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Best Practice Database
Quality, Compliance and Regulatory » Assuring Quality Programs
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Challenged with evaluating high costs and increasing quality of manufactured products, companies are rethinking warranty policies and reporting frameworks. This study presents how companies deploy their warranty management policies and systems to quickly resolve problems, win customer loyalty, and reduce costs. More specifically, the research examines the length and number of warranty periods, warranty enforcement, and root cause failure reporting. Manufacturing executives can use this study to compare their warranty policies and quality reporting strategy against industry trends.
Best Practices, LLC conducted this study to highlight different warranty management practices that leading organizations utilize to garner customer satisfaction and minimize costs. In addition, the study explores innovative warranty practices and root cause failure reporting to customers and key suppliers.
Number of Warranty Periods Offered: Approximately half of benchmark companies (52%) provide a single standard warranty period to customers for all their products, which is most often 12 months. Furthermore, the products at 76% of companies are covered under 1 – 3 warranty periods per organization. The use of multiple standard warranty periods is generally driven by product complexity challenges; products that demand additional assistance in the form of installation or customer training often require a longer warranty time frame.
Use of Warranty Grace Periods: More than half of participating companies allow for a “grace period” in which to return products which extends beyond the length of the normal standard warranty period. This grace period is generally enforced on an informal (rather than formal) basis, and typically lasts – depending on the customer – for 2-3 or 4-6 months.
The research employed a data gathering approach that gleaned both quantitative and qualitative data from a representative sample of 24 leading global organizations. Leaders from five benchmark organizations provided additional insights through deep-dive interviews.