams are using IoT to provide data from assets in the field
• 72% of these companies are using data from connected assets to predict failure and schedule maintenance around this data
• 54% of these companies can interpret data from assets in the field when providing triage
• 23% of these companies factor this data into the way they analyze field service KPIs.

For digital customer interactions, here’s how CSAT data collected by field service technicians are being adapted into KPI measurements:

• 90% of field service entities receive elements of CSAT data
• 87% of these companies expect engineers to collect this data directly from the customer while on site
• 100% of these companies factor these results into their KPI performance.

The last stat’s the most vital: the actions companies can deploy to achieve the KPIs they care about. Are they primarily focused on CSAT, productivity, task completion, NPS, cost reduction, or revenue growth (All of these)? This focus largely factors into how they’re able to utilize the collected information actionably.

To gain the ability to maximize available data utilization is to utilize an integrated Connected Customer Experience platform, configured to utilize captured contextual information leading to a deeper understanding of people’s use of products and their customer journey.

With this system, companies can:

• Discover, register, activate, and monitor connected products
• Gain an enriched 360° view of products and customer’s usage
• Trigger predictive and proactive support and service events
• Disseminate and dispatch the right technicians, parts, and knowledge to repair products productively and minimize downtime
• Feed diagnostic data to service transactions such as Warranty Claims, Support requests and Service orders
• Deliver analytics and customer insights to improve the quality of products and services
• Create revenue opportunities through smarter customer engagement.

The benefits of this functionality create an operational and commerce-driving environment of:

1. Service Management

Integrate with other applications, including Warranty, Support, Field Service, Maintenance, Fleet Management, and Asset tracking, to minimize product downtime and maximize value for customers.

2. Data Analysis and Insights

Improve product quality and customer satisfaction with insights from analyzing the data collected using IoT along with Warranty and Service transaction information.

3. Predictive Maintenance

Connect products, channel partners, field service technicians, and customers to predict failures and proactively repair products.

4. Monetizing IoT

Create new revenue opportunities using connected products to offer Subscription services, Service Plans, and industry-specific applications.

To see this system at work, request a demo today.