PTC Named 'Leader' In Worldwide Warranty Transaction Management Market In New IDC MarketScape Report
PTC (Nasdaq: PMTC) today announced it has been named a leader in warranty transaction management software, according to a new report from IDC Manufacturing Insights (IDC MarketScape: Worldwide Warranty Transaction Management 2012 Vendor Assessment, Doc#MI235797, July 2012). IDC Manufacturing Insights examined the capabilities and strategies of key vendors in the warranty software space and determined that PTC is a leader because its warranty solution enables durable goods manufacturers to have better visibility into product performance and warranty performance metrics that can improve quality, reduce warranty costs and retain customers.
According to IDC Manufacturing Insights, manufacturers spend over $23 billion of product revenue on warranty claims annually in the United States alone. Warranty management analytics help manufacturers assess service effectiveness and product performance in order to generate the maximum benefit across the product and service lifecycle. Warranty transaction management systems, like PTC iWarranty™ software, are at the center of customer interactions in the service world and are being called upon to do more than simply process claims.
“Warranty management solutions help reduce inefficiencies and financial liability resulting from suboptimal warranty management,” wrote Sheila Brennan, program manager for IDC Manufacturing Insights' Aftermarket and Service Strategies research practice. “Based on the company’s scores in the rigorous research methodology set forth by IDC, PTC is positioned as a leader in the worldwide warranty transaction management market. PTC is one of the largest and most tenured players in the market, and has strong product capability and a well developed roadmap. The PTC iWarranty application is highly capable and is a good choice for an organization looking for an out-of-the-box, complete warranty solution with flexibility for customization. The company’s greatest opportunities lie in offering additional field service capabilities and in the effective integration with its PLM offerings. PTC received excellent marks from its customer references.” For more information, reference IDC Manufacturing Insights, IDC MarketScape: Worldwide Warranty Transaction Management 2012 Vendor Assessment, Doc#MI235797, July 2012.
PTC has been developing a deep set of capabilities for service executives over the past several years, expanding its Service Lifecycle Management (SLM) portfolio through a combination of organic development and strategic acquisitions. As it relates specifically to warranty management, PTC acquired 4C Solutions, Inc. (4CS), a developer of warranty management and service lifecycle management software, in September 2011. As a result of that acquisition, PTC now offers manufacturers a Warranty and Contract Management solution to define, manage and analyze all warranty processes from initial product registration through the end of standard or extended warranty period. PTC’s solution also offers an integrated warranty analytics module with the ability to perform service and warranty contract management analysis. In March, IDC Manufacturing Insights named PTC the leader in warranty analytics as well. Integrations with CRM (customer relationship management), ERP and PLM systems are fully supported.“Effective warranty management enables companies to move beyond simply processing warranty claims toward a strategic, key differentiator for product quality, service value and warranty coverage,” said Kevin Wrenn, divisional general manager, service lifecycle management business, PTC. “We are pleased that IDC Manufacturing Insights has recognized our strategic commitment to warranty management and the positive impact that PTC’s solutions can deliver to manufacturers striving to improve warranty, service and product performance to increase customer value. Our solutions are able to scale and adapt to business changes enabling manufacturers to grow and service changing customer needs.”
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