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When product sales are uncertain and operational consistency is unattainable, more and more, service executives are driven to increase their service profits.
How do they accomplish this? Improvement in warranties and contracts.
What we know:
Manufacturers worldwide spend up to 7% of product revenue on warranty claims each year
In the United States alone, this adds up to approximately $23 billion in warranty claims
Worldwide this totals more than $50 billion
Have you considered the plus side to warranty and contract management? On average, service contracts and warranties contribute 53% of total service revenue; and there’s room to grow…
So what’s holding everyone back?
Functional silos, lost cross-enterprise knowledge, a lack of visibility for improvement
Inefficient parts returns, manual claims processes, poor data quality, low supplier recovery
Warranty processes that don’t consider product issues
An inability to identify and resolve product and service issues
All resulting in:
High warranty costs
Missed revenue opportunities
Low dealer and customer value
Unreliable product and service quality
And because a large impact on warranty cost is the product’s performance, the opportunity to improve warranty means being sure the product performs as intended – or better.
How can manufacturers achieve this? By putting product information at the center of the warranty lifecycle
A product’s performance is tracked by understanding its service events.
This data writes a product’s history
PTC Warranty and Contract Management solution captures it all
Having this complete record creates an as-maintained bill of materials (BOM).
Everyone can leverage the same knowledge to improve product performance and the customer experience.
PTC Warranty and Contract Management solution offers industry-leading analytics to proactively detect issues, anticipate service needs and identify fraudulent claims, directly helping manufacturers to limit overall warranty exposure.
The Benefits: Best-in-class manufacturers who have implemented a strategic approach to warranty and contract management…
Retain customers at a rate of 89% – compared to 51% for those with no warranty and contract management solution
Renew 90% of current service contracts – versus only 40% for those with no warranty and contract management solution
Improve customer value. Improve profits. Increase revenue.
When your product performs beyond expectations risks are diminished, warranty claims are lowered, and service costs are minimized - all contributing to an improved overall service experience for you and your customers.
Increase customer value with PTC award-winning Warranty and Contract Management Solution ptc.com/go/warranty
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