Extended Warranties: A Retrospection
In today’s competitive business environment, organizations are concentrating not just on sales but the aftermarket promises – made in the form of extended warranties. While people have been reading the abundant material, written by skeptics, on why extended warranties might do more harm than good, efficient contract management has proved to be the key to retaining and expanding customer bases for many manufacturers. There is a growing need for organizations to imbibe technological innovation into their culture. The current drive is to automatically manage rules for payouts, contact deadlines, rates, replaceable spares, and so forth. A better customer management process can only be achieved with an end-to-end support system in place. What customers like Customers relentlessly crave for more – every time and are willing to spread the good words about your brand if you make them feel that warranty claims are a cakewalk. Organizations, thus, use intelligence-driven claim-submission modules for customers to avoid unnecessary interactions. Extended warranty holds the key to OEM profitability, and in the long run, helps achieve deeper market penetration with smart, dynamic pricing. It is a general observation that a field asset may not be replaced entirely, especially if the spare is not included in the warranty. That is where you can create the scope for a customer to benefit from the power of dynamic pricing while offering extended warranty. You can offer to replace the spare for a one-time payment, which optimally covers the cost and doesn’t create a burden on any of the sides of the business. Thus, extended warranty helps attract more customers and improves ROI, while increasing your aftermarket profitability. Offering what customers prefer With artificial intelligence and machine learning enabled features like new quote management, OEMs and dealers can reach out to customers with new offers and promotions. Preparation of such offers can be a daunting task for sales teams, but with smart technology, they can progress efficiently. In this way, customers can benefit from real-time pre-approved discounts, pricing updates, the latest products and services, and more. Organizations are looking for platforms which can deliver such information in a customized way and increase the real value offered to customers. Extended warranty a common practice Decentralized operations of extended warranty have reaped benefits for organizations as well as customers. It is standard practice these days that dealers or distributors offer extended warranties in addition to standard warranties provided by OEMs. This approach creates value and captures market share by extending goodwill toward the market. And, finally It is imperative for OEMs to monitor their internal policies continuously and maintain their command over operations. That would prevent leakage through fraudulent claims and add to customer delight. Organizations require a flexible technology arm, which can modify, cancel, and alter contracts as per client demands, but in line with the organization culture. Get to know more about ideas and thoughts from a team that is passionate about delivering artificial intelligence and machine learning solutions that impact customers’ core businesses. Have something to say about this blog post? Share it with us on LinkedIn, Facebook, Instagram and Twitter. Meet our AfterMarket experts at Warranty Chain Management conference, WCM 2018 in San Diego from March 6-8, Booth 11.
Dain Ehring joins Tavant as Senior Vice President, Market Development
SANTA CLARA, Calif., March 23, 2017 – Tavant, a leading Silicon Valley-based digital solutions company, today announced that Dain Ehring has been hired as its senior vice president of market development. Ehring will contribute to Tavant’s overall growth strategy. He will focus on top tier customer acquisition and growth, market and practice development, thought leadership and customer success. Ehring is an accomplished executive and entrepreneur with expertise in high technology leadership and engineering. Prior to joining Tavant, Ehring served as the founder and CEO of Dorado Corporation. Ehring structured the company’s successful sale to CoreLogic (NYSE: CLGX). Before founding Dorado, he worked with luminaries such as Steve Jobs, Eric Schmidt, Scott McNealy, and Jonathan Schwartz. “Dain has proven track record building market leading products and platforms,” said Hassan Rashid, CRO of Tavant. “We are excited to strengthen our talented team with his rich experience.” Tavant is known for its innovative platforms and solutions that have enabled it to become the preferred technology partner for companies in chosen industry verticals: consumer lending, media, eRetail and aftermarket. “It is a privilege to join Tavant and be part of its continued commitment to innovation and specialization,” said Ehring. “Tavant has great leaders who have a vision and passion, and at the same time, are grounded in human fundamentals. This is a unique combination. And it manifests success.” Ehring serves as an advisor and mentor at several technology incubators, start-up organizations and university programs. He also sits on several technology and philanthropic boards and has authored dozens of thought leadership articles on topics ranging from science, technology, politics and financial services. Ehring holds a Master’s degree in Space Physics from UCLA and is an avid traveler and blogger. Find Tavanton LinkedIn and Twitter. Media Contact: Vibhor Mishra Tavant +1-408-519-5400 [email protected]