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Blog

Dec 28, 2015

How You (Yes, You) Can Win at Knowledge Management

woman using a laptop to learn knowledge management best practices

Take a moment to think about where the knowledge surrounding your products and services is stored in your organization. Is it on the product labels, intranet pages, product briefs and training manuals? How easily accessible is this information when your consumers or employees need it? Providing the right information to the person who needs it, exactly when they need it, is efficient knowledge management

Why Knowledge Management Matters for Organizations

Improves Customer Satisfaction
Knowledge management impacts the efficiency and customer service your company provides. If you can’t correctly address your customer’s queries about your own products in a timely way, you stand the risk of losing them.

Increases Productivity
Ineffective knowledge management can become a dual curse for companies, causing poor customer satisfaction as well as reduced productivity. According to Gartner, an improved delivery of contextual knowledge to an employee or customer reduces the time to answer by 20% to 80%, resulting in more informed and knowledgeable internal and external customers.

Supports Sales and Marketing Activities
Customer service organizations that use knowledge management to support sales and marketing campaigns are able to leverage it to build consumer trust and satisfaction, as well as use it to deliver messages in an accurate and time-sensitive manner.

Reduces Support Costs
For many CIOs, knowledge management is becoming a higher priority.  This is because with the right knowledge management system (KMS) in place, technical support costs can be reduced by as much as 25%.  The savings comes from having front-facing customer teams who have access to the right information without needing to escalate to the IT team.

The Next Steps…

According to Gartner, by 2018, the rapid creation and retrieval of relevant content (KM) will be a key attribute of leading enterprises.

C-Suite Buy In
It’s important to evaluate your current knowledge and content processes to understand what can be improved, such as high call volumes, lengthy time to respond on basic customer inquiries, or complaints about speed and efficiency of the customer contact center. It’s important to make the executive team aware of how these areas are impacting revenue and consumer satisfaction.

Experiment and Refine
Different companies have different needs so it will be a trial-and-error process. Virtual assistants for customers on mobile and web devices can be a great inclusion for your contact center by eliminating or reducing the time spent on voice calls and emails.

7 out of 10 of consumers use web self-service to find answers to their questions. (Forrester)

Also, look at where your information is and how customers want to access it. Videos, social media, and interactive applications all add to the knowledge pile, and your ability to respond to their needs will set you apart from your competitors. Providing omni-channel customer service solutions to meet the growing demands of customers means your organization must be able to evaluate their needs in increasingly complex ways.

Don’t Wait Too Long
Information continues to grow at a rate of 40% to 60% each year, so the longer your company leaves it before investing in technology to manage your knowledge processes, the harder it will be to adopt.

Become the Go-To Company
Avoid losing customers and prospects just because they can’t find what they are looking for. Instead, you have the opportunity to become a leading enterprise in your field for providing timely and accurate information to customers, exactly when they need it most.

ROI for Implementing a Knowledge Management System

Global consumer goods company Unilever (who handles 3.5 million customer contacts annually across 90 brand families) saw a 50% reduction in helpdesk calls within the first 60 days of implementing their knowledge management system as well as a 94% accuracy rate. In their own words:

"The impact of implementing Astute’s knowledge solutions on our brand sites was instant. Consumers are getting exactly what they need online, and when they need it. This is at the center of our approach to delivering world-class service."

If you recognize that your company is not currently managing the knowledge process in the best way to meet employee and customer needs, contact Astute Solutions today to see how quickly your knowledge management system could be up and running.

 

Sources:
1. Thomas Davenport, "Saving IT's Soul: Human Centered Information Management," Harvard Business Review 72 
2. "Introduction to Knowledge Management", University of North Carolina at Chapel Hill

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