When it comes to asset management, warranties are often being overlooked. Asset-intensive companies have an untapped opportunity: optimize warranty processes and reap both financial and operational benefits. Warranty claim revenue is just the beginning; improved asset reliability and production and better supplier decisions are the ultimate rewards.
Historically, warranty management has been a paper-based, manually intensive administrative task – the kind that is commonly relegated to a nonessential role. Consequently, equipment and fleet assets received service when needed, and the associated maintenance warranties were addressed as an afterthought or missed entirely. Any potential advantages were often perceived to be insufficient to offset the effort to track warranty statuses and pursue warranty claims.
Today, the rewards of actively managing warranties are easy to achieve, whether you maintain your equipment in-house or contract with service providers or the OEMs themselves. New, software-enabled processes that are intertwined with ERP asset management systems facilitate the coordination and communication of warranty efforts, leading to significant maintenance cost recovery, greater asset uptime and production, and lower asset lifecycle costs.
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