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The E-Warranty Act of 2015 eliminates the longstanding requirement that product warranties must be printed and included inside of a product's packaging. While the E-Warranty Act can do a lot for your business, the primary benefit to businesses is cost reduction associated with printing and product packaging. However, there are some additional areas in which the E-Warranty Act can save your business money.
With traditional paper warranties included with products, any time a term is amended, the warranties have to be completely reprinted and redistributed. The printing cost alone in that endeavor will burn a hole in your company bank account. That’s not even taking into account the inconvenience. With the E-Warranty Act, warranties existing online can be updated in an instant further eliminating that expense forever.
In reality, once that problem surfaces, customers are most likely more inclined to research the warranty online anyways as the paper warranty has probably already been disposed. The E-Warranty Act definitely would make a whole lot of sense in these situations!
At every stage of product development, product research helps teams identify vital problems and avoid pricey mistakes. A lot of times, product research might be handed over to a market research agency to investigate what type of people have had your product in hand, what they want next, and more. Some of this guess work can be eliminated and can be used to evaluate new ideas.
By taking advantage of the E-Warranty Act, there is an opportunity to move all records of warranty notice and viewing online. Thus, when the expected warranty claims ensue, your company will save money by having records of warranty viewings. This also provides an opportunity to look into a legal system of record such as PactSafe.
Typically, when revising a legal document, there are billable hours to be paid to external counsel for revision, drafting of new warranty versions, and consultation. Having warranties accessible online eliminates those steps. Inhouse counsel can make easy edits without too much back and forth, and publish updated versions in real time. Taking a purely digital approach to warranties makes it easier for inhouse counsel to collaborate with outside counsel. Ultimately, it's cheaper, and more efficient.
The E-Warranty Act should provide a significant cost saving for manufactures that take the time to embrace it. The simple act of launching an e-Warranty Center for a manufacturers line of consumer products could result in savings millions per year in printing costs. That’s the obvious example of savings. Looking a little deeper, however, shows that switching up the delivery of something as small as your warranty, could end up being a positively big change.