At a time when customer retention drives sales and customer experience is the name of the game, brands look forward to providing an unparalleled warranty claims experience for their customers. However, warranty management is a complex field and can prove to become a burden on companies profit. Read this blog to know how you can reduce your warranty claims cost.
Warranty processes and costs are dynamic and ever-changing. Manufacturers have to estimate warranty costs during product development and price the product accordingly. Sticking to strategies for containing costs is a real challenge. Here are some ways you can reduce your warranty claims costs -
1. Use data and analytics:
Harnessing and utilizing warranty data is any manufacturer’s best bet for reducing warranty costs. Analyzing the data will allow you to look into your post-sales customer service and find out which step the customer finds the most exhaustive and time-consuming. Warranty data not only allows you to save R&D costs but also allows you to use user-generated data to create an improved customer experience.
2. Automate your warranty process:
Traditional warranty management processes are manual and labour intensive, thus driving up costs. Automating the warranty process allows you to reduce your dependency on customer support executives and reduce customer support costs. It allows brands to manage a large number of warranty claims at once on a single screen, thus cutting down operational cost significantly.
Know how Syska reduced its warranty costs by automating its claims process - Download Case Study
3. Identify fraud, repetitive claims:
Warranty fraud can be difficult to detect, especially without skilled resources, processes and controls in place – e.g. internal audit departments, anti-fraud policies, and formal fraud risk assessment. As brands look forward to providing the best customer experience, a lot of such repetitive and fraudulent claims are left on the suspicion stage.
Check out this post to know more in detail “Reduce the cost of your product warranty claims.”
The global business process management (BPM) market is expected to reach USD 23.04 billion by 2024, according to a new study by Grand View Research, Inc.
The growth is attributed to the increasing number of benefits offered by the BPM solution, including better productivity, ease of use, flexibility, and reduction in the time to wait for customers.
The growing need for the integration of key functional areas in an organization is also expected to propel demand over the next eight years.
The business process management software exhibits high avenues in various application areas, especially in the IT & telecom and healthcare sectors.
Obamacare focuses on providing affordable health insurance to the U.S. citizens with the introduction of new taxes and tax breaks.
Security concerns related to the cloud-based BPM solutions are anticipated to hinder the market growth.
In this blog you will get the knowledge about how the Top 10 restaurant management software are working smartly and improve there business or increase the market presence of there restro from various factors like sales tracking , Purchasing Inventory , Order Management, Staff management , Marketing feature , Accept Gift Cards and Increase Income , User Friendly User Management , Heavenly Technical Support ,Simple Menu Setup and Comprehensive Reporting and Customer Data.
This is the some techniques which is uses by the resturant to work very easily and manage all the thing.For get the more knowledge and explaination about the given factors visit our website
Business models are considerably evolving with the technology, and when it comes to choosing the right choice for your business, you have to consider the long term benefits that will have a strong impact on your overall business later wards.
The most projecting reason behind using the SaaS subscription management software is its ease of providing services to businesses and end-users without taking the burden of maintaining infrastructure.According to a survey, 16 % of the business companies were using the SaaS subscription management software back in the year 2016 and the adoption is expected to increase this year.
This means that companies are relying on the best subscription management software for their business processes and getting their requirements done.Benefits of using SaaS Subscription Management SoftwareFlexible payment methodsHaving said that, one exclusive benefit that the SaaS subscription management software provides users with is its pricing strategy.
It enables users to pay only for those services they intend to use rather than paying for the complete software.No Operational CostOne more benefit that the SaaS subscription management software brings on the table for its users is, there is no need to think about managing hardware related issues.
And due to the nature of cloud computing in SaaS subscription software, it enables your business to operate at the forefront of software development, which means that shifting from the regular software will not only benefit the company's operational budget but also create a considerable increase in efficiency, productivity, and accessibility of business operations.Apart from the cloud technology that SaaS offers to its users, there are certainly other elements that need to be considered while shifting towards the best subscription management software which isTime ManagementWhile you deploy a cloud-based system across your subscription business you do not need to invest additionally on hardware.
As the cloud solution deployment time is nothing as compared to on-premise systems.
