Above picture captures a detailed warranty service workflow. For Example, world-wide warranty spends by Auto and Discrete Industry stands at ~ $70 Billion with the Automotive OEMs accounting for $ 30bn+. On an average, OEMs spend 1% to 4% of their revenue on Warranty and related costs. A deeper look at the spend and we realize Product Defect costs (~40%), Administrative Overheads (~22%), Supplier Recovery costs (~15%) and Fraudulent Claims (~12%) are the major factors contributing to the ever increasing cost pressures.
Fraudulent Warranty claims is clearly impacting manufacturers due to technology void. smartDNA® presents a focused holistic technology in validating real warranty claims while detecting false claims successfully. These coupled with track-able intelligence presents a high value to manufacturers towards actionable prevention.
smartDNA enables instant & credible remote authentication. Credible remote validation of warranty can bring down the cost and speed of warranty validation. Asset authentication for its originality helps plugging revenue leakage on supporting warranty for counterfeited product. Asset authentication for tampering prevent revenue leakage on supporting warranty for tampered product which otherwise would have been VOID. Claiming warranty for tampered or counterfeited product under dealer, customer and/or employee connivance comes under umbrella of warranty fraud.Using m-Warranty, all stakeholders including manufacturers, suppliers, service providers, and end-user customers can collaborate to reduce warranty expenditures, improve product quality, and enhance customer experience.
smartDNA enabled m-Warranty enables global companies to:
- Automate claim processing based on business rules and minimizes data entry by retrieving customer, product, and warranty information automatically
- Manage a variety of claim types including; standard, extended, parts, and used product warranties, as well as, campaigns/recalls and goodwill
- Integrate with Financial, ERP and other enterprise systems using standard web services to enable seamless end-to-end warranty processes
- Enhance business performance, reduce warranty and service contract costs, and improve product quality through warranty analytics, fraud detection and predictive analytics