Warranty management software ensures that the warranty promise that you made to your customers on their purchases is protected. We all hope that a product outlives its warranty, but there are always going to be times when something goes awry, and warranty management will be key in maintaining the trust in that business relationship.
A majority of field service companies have embraced the advantages that technology can give them. However, some service providers continue to handle their warranty and service contracts by snail mail, fax, or with software that has no interface with the programs now being used by field service technicians.
In field service, it is important to expect the unexpected and that includes making sure your field service management company is safe from fraud while also treating customers with real product issues in a timely manner.
What is Warranty Management?
Warranty claims management is an integral part of the business operation for the field services industry. Warranty management software is used by manufacturers to handle all process management and bookkeeping associated with warranties for their products.
Warranties have always been a part of the field service industry, but the way they are now being processed and automated has drastically changed.
Many parts of field service have already undergone a digital transformation, and the way that you handle your warranty claims is no different. If your company has not yet made the switch to a warranty claims management system, it may be time to reconsider.
Why Invest in Warranty Management Software?
There are a plethora of reasons why field service management teams should be using Warranty Management Software, but here are a few of the major reasons as to why it could be beneficial.
Betters Customer Loyalty
The modern customer has high expectations for a seamless and informative experience when it comes to field service work. Having an appliance extended warranty can make customers feel more positive about a purchase they make, knowing that they have protection if something goes wrong. In today’s customer service experience, a positive experience is everything. According to Salesforce research, 80% of customers say that the experience a company provides is as important as its products and services, with 57% reporting having stopped service with a company because a competitor provided a better customer experience.
Providing a good customer experience is important at all times, but especially important when something goes wrong. With access to a customer portal, customers are easily able to contact field service technicians about problems that they are having. They can even file their own claims online, allowing for a faster response time from your technicians and immediate assistance.
Half of the battle is making your customers feel supported, as a positive emotional experience can make customers six times more likely to buy, twelve times more likely to recommend the company, and five times more likely to forgive a mistake. Access to a warranty claims management system can help customers feel supported and give them peace of mind knowing the issue is being resolved as quickly as possible.
Improves Operational Efficiency
A warranty claims management system allows for real-time data to be used to configure claim adjudication, validation, and customizable audit solutions to meet the unique warranty requirement. The quicker an issue is resolved, the faster your technician is back on the job and the happier your customer becomes.
Not to mention, automation leaves less room for error. This reduces the claims cost and time while also improving visibility into the claim status and payment processing. Warranty management systems allow for technicians to focus on their job in a quick and efficient manner while not having to worry about handling claims.
Without having to spend time working through a warranty claim, field technicians can be more productive in the field. This allows for more service to be done, putting more money in your pockets, and keeping both the customer and employee satisfied.
Saves Time and Money
A warranty claims management system can save your field service company time and money. One particularly attractive feature of a warranty claims management system is its ability to better eliminate fraud. Warranty claims management systems use audit logic that ensures only valid claims are eligible for payment.
Another attractive feature of a warranty claim system is its ability to automate claim adjudication with built-in validation and audits that will improve efficiency and protect warranty reserves. This saves field service manager's time, and also allows for a technician to get back into the field. Not to mention, human error can lead to costly mistakes, especially when it comes to handling claims. Automation reduces the risk of human error and can save you from a costly mistake.
An automated service such as this can also speed up the payment process. Making a claim in real-time reduces the time contractors spend waiting on claims status and payment. This puts money back into your pocket quicker than previous warranty claims processes have.
Warranties can serve as a competitive differentiator in the field service industry. And with competition as strong as ever, having a smooth warranty claims process can set you apart from the competition.
An efficient warranty claims management system can deliver the sort of results customer’s expect in this digital age, while also saving your company valuable time and money. Investing in software that communicates directly with vendors will be key in staying competitive in 2021.
Learn more about ServicePower’s fully integrated field service software and how it can benefit your field service management company.