Cost of software and its implementation is high.
cmPlify reduces cost of software acquisition and implementation with an industry packed integration and subscription models.
Reducing inefficiencies in warranty claim management
Organizations cannot depend upon old dinosaur software or on software developed in-house or have myriad spreadsheets to manage their warranty operations. They must invest in warranty management software that fits their business needs, supports customer expectations, and that can scale and adapt to business changes.
Besides processing claims, these systems are called upon to reduce inefficiencies and financial liability resulting from fraudulent claims and increasing claim backlogs.
Furthermore, warranty-specific analytic tools provide greater functionality, better value and faster return on investment over generic analytic tools customized for warranty. cmPlify Warranty and Contract Management Solution is highly capable and covers all aspects of warranty management. It is therefore a logical choice for an organization that is looking for a complete end-to-end solution, which includes warranty analytics.
Warranty analytics is a key complement to warranty transaction management systems. It provides a pivotal piece of business intelligence – it brings heightened visibility to product quality, field product performance, business risk and liability exposure and potential of increasing revenues that are traditionally not visible.
Lack of capabilities of current IT infrastructure has compounded the process inefficiencies.
Disjointed applications and functional silos across the enterprise slow down claim processing and fraud detection. They do not provide the failure-related information needed from the warranty data that become essential to the development of new and improved next- generation products. Furthermore, the costs to maintain this outdated infrastructure add to the adversities of the situation.
Lack of adequate Data (accessibility and usability)
While claims continue to consume a sizable portion of revenue earned on each sale, other factors such as identifying the root cause of a product defect, pinpointing faulty repairs and the lack of a mechanism for timely supplier recovery, only add to costs.
Increased product complexity, rapidly falling prices and rising demands from quality-focused customers have resulted in escalating warranty management costs.
The cost of warranty management continues to rise. Consumer electronics, automotive and high-tech manufacturers, in particular, encounter enormous obstacles while attempting to increase the speed of warranty claims processing across business functions. A few of them can be listed as,
utilizing warranty data to analyze product performance
assessing key warranty cost drivers
decoding field-service issues
confirming the serviceability and reliability of products.
These issues can be traced partly to:
- Ad-hoc processes including ambiguous warranty information in service contracts
- Manual claims processing, as well as, financial reconciliation and analytics procedures
- Warranty data is often retained by the service organization, and not immediately shared across the product development value chain. Engineering teams have less time to incorporate real time information on defects into product design.
- Human-dependent warranty processes that involve manual review and processing of claims
- Lack of an automated process for verifying claims with the verification system to match
- Claims against policies and detect irregularities, often forcing companies to pay on fraudulent and invalid claims.
- Risk of under- or over-budgeting for warranty payouts due to inaccurate forecast