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April 27, 2022

Syncron Announces New Contract Price Solution

With advanced machine-learning models predicting service costs and calculating risk probability, manufacturers are enabled to optimize service contract pricing and maximize margins.

Syncron today announced the launch of Syncron Contract Price, what the company says is the world’s first purpose-built solution for pricing aftermarket service contracts and mitigating financial risk associated with service variability.  

Syncron Contract Price uses sophisticated machine-learning models to analyze the performance of historical and current contract business to better predict expected material and labor costs. The solution goes further than contract management solutions by providing insight into whether contracts have higher risk or lower probability of profit. The company says this feature enables manufacturers to intelligently price complex service contracts to increase profitability, advance competitive positioning, and improve customer satisfaction.

“Manufacturers need to optimize service contract pricing to maximize contract sales and profitability. Syncron Contract Price enables manufacturers to improve cost accuracy, secure margins, and increase win rate,” says Ashok Kartham, chief product officer, Syncron. “With the launch of Syncron Contract Price, manufacturers can quote service contracts with precision and confidence. Syncron Contract Price leverages the Syncron Connected Service Experience™ (CSX) Cloud platform that runs industry-leading solutions such as Warranty and Contract Management, Price, Inventory, and Field Service Management. Manufacturers can now rely on a single platform to price, administer, and manage the entire lifecycle of their service contracts to grow recurring service contract revenues.” 

Read the full article here