Why is knowledge management (KM) so important to the customer experience (CX) journey?

In our digitally-driven business world, the rise of the customer has led to organisations looking for new ways to innovate and enhance the customer experience (CX). Today’s customers demand immediate, accurate and responsive answers to their questions – and organisations need the right technologies and processes in place to deliver this.

In our digitally-driven business world, the rise of the customer has led to organisations looking for new ways to innovate and enhance the customer experience (CX). Today’s customers demand immediate, accurate and responsive answers to their questions – and organisations need the right technologies and processes in place to deliver this.

Forward-thinking organisations are looking to KM to improve operational efficiencies and internal data-sharing capabilities.

For over 10 years, the Australian Bureau of Statistics (ABS) has found that a KM strategy helps to establish the right knowledge foundations, creating more streamlined processes and empowering employees and customers to solve complex problems (1).

However, there is still some confusion around the role of technology in KM. A Monash University survey of 1000 Australian SMEs, government bodies and tertiary institutions found that 85% of respondents defined KM as being a business issue, rather than technology-based2– yet the two are in fact interlinked.

More and more organisations are beginning to understand the important role of technology in enhancing KM. With 2 out of 3 organisations ‘contracting out’ to KM technology experts to better navigate and manage knowledge, KM is the next step in the CX revolution.

Resident KM and customer engagement expert at Verint, Jason du Preez, shares his top 4 insights on how effective KM combines people, growth and technology to enhance customer satisfaction.

1. Document management is not knowledge management.

While most organisations have some concept of the value of a KM platform, most of their KM platforms are not optimised or designed to deliver a good CX.

Policy and process documents are an important asset to any business. However, they are not optimised to deliver a quick and reliable CX.

This is because most KM platforms are developed on document management applications that only deliver detailed process and policy documents to employees. The employee then tries to digest these documents while engaging with the customer.

Document management systems are not KM platforms as they are not optimised to deliver short, sharp articles written specifically to answer a customer query in real time during an interaction. Most customers have already done their research and are looking for specific answers – which is where KM can help.

By leveraging KM, organisations can respond proactively to customer queries, provide timely answers and solve complex problems. KM makes it easier for the customer to access information and for employees to respond, reducing the effort and time usually taken up with phone calls or in-person consultations.

2. Accessible and actionable KM drives business growth.

For organisations to effectively engage both customers and employees and enhance the CX, there needs to be accessible and actionable knowledge for all.

Is knowledge in your organisation accessible and actionable for both customers and employees? What effect does your current KM content have on performance outcomes and customer metrics?

For any organisation, these questions are not easily answered. The knowledge journey is an ongoing process of identifying where knowledge is, how it’s being used and which processes can be improved to enhance the CX. It’s about keeping knowledge up-to-date and relevant, with the right processes in place to manage it.

KM technology is an easily integrated asset for businesses to improve their existing systems and infrastructure to enhance the CX. The best KM technology makes it easy for both customers and employees to provide feedback and for organisations to report on its usage, driving greater operational efficiencies.

3. The science behind KM as “a single source of truth” is key to lifting performance.

As we continue down the path of KM, the concept of knowledge as “a single source of truth” for all channels will be key to lifting business performance.

We have a saying at Verint that “search is failure”. This means that any KM context should be a unified whole that pre-empts and delivers a relevant piece of knowledge, preventing individuals from labouring over in-depth searches.

In the age of digital transformation, ensuring you understand the customer and their specific requirements when engaging with your organisation will allow you to preempt their needs.

This means you can deliver the right knowledge in context to the customer and their journey, which is vital to delivering a more seamless CX. KM delivered in context plays well into digital channels and is a critical element of “doing more with less”.

4. New market drivers will continue to disrupt the CX journey.

With the rise of IoT and AI, new market drivers will continue to disrupt the CX journey in 2017 and beyond.

As organisations continue to adopt new digital solutions, KM will play a significant role in resolving technical issues. Automation is a key feature of KM that enables customers to solve problems for themselves and become more self-sufficient.

With the rise of the IoT and AI, more and more processes will become automated along the CX journey. For example, the IoT will require a single source of knowledge to deliver smarter products and services, and the immediate delivery of information.

New disruptive tools such as AI bots will also play a role in supporting the customer. Bots are set to become more predominant for the CX, and at the core they should use business KM to provide an enhanced CX.

As a highly integrated and innovative solution, KM as “a single source of truth” is paving the way for the automated and interconnected CX of the future.

See KM in action at Verint’s Engage Conference 2017

Verint’s Engage Conference in September 2017 will showcase KM in action, demonstrating the range of benefits that KM can deliver to organisations along the CX journey.

(2) Monash University, 2003