Can Technology Make Business Guarantees Better Or Worse?

Business guarantees – the heart of the loyalty between a business and its customers. And, at the end of the day, you want to create a business guarantee that will be a win-win situation for you both. In fact, 58% of customers would pay extra to guarantee a better service. However, it’s crucial that the guarantee rings true to what you can bring to the table. Because if you can’t stand by the work that you do, what impression will that leave for your business, eh?

But first, what is a business guarantee? 

To put it simply, a business guarantee is a promise made by companies to its customers as a way of assuring them of the quality, performance, or satisfaction of your product or services.

With this in mind and as technology continues to evolve, it’s interesting to think of how this can impact businesses guarantees going forward. Will it revolutionise and make them for the better, or will it have the opposite effect and cause more problems than solutions?

In this blog, we’ll take a look at both sides to find out the answer.

How Can Technology Makes Business Guarantees Better?

It enhances communication and accessibility for customers

When it comes to customer service, technology becomes your new best friend. Having technological chatbots, automatic messages and categorisation of issues within a support chat line will save a lot of waiting and stress for your customer. Likewise, having the accessibility of the internet and social media platforms, businesses can now provide instant updates, answer queries, and address concerns more promptly than ever before. And let’s face it, we all want a smoother experience during a guarantee period. So, by customers easily being able to reach out to businesses through various channels, including live chats, emails, or even direct messages on social media platforms, we can say that technology does help with this area of businesses.

It allows to real-time track business guarantees and greater transparency

With the helping hand of technology, businesses are able to monitor products and services in real-time, such as collecting data on product performance, usage patterns, and potential issues. This will allow you to identify problems early, proactively address them. You’ll also improve the quality of your offerings and enhance transparency through providing customers with insights into the status of their guarantee claims. Ultimately, this leads to a greater sense of trust and accountability in your business relationship.

Why not add a bit of personalisation and customisation?

By optimising technical tools such as data analytics and artificial intelligence, this will enable you to gather and analyse your customer data. This data provides valuable insights into individual preferences, behaviours, and needs – which can increase the value that your business brings.

Of course, always always check your customer’s preference settings before using this! 

If your customers do consent, leveraging this information will provide you with personalised guarantees. This will ultimately build loyalty as well as increase customer value in your services. You’ll be able to show them that what they want is what they can get!

So, it’s clear that there are some great reasons that technology improves business guarantees. However, the last thing a business wants is for anything to set themselves backwards. So, how can technology make business guarantees worse?

Complexity and Technical Dependencies

Whilst technology does enhance business guarantees, it also introduces complexities and dependencies which inevitably lead to potential drawbacks.

As guarantees become more intertwined with technology, businesses face challenges if they become too reliant on it. Issues such as technical failures and unexpected downtimes will lead to your customer not being in the best of moods. For example, if you have a business guarantee to reply to their support message in 24 hours, but the support line is down, this might equal missed messages or deadlines.

This means you won’t be staying true to your business guarantee. Of course, these instances can’t be helped. However, it does show the limitation of technology and why it can’t be relied upon.

The increase of technology demand means more vulnerability to cybersecurity threats for businesses

With the increasing reliance on technology, businesses and customers are exposed to a higher risk of cybersecurity threats. Guarantee-related data, including personal information are valuable targets – and a dream for hackers. A security breach will not only compromise customer trust but also expose businesses to legal and financial repercussions. So, companies must invest in robust cybersecurity measures and ensure the protection of sensitive guarantee-related information.

Lack of human interaction can be annoying when you’re trying to get an issue resolved

Despite the convenience technology offers, it can also contribute to a sense of customer disconnect and a lack of human interaction. In fact, 42% of customers would not mind paying more when offered a warm and friendly customer experience. 

I didn’t quite catch that…did you mean…say yes or no…ring any bells? 

There’s nothing that makes the eye twitch more than when you’re speaking or chatting to a robot who doesn’t understand you. Likewise, having an automated chat which does give you the search option you want, or takes you a lifetime to get through to a human support assistant causes frustration and impatience – especially with complicated guarantee claims or any unique situations. So, striking a balance between technology-driven automation and human touch is crucial to maintain a positive customer experience.

The Round-Up: Is technology better or worse for business guarantees?

As a last thought, technology has undoubtedly transformed the landscape of business guarantees. While it brings several benefits, including enhanced communication, real-time tracking, and personalised experiences, there are also challenges that must be addressed. Complexity, technical dependencies, cybersecurity threats, and a lack of human interaction can potentially undermine the effectiveness and purpose of business guarantees if not done correctly. 

In our opinion, striking the right balance between technology and human involvement is essential to ensure that guarantees continue to deliver value and customer satisfaction as well as keep aligned to evolution of technology today.

What’s your verdict? We’d love to know!