Having a business also means having a lot to tend to. A medium to big scale business would already have different departments that make the whole thing run. Product-centered businesses alone must have a marketing department, a finance department, human resources, product research and development, operations, sales, etc.
Thankfully, technological advancements have not only been aiding us medically and making some daily activities easier to do, but it also found ways in making business processes more manageable, such as online transactions, user engagement, warranty management systems, and more.
There are so many things that are happening at the same time that adding one more to the boat might just tip the whole thing over. Having access to such technology and adopting specific systems can help lighten the boat’s baggage.
One thing that has great benefits, in particular, is the warranty management system. Let’s break it down, shall we?
What does warranty mean?
A warranty is a guarantee or a statement of assurance that the product manufacturer issues to its consumer. The statement promises the consumer repairs free of charge or product replacement if the product fails to meet its advertised qualities. It covers product defects and really poor performance issues. Other than that, if the consumer were to have accidentally broken the product, the warranty would not be in effect.
So what does that mean for the business?
Legally, that can only mean a deluge of consumers wanting to abuse this policy, and therefore, it would consume a significant amount of time processing all the claims. Besides time, resources would also be used up for regulators, lawyers, and damage control. Profit loss would be inevitable should there be no system governing this process.
So how does the warranty management system fit into all of this?
Since it was discussed that handling warranty tends to be a process that isolates itself from the rest of the departments. Having an automated system allows the business to bridge the spaces between warranty management and the other functions.
This connection will allow the business to keep up with apparent trends that can help in future product quality assurance because data collected from the claims can be used to improve the first stages in product development. In the long run, the system will only keep making the company better and more efficient.
Automated systems can also make the claims process more seamless both on the consumer and the manufacturer end. Because everything is stored in quantifiable data and the system can be taught to adapt to evolving patterns, fraudulent claims may also be significantly lessened.
Adapting this system can also increase consumer engagement rate as well as heighten consumer understanding. This relationship can be mutually beneficial because, on the consumer’s end, they get to know more about the company that they are supporting.
Meanwhile, manufacturers get to produce better products with fewer costs and more efficient processes because they took advantage of what they know about their consumers.
Effectively implementing a warranty management system can go a long way in a business’ success.