The Benefits of Knowledge Management
You’ve probably heard the term knowledge management. But do you really know what it is? More importantly, do you really know the benefits of knowledge management?
What Is Knowledge Management?
Knowledge management is a solution which can help you understand, share, and effectively connect people with information they seek. Enterprise organizations often seek out knowledge management solutions to empower their workforce and create more positive experiences for customers.
What is the main goal of knowledge management?
At its core, knowledge management’s primary goal is to make organizations more efficient by championing access to existing documentation, experience, and ideas. How it does this by creating systems or processes that allow a workforce to share this information across a single source of truth and so that it’s available at the right time and place. So, what are the advantages of knowledge management?
Benefits of knowledge management include:
1. Lower average handle time Increased consistency 2. Lower contact volume 3. Reduced escalations
4. Increased first contact resolution 5. Increased customer satisfaction 6. Reduced training times
7. Increased employee engagement 8. Multi-skilled agents 9. Up to date information
1. Lower Average Handle Time
Everyone is looking for shorter handle time – customers are happy to get answers quickly, and organizations get the cost savings they require.
However, shorter handle times are only valuable when the call is still resolved with complete, accurate information. And how can you quickly resolve customer inquiries if there isn’t easy, simple access to your database of knowledge documentation? Without a formal system, agents will only experience challenges in optimizing for quick resolution.
A knowledge base provides a quick way to get reliable answers to even the most complex questions. One of the benefits of knowledge management is putting the information callers seek right before the agents for quick access and use.
When agents can efficiently and thoroughly answer caller questions, average handle times can be reduced. Read more about how knowledge management and other tools can help lower average handle times here: The Comprehensive Guide to Reducing Average Handle Time.
2. Consistent Information
When it comes to creating an optimal experience for customers, regardless of their needs, consistency is a big factor in their perception. A customer who calls in should expect to hear consistent information from one agent to another. Outside of training and education of agents, another benefit of knowledge management is that it can go a long way to maintaining consistency.
As customers communicate with organizations on more and more channels, it is critical to supply a single source of the truth so agents can provide consistent answers to customer questions across phone, email, chat, SMS, social media, and private messaging apps.
A central knowledge base that is accessible across channels eliminates silos of information that can lead to different answers given to the same question. Knowledge Management not only provides a single source of truth for staff and customers alike across all its touchpoints, it also stores and recalls information in the same way the human brain thinks. By understanding intent and context, the solution can present the right results consistently, even if the words in the search don’t match the words in the query.
3. Lower Contact Volume
The majority of customers prefer to find answers to questions on their own. Since there is no employee involved in these transactions to provide answers, an easy to navigate knowledge base is essential to give customers a place to search for answers on their computer or mobile device. According to a study by the Harvard Business Review, 81% of all customers will try to resolve an issue on their own before contacting customer support. In the age of the internet where information is readily available in the blink of an eye, some customers have similar expectations if they’re more likely to self-serve.
One of the benefits of knowledge management is it connects customers with the answers they need. With an easy to use self-service website, more customers will help themselves and not require an agent assisted interaction.
IAG implemented knowledge management and other tools to enable customers to access information and transact business online. As a result, IAG has seen a dramatic impact to its annual phone and in-branch transaction volumes. The company has achieved an 18 percent call volume reduction and the growth in online self-service has resulted in fewer customer visits to its branches.
4. Reduced Escalations
One side effect of the popularity of self-service is that the issues that do arrive in the contact center tend to be the most difficult and complex. Because of this, agents are unlikely to know the answers and will rely heavily on a knowledge base to find information.
So how does knowledge management reduce escalations?
If the right information is not easily accessible, the call will likely result in an escalation to a more specialized resource.
A knowledge base can contain literally millions of articles, across a wide variety of topics. Even if an agent has never taken a call of this type, he or she will be able to resolve the issue with confidence.
With Verint Knowledge Management and Verint Web Self-Service, a Leading Grocery and General Merchandising Retailer enhanced issue resolution and increased contact deflection by presenting agents, as well as customers seeking assistance online on their own, with a consistent view of product information.
5. Increased First Contact Resolution
Among the advantages of knowledge management, contact resolution is another area that can improve.
Knowledge base articles provide complete, accurate, up to date information, which reduces the risk of customers needing to call back because their issue is not fully resolved. Also, each knowledge article can automatically show related articles that can proactively answer follow up questions the customer may have.
Sky Deutschland improved first contact resolution by 8% by implementing knowledge management.
By creating a centralized repository of technical content, frequently asked questions, procedures and more, Sky Deutschland’s team could search the knowledge base using keywords and natural language – and provide consistent, accurate answers to customer enquiries, through whichever channel the customer chooses to communicate.
“The right knowledge delivered at the right time is critical to a successful interaction,” says Wiedemer. “…Verint Knowledge Management puts the right information at CSDs’ fingertips as they need it, enabling them to focus on the customer, rather than searching for information. The ultimate outcome is consistent, accurate answers to customers’ technical enquiries across all channels – and a superior service experience.”
6. Increased Customer Satisfaction
Employees need to be equipped to deliver the fast and accurate service which customers expect.
A comprehensive knowledge base is a very useful tool so that employees feel empowered to answer a broad range of customer questions, even on topics that they may not have encountered before.
Creating the world’s best customer experience has a lot of factors to consider. Here’s a recap of previously mentioned benefits of knowledge management specifically for the customer that make a winning combination to improving overall satisfaction:
– Less time spent on the phone
– More consistency across interactions
– Embracing self-service
– Fewer instances of escalation
– More likely to resolve the first time
When a knowledge management system empowers employees to answer customer questions efficiently and thoroughly, a huge benefit is an increase in customer satisfaction. SNS bank found a significant increase to customer satisfaction after only three weeks of implementing Verint Knowledge Management.
By giving employees greater insight into clients’ products and previous inquiries, customer satisfaction went “through the roof” – which is a significant benefit from having a knowledge management system.
“We did not need conversations to speed up, but we did need them to improve in quality. With the combination of our client management system and Verint Knowledge Management, this goal was achieved—and we saw customer satisfaction go through the roof after only three weeks.” – Ben Roosenthaler, Product Owner of the CRM system, SNS Bank
7. Reduced Training Time
Employee turnover can be extremely costly. Each time a new employee is onboarded, weeks of time are spent training the new individual on the vast array of information required to help customers.
A knowledge base that contains the information needed to answer customer questions can significantly reduce training time, allowing trainers to focus on soft skills and customer engagement.
Tele2 enabled more focus on employees skills training and improved its knowledge transfer after implementing a knowledge management system. Since Tele2 employees can now find a wealth of information on their own, the company has to spend less time on knowledge transfer during training sessions. This translates to the company being able to focus more on skills training.
8. Increased Employee Engagement
It’s important to provide the tools for employees to feel engaged, do their job well, and feel confident and motivated in their work. A comprehensive knowledge base is a very useful tool so that employees feel empowered to answer a broad range of customer questions, even on topics that they may not have encountered before.
Also, the younger workforce is accustomed to looking up information rather than memorizing and will rely heavily on a knowledge base to find answers for customers.
Equiniti implemented Knowledge Management to develop a more consumer-centric service. The company noted: “Adoption amongst employees has been fantastic. It’s not often you can say this about technology, but the team really enjoys using the system. User voting, quality scores and feedback are all visible. It gives genuine purpose to their work.”
9. Multi-skilled Agents
Specialized agents can cause frustration and inefficiency, as customers get transferred from employee to employee to get an answer. When each agent can access the full breadth of information in a central knowledge base, there is less need to specialize agents for tier one calls.
Your contact center will make better use of your resources if agents are skilled to handle a wide variety of calls.
Empowering your agents with fast answers and a 360-degree view of the customer can help you solve customer issues faster. This can save you money while also valuing your customers’ time. For more ways to help your agents reduce costs while improving CX, check out our page dedicated to helping you save money.
10. Up to Date Information
When issues arise, up to date information is paramount. Weather issues, communication outages, and software bugs can all generate an influx of calls demanding up to the minute answers.
One great benefit of knowledge management is it gives agents a place to see the most current information on a frequently changing situation.
Providing top-notch customer service isn’t easy, but with a tool like knowledge management, you can empower your customers and employees with the information they need.
Customer service issues will only grow in both number and complexity, which is why now is the time to be sure your contact center is equipped with a knowledge management system.
Now that you know the many benefits of implementing knowledge management, what are you waiting for? Click here to begin harnessing the powers of knowledge management.
Knowledge Management can help you adapt and respond to COVID-19
The global pandemic has created upheaval for your customers and your employees. Sudden surges in remote employees and increased customer inquiry volume and types can result in your agents feeling overwhelmed and customers feeling frustrated.
Your employees are struggling to answer new customer questions about COVID-19 without the resources they would normally access. Knowledge management can help your agents find and share the information needed to answer both customer inquiries and questions they may have themselves. Knowledge management can also help ensure the answers agents access are consistent, up to date, and easily accessible.
Your customers also benefit from knowledge management which allows them to find answers themselves. By leveraging knowledge management in self-service websites, customers won’t need to reach out to your agents if they can easily find the information they need about COVID-19.
Knowledge management uses AI and natural language understanding to make it easy for customers or agents to find the answer they need. Customers or agents can search using whatever terms make sense to them and even if those aren’t the exact terms in the knowledge article, the system will still know it is the right response to return.
Featured Knowledge Management Resources
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