Warranty: An Overlooked Key to Service Business Success
Are warranties being overlooked in terms of their potential contribution to revenue and profit?
According to Warranty Week, customers spend $2 trillion (with a “T”) in warranted product sales on owned assets. Beyond the potential revenue contribution, warranties are also a critical opportunity to enrich channel and customer experience while reducing operational costs. If not managed and administered correctly the result can include:
- Inefficient and manual claims processing driving up operating expense.
- Weakened collaboration amongst extended service network (dealers, channel, etc…).
- Supplier cost recovery challenges (entitlement challenges).
- Delayed warranty claims processing resulting in poor customer satisfaction (CSAT).
- Fraudulent claims (a rising concern amongst extended service networks).
- A diminished perceptive for the original equipment manufacturer.
In this webinar we discuss the impact role warranties (new and/or extended) can play in contributing to superior levels of business and customer success.