Knowledge management tools: Knowledge management implies giving the right knowledge to the right people at the right time. It includes both creating new knowledge and sharing and storing knowledge for use. The overall objective of KM Tools to create value and refine knowledge assets so that the organization meets its goals.
In today’s digital age, business growth depends greatly on customer experience, besides the traditional factors like products and pricing. The most critical aspect of customer engagement is how you map your customer’s journey and stay alongside them, providing immediate support as and when required.
KM tools prove very useful in improving self-service channels which eventually convert the general public into actual customers, thus enhancing brand value. These tools have considerably evolved over the years enabling close contact between people from different parts of the world. KM deals with human interaction with the sole objective to manage, share and create knowledge.
A knowledge management tool simplifies the operational tasks performed by businesses internally as well as externally. It helps create and curate content that is distributed within and outside the organization. Knowledge management can be effectively used to enhance the customer experience in self-service channels.
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How do Knowledge management tools help enhance your business processes?
In terms of an organization, knowledge comprises of data, best practices being followed within the organization, related information, and human insights. A knowledge management system can help your business in the following ways:
- Streamlining Processes – Having a fool-proof knowledge management system prevents the employees using a hit and trial strategy, thus wasting valuable resources. They can easily identify the best possible approach based on the information available, thus streamlining the whole process.
- Improving Organizational Structure – The present organizational structure encourages a learning culture among its employees. Knowledge management tools help employees enhance their skills by incorporating best practices of other organizational structures. Recent studies have also suggested that the new generation employees are always on the lookout for additional skills.
However, organizations need to incorporate some structural changes to promote cross-discipline learning.
- Empowering people – Employees benefit immensely from these knowledge management tools as they get access to various reports, studies, new ideas and published project reviews. Even if some of the employees may not have previous experience, they learn new skills and increase their productivity. These tools help instil a culture of learning and engagement among the work force.
- Customized Technology Solutions – Organizations depend largely on technology and various automation tools such as CRM software and machine learning for increasing their revenue. Knowledge base can help leverage the latest technology that is most suited to the organization.
- Better Work Culture – Gone are the days when people used to hide their talent and skills because of office politics. Integrating knowledge management builds a work culture that is based on shared learning.
The customer service sector has greatly benefited by integrating knowledge management systems. Today’s customers have become more aware and inquisitive and a customer-friendly strategy can dramatically increase your sales. By integrating the knowledge base, customers can get all required information at a single click. Organizations can transform their contact centers by implementing these tools.
Let us look at some more advantages of integrating knowledge management strategies:
- Customer satisfaction – Customer satisfaction is no doubt the topmost priority of any organization. Agents are able to identify patterns in customer behaviour and work towards fulfilling their needs. Customer’s queries are resolved quickly and the agents get a better CSAT score.
- Availability of Suitable Content – A good knowledge management software equips the live agents with suitable content so that they can provide a satisfying experience to their customers. With the cut-throat competition in every sector, one negative experience is enough to drive away the customer. This makes incorporating knowledge management tools in your system even more important. A knowledge management software collects content at one place so that support agents can easily find, assemble and spread information whenever needed.
- Minimizes Human Errors – Knowledge base integration provides verified content to the live agents so that their handling time is considerably reduced and they are able to provide the customers with accurate solutions. Moreover, the availability of scripted content ensures that they don’t seem rude while answering the queries.
- Minimizes Repeated Queries – Live agents have access to all required data that ensures that all queries are resolved in the first instance only. The customers do not have to make repeated queries and hence brand confidence is built. Such customers are likely to repeat purchases and remain loyal to your brand.
- Handling Time – Knowledge base software ensures that live agents have all information at their fingertips. They are able to follow a proactive approach, resolving queries quickly and effectively so that they achieve their predetermined targets. They create and disseminate information in easily understandable formats
- Increases sales – Advanced KM tools help live agents to resolve customer queries online. Studies have shown that customers now prefer resolving queries online rather than on telephone. This reduces operational costs as well because companies have to pay for the server costs only while using chat boxes. Live agents and chat boxes facilitate a purchase by answering a broad spectrum of questions.
- Coordination between Departments – A knowledge base software ensures that all departments within the organization collaborate with each other in perfect harmony with a common goal to enhance business. Easily available information reduces operational expenses and information is shared smoothly through different channels.
knowledge management tools
Incorporating knowledge management tools can transform your company, making it self-sufficient, leading to a higher number of satisfied customers and obviously, higher profits. These tools help you navigate the rapidly changing market trends and thereby provide you with a competitive edge over your competitors. They help maintain a central repository that contains all information and streamlines the flow of this information. It helps reduce the wastage of time and resources while improving the quality of service.
Different knowledge management tools focus on different areas and are designed to enhance the efficiency of targeted areas of your business. Depending on the size of your organization, decide on the best knowledge management tool that will take your business to greater heights.