How Can Companies Manage Warranty Reserves Effectively?
Effective management of warranty reserves involves several best practices:
1. Regular Reviews: Periodically review and adjust reserves based on updated data. 2. Accurate Record-Keeping: Maintain detailed records of warranty claims and expenses. 3. Benchmarking: Compare with industry standards to ensure competitiveness. 4. Customer Feedback: Use customer feedback to identify and rectify common issues. 5. Technology: Utilize software tools for better forecasting and management.