PTC Named a Leader in IDC MarketScape: Worldwide Warranty Service Management Applications 2024 Vendor Assessment
PTC is positioned as a Leader in IDC MarketScape: Worldwide Warranty Service Management Applications 2024 Vendor Assessment. PTC was also previously named a Leader twice in the IDC MarketScape: Worldwide Manufacturing Warranty and Service Contract Management Applications 2022 and 2019-2020 Vendor Assessments.
Warranty management is defined by IDC as the stages of the warranty process including registration, administration, claim capture, claims validation, early failure detection, fraud detection, recalls, parts returns, adjudication, extended warranty service, supplier recovery, supplier reporting, analytics, and reserve optimization.
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor product, go-to-market and business execution in the short-term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the icons.
This IDC MarketScape evaluated vendors with a commercially available warranty service application or offering with customers in at least four industry segments and in at least three geographic regions, with capabilities to support end-to-end warranty service management processes. It was also a requirement to serve the warranty service management space and aftermarket for at least seven years.
“The warranty process can no longer be an afterthought for service organizations and manufacturers; it needs to be a critical part of a broader service and enterprise transformation leading to increased efficiency, profitability, engagement, and customer and partner outcomes.” said Aly Pinder Jr., research vice president, aftermarket services strategies, IDC. “When paper and manual processes are the status quo for the warranty operation, it is near impossible to quickly identify fraud, detect potential for a global recall, contain costs, understand the root causes of product quality issues, or prioritize suppliers that are helping drive profitability.”
As product volumes and supplier complexity grow, the PTC Warranty solution has evolved over time to address some of the biggest challenges in service.
“PTC’s warranty offering is flexible with the intent to empower customers in their management of warranty policies, coverages, reimbursement terms, business rules, workflows, and service campaigns. The warranty operation continues to evolve as customer needs and market shifts occur,” the report continues. “PTC also has incorporated its recent acquisition of ServiceMax from a field service perspective to better optimize warranty transaction processing and analytics.”
The PTC team is proud to deliver expertise in vertical, geographical, and function nuances and best practices.
“Service organizations should consider PTC when searching for a technology partner that has service at its core supporting the end-to-end life cycle,” the report states, noting PTC’s established capabilities with warranty service operation and other aftermarket service necessities. “This connected approach to service experiences enables organizations to efficiently solve customer needs and advance digital thread and digital twin initiatives while accelerating innovation to address new market challenges.”
PTC’s warranty offering is part of PTC’s Service Lifecycle Management (SLM) portfolio. PTC's vision for warranty innovation aligns with OEM digital transformation programs to enable and strengthen the digital thread with powerful digital threads delivering peak service outcomes.