Emerging Trends in Warranty Management Systems of 2022.

An effective warranty management system can deliver the results customers expect in this digital age and save your business valuable time and money. By using warranty management software that seamlessly integrates with current market demands, you can receive claims, review coverage, and initiate repairs more quickly and cost-effectively.?

The Warranty Management System Market had an estimated value of USD 2.87 billion in 2020 and is expected to reach USD 6.24 billion by 2026, growing at a CAGR of 13.8%. Corporations worldwide lose money due to the increasing number of warranty claims and counterfeit products. By using warranty management software that seamlessly integrates with current market demands:

1. You can more efficiently receive claims
2. review coverage, and
3. initiate repairs quicker and cost-effective

Read on to find out what the latest warranty management systems are and what they can do for uplifting your business.

1.IoT (Internet of Things):

Successful brands are implementing digital copies of guarantees to deliver high-quality consumer services and eliminate counterfeits. IoT backed QR code-based Digital Warranty System is the current choice of big brands. The tamper-proof and single-use nature of QR codes allow One-Click based single time warranty registration.?

Paperless claim management works via the IoT, a multifaceted concept that offers excellent solutions to reduce warranty costs.???

Smart QR codes help automatic fault batch alerting systems for repair/replacement, control warranty frauds, and work for geo-fencing your distribution for infiltration track n trace.?

2. Advanced Analytics:

Using artificial intelligence and machine learning, companies embrace sophisticated analytics to drive quality and warranty reforms to the next level. The integrated strategy protects these manufacturers against warranty fraud, lowers the total cost of quality, and promotes consumer expectations. The benefit of a well-planned and rigorously performed digital transformation thus goes beyond cost savings to encompass increased profitability and sales.

3. Predictive Warranty Analytics:

Big Data, data mining, and cloud-based analytics advancements allow brands to profit from predictive analytics. It operates on forecasting and prediction. As a result, Warranty Analytics employs data and performs work for product quality and service, product usage, repair methods, and warranty services. Predictive analytics powered by warranty data increases the accuracy of warranty accruals, identifies emergent issues sooner, prevents claim fraud, and reduces the time required to sift through mountains of data/reports.?

???4. Big Data and AI:

Some manufacturers are searching for augmented reality (AR) technologies to manage warranty parts and customs clearance processes. Buyer contact information, date and location of purchase, product and vendor information, and so forth. They are collected and exported to improve top devices and apps linked to warranty management systems.

Brands use this information to give extended warranties and value-added services. The strategies utilized in collateral management can aid in the prediction of cost-effective solutions.

???5. Cloud:

Due to increased counterfeiting and security concerns, companies are now migrating their data to the cloud. The leading industry players are offering cloud solutions that could boost market growth over the forecast period. In addition, organisations are actively investing in cloud computing across various industries, which could positively impact market growth over the forecast period. This prevents any kind of warranty fraud in the claim and returns procedures.?

Finding the Right Solutions for Warranty Management

Finding the answer to warranty management can seem complicated and daunting, but you will be surprised to know how an IoT backed QR code-based warranty system is doing wonders. If your brand is also looking for digital transformation, contact Genefied.

DWAM (Digital Warranty Activation Management) is the right platform for you. It provides data aggregation and visualization capabilities and is optimized to deal with ever-rising warranty frauds and claims management.