Benefits of Good Knowledge Management
How can knowledge management benefit your company and customers?
One of the biggest impacts on business when it comes to knowledge management, is improved efficiency – particularly at an operational level.
Organised, accessible and digestible knowledge makes for faster decision making and therefore less time spent dealing with routine questions. The impact of this can be seen on the bottom line - a study by Gartner revealed that an 18% reduction in support costs occurred by encouraging knowledge management.
Knowledge management means no more waiting around for that email response from HR, that you will then have to reply to a couple of times before eventually reaching an answer. It also results in significantly less time spent training and onboarding new employees, because the internal knowledge that has already been captured and stored is permanently available for future starters at any time.
Customers can benefit from your knowledge management too, existing in the context of self-service tools , customers no longer need to wait for the answer to a FAQ, they can solve it themselves using the knowledge stored in your knowledge base.
It’s perfectly normal for humans to make mistakes, but without knowledge management companies run the risk of the same mistakes happening time and time again, whether it’s years apart or in different departments. The beauty of knowledge management is that resolutions can be stored and made available to prevent this from happening.
Knowledge management also allows for consistent information to be shared which is particularly important if you are communicating with customers. Providing inaccurate, inconsistent information to customers can prove problematic but easily avoided through knowledge management. All it takes is a simple search using a knowledge management tool and standardised company information and policies are available to consult. This saves many unnecessary inbound contacts and results in a huge operational saving.
Employees just want to do their jobs. So, when obstacles are put in the way of them fulfilling their tasks, such as lack of information or delays waiting for access to information, it can become incredibly frustrating for them.
In fact, a recent study revealed that 51% of participants felt frustrated at the inability to access a former colleague’s institutional knowledge, while 25% said they were overwhelmed. The impact of which can include low staff morale, subsequently affecting productivity.
Making knowledge available to employees who need it or wish to learn more can empower them. When given quick, easy access to the right information, without having to ask permission first can boost productivity and staff retention.
Some customer-facing knowledge management tools automate routine questions, removing the mundane from agents’ roles, as a result they can deal with more complex customer issues, promoting staff morale.
The internal benefits your company experiences from adopting knowledge management can positively impact your customers too, enhancing the service and experience you provide them.
When knowledge is optimised effectively companywide, stored and shared in a knowledge management tool such as a knowledge base, customers can benefit from quick access to information such as return policies, how-to guides or troubleshooting videos.
Did you know that customer contact can be reduced by up to 49% using knowledge management tools?
Source: Synthetix research
This generally exists in the form of self-service software and connects to a company’s knowledge base which stores (using a filtered view) important routine questions. The customer, who would prefer to find an answer themselves rather than contacting a company directly, has a great experience – which in turn can boost your CSAT and NPS scores. They simply type their query into such software, and natural language processing delivers the most relevant answer.
Embracing knowledge management within a company can have huge positive effects on the workforce. Whilst this culture shift won’t happen overnight, companies that embed knowledge management eventually experience a transparent knowledge sharing culture.
Not only does a knowledge sharing culture encourage collaboration across an organisation, producing a new array of ideas and innovation, it also helps to reshape employees’ perceptions of knowledge. Instead of viewing knowledge as a thing we all have in our heads, employees begin to see knowledge as an asset. They appreciate that just like people, finance and brand are valuable assets that require management and specialised systems , so does knowledge.