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Warranty Solutions: Benefits
Costs and liabilities incurred in supporting Warranty programs are staggering. According to analysis of the public financial filings of some 650 manufacturers conducted by Warranty Week, even though the numbers are generally increasing in line with increases in sales, U.S.-based manufacturers alone spent over $28 billion in 2006 to support Warranties—of which almost 50 percent was spent by manufacturers in the Automotive industry. While global data is not available so easily, clearly the non-U.S. global spend must be huge and—based on recent history—the potential of one or more major safety-related events or "spikes" in expense cannot be discounted.
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Recent legislation, such as the Transportation Recall Enhanced Accountability and Documentation (TREAD) Act, Sarbanes Oxley and End of Vehicle Life (ELV), has only intensified companies' risk, exposure and concern. For Automotive manufacturers as well as for those in many other segments, Warranty ranks as one of their highest operational costs (along with compensation and benefits for active and retired associates)—and, today, as a primary target of board level and shareholder focus. The generally mandated requirement for manufacturers to reserve funds for projected Warranty claims results in much needed cash being "untouchable" and, in the worst case, in companies failing because those reserves were not sufficient to cover an unanticipated Warranty event.
The billion dollar question: How can companies better control and reduce the costs and
liabilities associated with their product Warranties?
Answer: Snap-on WarrantySM.
Snap-on WarrantySM enables companies to implement leading practices in Integrated Global Warranty Management. Using Snap-on WarrantySM, manufacturers and their authorized business partners can:
Capture, Consolidate, Standardize and Integrate data in varied formats from multiple sources to facilitate:
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Effective management of the entire process from Registration, Claim Capture and Adjudication through Parts Return, Supplier Recovery and Settlement.
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Design and enforcement of consistent Workflow and Policies—key people can be focused on solving problems and making decisions on the exceptions instead of routine data preparation tasks and review of acceptable transactions.
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Automation of workflows and improvement in communications between internal associates and external business partners. Role-based security and secure extranets ensure that dealers, manufacturers, suppliers and other business partners may enter and share key data in real time.
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Production of accurate and timely compliance reports and consolidation of Warranty data with other operational and enterprise data. Early warning of issues and facilitation of enterprise and global operations is supported by timely and accurate data and by infrastructure optimized for both efficient operations and comprehensive analysis.
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Analyze and Evaluate finished good and component behavior in the context of product lifecycle histories, enabling executives, analysts and other business users to:
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Gain clear insight into failure and behavior patterns—and then identify, model and communicate appropriate corrective measures.
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Detect invalid payments and fraudulent/duplicate claims.
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Accurately forecast projections for Warranty reserves, demand for parts and cash flow associated with cost recovery.
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Inform and Correct through "Continuous Loop" communications. Snap-on WarrantySM facilitates timely and accurate workflow and the application of consistent policies—helping to:
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Ensure that defects and specification issues are contained rapidly, limiting the impact of recalls and campaigns.
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Reduce the potential for misapplication of parts.
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Enhance Service and Warranty processes at the dealership or third party service provider.
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Communicate immediately corrective measures to address emerging trends—as soon as issues and related solutions are determined.
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Current activities are often loosely interconnected. Snap-on WarrantySM helps companies align their Service and Fixed Operations activities within and across the supply chain around the requirements of their business and the business of customers and business partners. Manufacturers are able to significantly increase the efficiency with which they can manage, analyze and streamline their operations.
Organizations that deploy Snap-on WarrantySM typically receive measurable return on investment within 12 months of implementation.
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