Investment will be used to accelerate growth, drive customer success and fuel product innovation.
Mize, a leading provider of connected customer experience platform and service lifecycle management software for manufacturers, today announced it has secured a significant equity investment from M33 Growth, a venture and growth stage investment firm. The investment will be used to accelerate growth, drive customer success and fuel product innovation at Mize.
As customer expectations grow, brands must deliver experiences that meet those demands, or risk customers taking their business elsewhere. Historically, much of the focus on customer relationship management has been on pre-sale interaction, but companies are increasingly recognizing the need to extend customer experience to post-sale, including service events. In fact, according to global market intelligence firm IDC, the ability to deliver enhanced experiences across customer interactions and service events has become a critical success factor for manufacturers. However, with data and processes spread across different systems, it’s difficult to properly track and service products. Manufacturers need a way to efficiently manage customer engagements across all channels, optimizing the service experience, driving up customer satisfaction and ultimately maximizing customer lifetime value.
Mize’s software platform is trusted by many of the top OEMs in the heavy equipment, consumer durables and automotive markets. No other software platform in the space can tie together customers’ needs across warranty, support, service and parts lifecycle management. Its Connected Customer Experience Platform brings together customer portals, knowledge resources, product registration, warranties and plans, servicing, parts and repairs post-sale in a more connected way, resulting in a seamless experience for the customer and improved operating margins and increased revenue for the company. While enterprise CRM and ERP systems claim to address these challenges, they have not been built from the ground up to directly address the unique requirements of managing the post-sale process and the complexities that come with it.
“Growing customer expectations have resulted in an increased demand for software platforms and applications that manage the entire service lifecycle,” said Mize CEO Ashok Kartham, a successful serial entrepreneur who is an industry expert on warranty and service management. “As companies transform the way they manage customer communications pre- and post-sale, Mize provides innovative technology and applications that support their strategic vision. We have joined forces with M33 Growth so we can leverage their financial and strategic resources to better meet customer needs and accelerate our growth globally.”
IDC positioned Mize as a Leader in warranty and service contract management and a Major Player in field service management and service parts management. “Mize delivers a wide variety of capabilities to support the evolution occurring within the service market, where primarily cutting costs is no longer the end goal,” said Aly Pinder, Program Director, Service Innovation & Connected Products at IDC. “Mize has a track record and a leadership team that has built a product, a set of functionalities and a platform that can deliver advanced capabilities across the varied processes.”
Managing the post-sale customer engagement process poses several challenges for manufacturers. In researching the market for solutions addressing these complexities, the M33 Growth team found that most platforms were solving only one component of the intricate workflow. Mize’s solution stood out as the only true enterprise grade platform that enabled manufacturers to manage the entire customer service lifecycle.
“Everyone has experienced the frustration that can come from engaging with a brand post purchase, whether making a return or getting a product serviced,” said Mike Anello, managing director at M33 Growth. “Typical post-sale processes have not evolved with the pace of customer expectations. Mize is solving for that pain point at scale by giving manufacturers the platform they need to manage the entire process. We see tremendous opportunity in the market problem they are addressing, the power of their platform and the experience of the leadership team. As a partner, M33 will help Mize grow its product offerings, customer success teams and market reach to strengthen the company’s leadership position.”
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