An investment must always realize a Return On Investment (ROI). At
Returngoods, we measured our success by two main factors, our customer
satisfaction and quick ROI. Returngoods provides numerous value propositions
that can be quickly realized.
Studies have shown that billions of dollars of inventory are lost because companies have no visibility or means to manage returned products. This is especially crucial for perishable goods and high-tech products where values erode with time. Parallel to that value erosion is the often over-looked erosion in customer satisfaction.
Maximize Inventory Assets
Inventory is one of the most valuable assets for a company. Generally, businesses have made large investment in managing the forward logistics inventory. Rarely, do they have the same level of focus for the reverse inventory. An inefficient reverse inventory management can cost your company millions of dollars in un-recovered assets. Being able to identify returned inventory in the reverse process and the value of these assets can reallocate write-offs to revenue. Thereby maximizing your inventory assets and add profit to your bottom line.
To improve the quality of your product and most importantly, the overall quality of an organization, it must have timely and comprehensive means of collecting critical quality data and feedback information. The reverse supply chain process provides valuable quality information which can be collected, analyze, and respond in an efficient manner. Returngoods data collection engine enables your organization to collect any pertinent quality data and provide feedback mechanism to the forward process to take timely corrective action. Thereby improving overall quality process and reducing time to market.
Improve Customer Satisfaction and Loyalty
The cost of retaining your customer is much less than to acquire a new one.
One of the most important aspects of retaining your customers is to create a process where your customers can collaborate and transact business with you easily. In most cases, successful companies have accomplished this task for the buying process. However, rarely do you see the same levels of focus and commitment in the reverse process or after the product have been shipped. A customer's experience is critical not only at the buy or the forward side; it is as critical in the reverse process.
Since you have invested so much in getting the customer to buy from your company, you surely would not want to loose them with an unpleasant experience in the reverse process. Your customers may return the product for many reasons, such as, wrong color, not fit for their particular use, damage package, repair, lease returns, recycle, refurbish, stock rotation, etc. Providing a good customer experience in this process is just as critical to a business.
Save Guard Your Cash
Are you issuing credits for the returns? Are you sure that you are issuing credits where the credit is really due? Returngoods discrepancy module enables you to track missing accessories so you can identify and issue appropriate credit.
Reverse Process Inventory and returned products are goods that have value and should be managed and remarket quickly to minimize price erosion and scrap. This is especially critical for the products that are high value and short product life cycle. Reverse Process products sitting in inventory costs money and loose revenue opportunity. You want to have a process in place to quickly identify re-marketable items and accelerate time-to-remarket. Returngoods will enable you to analyze and report on reverse Process inventory turn and financial position. Returngoods can establish links to various outlets and streamline re-marketing process.
Reduce Cycle Time
The RMA request and approval process alone can take days if not weeks for companies without a comprehensive reverse logistics strategy. To move it through the process and then to the final destination can take even longer. All this adds up to customer dissatisfaction, inventory tied up, and increase cost. Returngoods provide a suite of comprehensive software to accelerate the complete Reverse Process from tracking shipping history and issuing RMA to remarketing.
What is the cost of your Reverse Process? The answer to this question for most of the companies has been difficult to answer. One of the main reasons is because there has not been a comprehensive platform like Returngoods to collect and report such data. Studies have shown that companies are experiencing $35 billion cost and continues in an upward trend. It is mainly due to the lack of attention given to this process by the businesses. Without monitoring the Reverse Process cost can mean lost opportunity and profit leakage. Returngoods platform of Collaborative Reverse Process management solution will streamline and increase efficiency through out the process and effectively reduce and manage your cost.
Analysis & Feedback
The RMA request and approval process alone can take days if not weeks for companies without an appropriate software tools to help manage the process. Returngoods collects detail information about the return statistics, respond statistics, product statistics, accounting statistics, warranty statistics, cost statistics, inventory statistics, serial number history statistics, turn-around statistics, supplier performance statistics, failure analysis statistics, and quality statistics. These statistics can be reported in multiple levels of details for management analysis and feedback. The analysis server provides drill down and graphing capability.