Warranty Management and the Importance of Consolidated Asset Registry Data

A complete warranty management system tracks the history of maintenance and repair activities related to any given asset. Warranty agreements cover the insurance of a device for a certain period, which may differ per manufacturer. Ideally, during this period any defect or covered part requiring repair is provided by the manufacturer at no cost. It is of vital importance for any company that provides in-house or external O&M services to be able to track and maintain a record of their warranty commitments to make better financial decisions regarding their operational costs. Let’s take a look at the ways software can improve the management of your assets.

Alarms

Automated alerts and notifications that transmit to management teams should convey information in a meaningful way about key device warranty dates. Standard monitoring alarms may only provide notification if the device fails during operation but if the warranty has expired, the cost associated with the repair will increase drastically. Ideally, your team should be notified beforehand when a devices needs service or when a warranty agreement will expire.

Asset Registry

An asset registry tool which contains the consolidated data of all your projects operating assets is a great way to maintain a high level overview of all device warranties. Tracking the operational health of your devices as well as the contractual information related to each of them in a tool like this can also help clarify how many times an equipment went through a repair process or was linked to a work order in any given timeframe. It should allow for easy tracking of an asset’s lifecycle from purchase, storage, installation, maintenance all the way to replacement and disposal. This is an important way of saving costs and increasing business productivity. Knowing when the warranty period starts, ends, and whether it starts upon installation or upon receipt to a distributor?  All of this information should be trackable for all assets to determine which should be used first in a parts pipeline.

CMMS

Many companies that manage the day-to-day operations of assets rely on a CMMS system to track tasks related to maintenance, inspection and repair. The benefits of using a cloud based CMMS tool are numerous as it connects every member of your team in one place. Assign and schedule planned and unplanned maintenance, track ongoing and completed warranty repairs or inspections and always have historical records available to reflect back on. This gets tied into your warranty and inventory management.

Administrative Tools

Its great having all of this asset data in one place, but a good management tool should let you keep track of other data as well that is still relevant to your warranties. You should have the ability to keep track of company and product details such as information about dealers, distributors and manufacturers, and the products or services they provide of relevance to you. You will also need to run reports on inventory and device warranty that should offer insight into recent claims by device and location.

Data driven warranty management reduces the financial burden on your assets, however, many people see warranty processes and their costs as an afterthought in project budgeting. Having a fully consolidated software solution to enhance the visibility of warranty information as well as claim history and processing, will reduce the operational costs and the possibility of delays in operation due to warranty claims being rejected.

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