SANTA CLARA, CA (October 28, 2021) – Tavant, a digital products and solutions company, has developed a seamless warranty resolution platform that is a perfect fit for the fast-paced Electric Vehicle (EV) industry.
Companies are trying to stray away from one-and-done customers. Competition is fierce and organizations must ensure they are doing everything to retain and satisfy their customers. Tavant Warranty is an artificial intelligence (AI) and machine learning enabled warranty lifecycle management software platform that helps businesses manage contracts, create policies, track submissions, handle pricing, and more on a centralized platform. The solution is built on a dynamic business rules engine that helps automate and self-check claims during processing. Upon deployment, the system immediately begins to reduce lead times and accelerate throughput rates. The system enables an integrated workflow in which all the stakeholders can collaborate toward a common objective to eliminate errors, reduce warranty spend, improve product quality, and enhance end-customer satisfaction.
Administrators can configure and manage rule-based workflows to handle various operations, such as claims entries, policy term defining, service routing, and supplier contract management.
Tavant Warranty allows team members to create packing lists, generate barcodes, identify parts suppliers, create receipts, and manage shipment for parts return operations. It enables employees to define supplier contract terms, maintain a sourcing history, automate contract assessment tasks, and trigger recovery claims processes. The service management module also lets staff members schedule requests, track customer locations, generate invoices, manage reconciliations, and create email templates in multiple languages for customer communications.
Businesses can streamline customer relationship management (CRM) operations via third-party integration with Salesforce. Team leaders can use the analytics dashboards to generate customizable reports and gain insights into supplier rejection trends, error patterns, and performance KPIs, such as warranty expenses, processing efficiency, supplier recovery rates, and claims turnaround time.
Advantages of Tavant Warranty:
- 20% Reduction in Total Warranty Spend
- 30% Reduction in Claim Processing Time
- 50% Increase in Supplier Recovery
- 100% Elimination of Duplicate Claims
- 82% Reduction in Claims Backlog
- 75% Elimination of Paper in Process/ Communication
- 25% Improvement in Product Return Cycle Time
Electric Vehicles and their Impact on Automotive Warranty Management
With the surge in Electric Vehicles across the world, we can expect the OEMs to face an increase in the volume of technical warranty requests from their dealers. And because every vehicle is different, there will be a significant shift in how to handle these claims initially. The service and maintenance of an electric vehicle are likely to be highly different from a typical combustion engine, to which the industry has so far been geared. Not only do EVs have fewer mechanical parts, but some components also (such as plugs and sockets, inverters and powerpack coolers), aren’t part of the existing automotive warranty service.
There are also several different types of EVs, such as hybrid and connected vehicles, which could further add more complexity to the issue of long-term service and maintenance. To manage this transition, OEMs will need to become smarter about their warranty management processes. By using technology to examine warranty claims, OEMs can bring increased efficiency and transparency into a complex process. This will, in turn, enable OEMs to offer superior customer-centric service.
Tavant’s next generation warranty management software solution leverages artificial intelligence and machine learning capabilities in order to identify and understand patterns in warranty claims. Warranty management solutions can also be used to handle increased volumes in claims processing easily. Through machine learning and image recognition, the system can be trained to recognize parts and models automatically, or even detect fraud claims, saving manufacturers a tremendous amount of time and money.
Forward-thinking OEMs will need to tackle their challenges by using technology solutions to enable transparent cooperation with partners to offer sourcing, supply, and maintenance benefits and future proof their business.
Headquartered in Santa Clara, California, Tavant is a digital products and platforms company that provides impactful results to its customers across North America, Europe, and Asia-Pacific. Founded in 2000, the company employs over 2500 people and is a recognized top employer. Tavant is creating an AI-powered intelligent enterprise by reimagining customer experiences, driving operational efficiencies, and improving collaboration. Find Tavant on LinkedIn and Twitter.