In this post, we'll look at Service Lifecycle Management and reduce any negatives around SLM as much as possible.
What is Service Lifecycle Management?
Service Lifecycle Management refers to a strategy that assists organisations in recognising their gross income potential and productivity.
It facilitates post-purchase service activities such as product registration, warranty, service contracts, parts, support, knowledge, and service.
When done correctly, Service Lifecycle Management differentiates your product and provides incomparable value to customers.
Key features of SLM software
- Workforce Management
- Asset Management
- Reverse Logistics
- Knowledge Management
- Contract Management
- Returns and Repair management
How can SLM make your company more profitable?
SLM's core objective is to continuously raise the quality of service, and productivity of an organisation to increase customer satisfaction and profitability by making use of management information.
Figure 1: Connected Enterprise (Figma)
As seen in figure one, SLM is an integrated component of PLM software which is a valuable strategy for businesses, particularly manufacturers with increasingly thin profit margins.
It allows businesses to increase revenue by offering services, add-ons, and upgrades.
SLM provides high quality service at lower pricing, resulting in a higher ROI.
Other benefits of Service Lifecycle Management
- Improved Productivity
- Increased Revenue through targeted upgrades
- Improved Asset Uptime
- Increased Customer Satisfaction
- Lower Maintenance Costs
- Reduced Risks
To summarise, SLM can increase service operational efficiency by making essential information available throughout a product's lifecycle.
SLM can help reduce service and parts expenses as well as wasteful returns of faulty products. It can also help to improve service quality, which can lead to higher customer satisfaction.
SLM methods and software also increase the profitability of service calls by include functions such as upselling replacement items and components, renewing service contracts, processing payments, and tracking warranties that are up for renewal.
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