Like what you read? Share on Blog Mar 15, 2023 The Advantages of Digital Warranty Management System for Your Business When you reduce the cost of failure, you see a big eruption of innovation.” Gary Hauthier UNDERSTANDING DIGITAL WARRANTY MANAGEMENT SYSTEM A system used to receive, track, manage and store documents and reduce paper. Most are capable of keeping a record of the various versions created and modified by different users (history tracking). In the case of the management of digital documents such systems are based on computer programs. Warranties play an important role in the business cycle. They are also critical to the product’s sales and marketing. The features that make digital warranty activation management (DWAM) highly useful for brands. WHY HAS IT BECOME THE “NEED OF THE HOUR”? The increasing level of warranty frauds has given birth to Digital Warranty Management Solutions. Every certified operating Brand provides a warranty for their products to the customers, but the problems that face them don’t allow them to keep their consumers happy. Some issues that obstruct the way of brands are like - Usage of Traditional Approach of Providing Warranty The traditional approach of providing warranty involves a lot of manual labor. Still, brands fail to adopt the ways of providing digital warranty to their consumers. This weakens the connection between the brand and its consumers. Fraudulent Claims of Warranty Brands are losing a lot of revenue because of undetected fraudulent claims of warranty. Some people manipulate the hardcopy of bills to claim warranty. Brands can’t keep a check on all these practices through manual processes. That’s why Digital Solutions are rather the need of the current times in order to survive at best. THE LATEST LEADING ONGOING TRENDS Some of the latest trends as of 2021 are: 01 1.IoT (Internet of Things) QR-Code Based Solution: The uniqueness and single-use capacity of the QR-code act as the base of this famous warranty management tool. The ease of using QR-code scanning is also the source of strengthening the relationship with customers and the retailers. 02 Blockchain It ensures the security of the supply chains along with the track and trace facility of the products. The maintenance of data through blockchain reduces the administrative costs, time span, and thereby increases the fraud -resistance, and customer experience. 03 Predictive Warranty Analytics It works on the basis of prediction and forecasting. Hereby, Warranty Analytics uses the data and works for the product quality and service, product use, repair procedures, and warranty services. 04 Increased use of mobile IoT-based technology along with the use of mobile phones is gaining popularity for digital warranty activation management. Brands’ warranty departments have started using mobile-savvy applications to keep a check on warranty entitlements, product recalls, alerts for product services, warranty registrations, and so on. 05 Cloud-based Analytics It is considered to be a digital warranty management system that provides a high intensity of scalability and flexibility and sharing capabilities with defined authority. THE BENEFICIAL ASPECTS OF IT There are solid functions a sound digital warranty management system can perform for your business. 01 Complete Package End-to-end digital warranty management solutions facilitate claims, repair, and replacement with utmost ease. 02 Informs the Manufacturer and Saves the Customer From Fake Products The customer can ensure that the product is genuine, and the manufacturer can maintain goodwill by receiving information of each authentic piece sold in the market. 03 Seamless Integration with Your CRM Inbuilt CRM offered by advanced warranty management systems unifies the data used by service teams for effective warranty management. Businesses can organize customer queries from one source. 04 Competitive Advantage of Data Analytics Warranty solutions equipped with intelligent dashboards offer relevant insights for better decision-making. 05 Mobile Application Interface for Management customers can manage registration and claims in no time with an easy-to-use web-based mobile application. 06 Onboarding Offers Vital Customer Data Once your customers are convinced that the warranty management system you provide is hassle-free and will save time and manual effort to manage repairs and replacements, the number of your registered customers will increase, giving you access to the valuable data for which companies spend a significant amount. 07 Product Feedback In addition to counterfeiting, managing warranty solutions, and using the in-built CRM, customers can also send product feedback via email or SMS 08 Direct to Customer It enables businesses to communicate directly with the customers, eliminating distributors and retailers from the chain. 09 DIGITAL SOLUTIONS ARE A POWERFUL TOOL Corporates do not need another pandemic to learn that only online businesses can survive the worst of times. How do offline companies move online, and how do existing online businesses bank upon customer data without which it is impossible to grow? With smart products emerging in all industry sectors with growing time, traditional warranty techniques are going regressive in the 20th century. The answer lies in independent solutions because sharks like big existing brands take away a significant share of your profits, control your identity and market position. You can start with such platforms but can never grow with them.