Over the last twenty years, there has been a steady evolution of warranty software. This evolution has been a bit like the revolution in the world of mobile technology. As we have moved from 2G to 3G and now 4G, similarly, there has been an evolution in the field of warranty from the second generation prior to 2001, followed by the third generation. Now we can see the onset of a new generation, wherein not only mobile technology but also cloud technology is already playing a dominant role.

The drive to reduce costs will always be of paramount importance. A new class of software is used to cut the cost of warranty services while bringing about improvements in product quality. Combined with streamlining and unification of the value chain, that promises a painless future for manufacturers.

Warranty analytics for a clearer view

While warranty is a competitive advantage, it can also turn out to be a painful cost center. In case there is failure to analyze the causative factors for product failures, the cost of warranty will rise. This can also happen in case claim frauds go unchecked.

It is not as if there are not enough checks and balances. The problem is that they are ignored due to feasibility issues. Therefore claims and claim forms, sale of parts and the orders, the records at the dealer and the distributor, all these are to be checked and analyzed regularly. This is an intimidating task for human operators.

The major problem is that by the time you find out the fault, the fault has already happened. The necessity is therefore to be proactive and predictive. A warranty analytics platform ensures that the monitoring carried out is of high quality so that there are far less incidents of fraud, accurate claims are raised and paid for, and there are better supplier recoveries. However, it is important to ensure that warranty administration maintains a hawk’s eye surveillance of data and analytics besides ensuring collaboration. The basic requirement is therefore; to convert raw data into powerful insights and that is the crux of warranty analytics.

Results and features of warranty analytics

It is possible for manufacturers to beat increasing costs if they are able to detect fraud and emerging defects before they can take a toll. Today’s warranty administration techniques can achieve this because of proactive warranty analytics. Leading creators of IT solutions are now able to offer this with the help of software that will make it possible to detect defects and prevent failures. Such software can also analyze warranty claim reports and establish emerging trends, as well as stop fraudulent claims besides helping recover the cost of warranty from suppliers. It is possible to reduce risk and cut down on costs while simultaneously improving both, quality and customer satisfaction.

Some of the features present in the latest software include:

• The blending of data accessed from manufacturers and suppliers besides service providers as well as call centers
• Detection of emerging issues much before they become a problem
• Interactive dashboards to monitor various claims and analyze root causes
• Generate necessary reports for regulatory compliance

The biggest advantage from today’s warranty analytics lies in being able to cut warranty costs with the help of early warnings that accurately indicate emerging issues.