In recent years, software intelligence has lifted the burden off manufacturers by reducing the number of warranty claims they receive. Intelligent software also recovers costs from suppliers accurately and protects you from fraudulent claims. All the data stacked across your systems can be analyzed with advanced intelligence and you can get your departments to collaborate seamlessly. But legacy systems were inept at doing that.
Data collation goes beyond warranty-claims data. A thorough visualization of the complete ecosystem of numerous suppliers, assembly systems, processes, sales and service chains, and their interrelationships is important. An advanced system can hunt down the root causes of claims and unravel the intricacies: What products or parts fail more often, if more claims come from any specific geographical area, are there seasonal patterns, is any particular parts supplier responsible for more failures, is the supplier-recovery process timely and efficient…
Practically, every bit of data in the supply-production-quality-warranty chain needs to be analyzed. Every bit of data can be seen from all possible angles using software. This extends to a daunting variety of data sources—supply chain, bill of materials, product life cycle records, dealer-distributor-service networks, CRM records, call center records… the list can just go on.
Predictive warranty intelligence systems analyze these data and help you do at least three key things with tremendous business impact:
- Forecast potential issues early enough to prevent them from causing heavy losses
- Prioritize issues according to magnitude and urgency for the system
- Identify factors that cause recurring failures so that you can focus on eliminating them
By nailing the problems, you will be able to reduce the financial burden coming from warranty claims, continuously improve product quality, and build up customer satisfaction. The correctly implemented warranty intelligence system should let you get real-time information on warranty KPIs (key performance indicators) in easily understandable graphs, charts and other visuals. All of that comes with a few clicks on a very intuitive graphical user interface.
In such a system, dashboards can be integrated with complete qualitative and quantitative information on critical performance metrics with respect to suppliers, factory processes, product lines, models, dealer, service centers, customers, geographies, etc.
This provides a robust and informative reporting framework that covers:
- Warranty expense
- Claims turnaround time
- Processing efficiency
- Parts return efficiency
- Supplier recovery rate
- Supplier quality
- Cost drivers analysis
- Reliability analysis
- Reserves
The money you lose on warranty is nothing compared to the goodwill and opportunity you lose by not using warranty intelligence solutions. Warranty intelligence can help you find and eliminate root causes of situations pertaining to warranty claims. That helps to improve manufacturing practices and unprofitable supply contracts by identifying repeat claims. Warranty costs and time spent on processing claims can be reduced in the long run.
Powerful analytics can convert raw data into actionable insights and aid data segmentation. Early-warning systems are implemented to track error patterns, and thereby generate inputs to improve product quality and reliability. Proactive measures for improved product quality, higher reliability, and reduced downtime enhance customer satisfaction and retention. Data-driven IT implementation improves the accuracy of reserves forecasting with accurate historical warranty data and trends. This helps you plan the cash flow easily. All in all, the latest systems can transform your organization into a new profile with a higher level of customer esteem.
