Details
Publication number: 20190012677
Type: Application
Filed: Jul 6, 2017
Publication Date: Jan 10, 2019
Inventors: Jojo John MOOLAYIL (Bangalore), Vikrant DAMLE (Bangalore), Soujanya ALURI (Bangalore), Manohar SWAMYNATHAN (Bangalore)
Application Number: 15/642,853
Summary
A service contract (e.g., also referred to as an extended warranty, service agreement, maintenance agreement, etc.) is a business agreement offered to consumers in addition to a standard warranty provided on newly manufactured assets. A service contract is often an agreement between the provider of the contract and the consumer covering maintenance and servicing of the machine or equipment over a specified period of time. In some cases, the service contract may be provided by a third party service provider, a retailer of the asset, a manufacturer of the asset, and the like. A service contract typically costs the consumer a percentage of the asset’s purchase price and covers most maintenance and servicing that can occur with respect to the asset and its parts.
For manufacturers and machinery industries, service contracts contribute to a significant portion of the annual revenue. For example, service contracts can account for 25% to 50% of a business’s revenue. Ineffective control and management of supplier contracts costs businesses in the United States alone, approximately $150 billion per year in missed savings opportunities. For example, even a minor delay (e.g., 2-3 weeks) in contract renewals may result in a significant loss of revenue. Accordingly, what is needed is an improved tool for identifying service contract renewal opportunities and facilitating renewal of the service contract in instances where there is a possibility of improvement.
Additional Details – https://patents.justia.com/patent/20190012677