Warranty

Warranty Management Part 2: How Can SteamChain Streamline Warranty Management?

Wednesday, August 8, 2018

In part 1 of this article, the challenges of warranty management were addressed. A seemingly simple system actually has many areas in which companies can possibly improve. Even small improvements in processes can increase customer satisfaction and revenue, ensuring repeat customers and continued business. Companies with suboptimal warranty management systems may have trouble in handling warranty claims internally, ensuring customer segmentation, providing acceptable benefits, satisfying customers, or mitigating fraud. They may also be spending too much on their systems or forgetting to use the systems for revenue. In terms of all the challenges posed by a warranty management system, SteamChain can be the solution. Any point at which a company can have difficulty, SteamChain can improve for the company's benefit.

  • Warranty Claims

SteamChain offers top of the line technology to handle warranty claims. A majority of companies prioritize updating their technology slightly every few years in order to stay on the cutting edge, but SteamChain's blockchain technology is leading  edge specially designed for performance-based warranties. Using SteamChain to manage warranties means that warranty management will always remain at the level of the best technology.

  • Customer Segmentation

With the best technology available for warranty management, SteamChain makes customer segmentation easy. Better customer segmentation means that legitimate warranty claims can be quickly identified and warranties can be fulfilled more quickly. The faster warranties are satisfied, the more likely a company will gain good will and repeat business.

  • Acceptable Benefits

SteamChain's smart contracts ensure that, if a customer needs to use a warranty, it's worth that customer's time to seek the warranty's benefits. With smart contracts, a customer is never left without benefits, and a company can easily analyze the performance of its products. The better a product performs, the more satisfied customers will be, and the more they will be willing to use warranties in the future when they are needed.

  • Customer Satisfaction

SteamChain offers machine builders a robust and customizable system to create the warranties they need. The system eliminates the need to shunt warranties through many channels in many departments, thereby allowing the company to serve its customers well. When customers are served well and are satisfied by their interaction with a company, they will be increasingly likely to  return for business in the future.

  • Fraud Mitigation

Fraud is sometimes a problem when satisfying warranties, but SteamChain's smart contracts provide a secure way to handle warranties without the possibility of people making mistakes or being manipulated. Smart contracts execute and enforce themselves, so they can detect if a warranty claim is fraudulent much more quickly than can a person. This saves a company money and keeps customers happy, because they don't lose their warranties to fraudsters.

  • Cost Reduction

Performance-based warranties make administration of warranties easier, meaning that it takes less time and effort to satisfy them. The less time taken to satisfy a warranty, the less money a company must spend to make sure that a warranty is satisfied. SteamChain makes warranty management extremely fast and competitive, cutting costs for companies, while still allowing them to deliver the highest rates of service to their customers.

  • Revenue Generation

SteamChain can help customers tap into new revenue with performance-based warranties by making it easier for them to stay in contact with their customers. The robust warranty management systems designed by SteamChain can help companies identify customers to engage with, then make their experience more enjoyable, increasing the possibility that they will return for repeat business, which means more revenue generated per customer.

Since every company handles warranty management differently, SteamChain can put together customized solutions for each company's needs. Hardware as a service must be flexible in order to meet the diverse needs of the manufacturing sector, and SteamChain is up to the challenge, using its flexible framework to increase efficiency and revenue across many industries and countries. SteamChain can manage warranties across countries, between multiple system types, and even if they change while being satisfied. Companies and customers both expect flexibility and high standards with respect to warranties, and SteamChain delivers on those expectations.

SteamChain is a powerful and flexible solution to the challenges posed by warranty management. Choosing the right solution to warranty management issues ensures that a company can satisfy its customers and continue increasing revenue.

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