How Knowledge Management Helps In Digital Transformation

Posted On: April 16, 2018, By: 964 Views

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We live in an age that has gone digital in a big way. C-suites across industries are frequently using words like “digitization” and “digital transformation”. McKinsey reports 75% of S&P companies will be gone by 2027 if they don’t transform digitally soon enough.

In fact, the need for businesses to have a digital strategy is not to gain a competitive edge but to survive in a fast-paced environment. Despite this, 47% of businesses haven’t dived into it and 59% of them believe it is too late for them to start their digital transformation, reports Progress.

But what does this term exactly mean?

Conventionally speaking, it is the process of integrating digital technology into all functions of an organization to fundamentally change how it operates and delivers value to its customers, whenever and wherever they need it.

The importance of customer experience

Imagine a scenario where a support representative couldn’t get hands on a piece of technical information to resolve an issue because she didn’t know where to look for it. Tragic, right?

This would only result in delay in being able to offer the customer a solution, compromising the customer’s overall interaction experience. But the bad news is, that 82% of customers churn when they experience one bad interaction with a business.

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Moreover, 89% of businesses are soon expected to compete on the basis of customer experience, which is why it is high time that businesses gave digital transformation the attention it deserves.

So, what drives digital transformation for businesses?

Knowledge management

This is where knowledge management enters the picture. Defined as the efficient handling of information and resources within an organization, knowledge management has become an integral part of digital transformation in the last few years.

As the customers are more digitally conscious than ever and are comfortable using multiple devices to interact with a business, it is necessary for an organization to have a knowledge management solution that supports access to information on any platform. CXOs need to ensure that their organization has a central hub to store all kinds of information.

Here are four benefits of having knowledge management software:

1. Empowers customers to resolve queries on their own

Do you ever go to a business website and head over to a knowledge base to see how to set up your account or how to use a product? It’s just quick and easy to skim through the information available, along with the FAQs that go along with them.

This content base also helps you understand more about what the business has to offer, nudging you to take the decision of making a purchase. If this knowledge section is not present on the site, you either bounce off the website, interact with a rep on chat or write them – the latter options, making you wait endlessly sometimes.

Quite interestingly, the first choice of 50% of customers who land on a website is to browse through it on their own, rather than having to engage with a support rep via live chat or an email.

2. Ensures access to explicit knowledge

According to The Guardian, customer experience will take over price and product as their key brand differentiator. With customers flocking to your website on a daily basis, it is important for your support reps to have necessary information at hand to deal with enquiries effectively.

Whether it is knowing where a specific service page is located on the website or which personnel is the right person to speak to – a knowledge base gives access to even the minutest of details.

3. Reduces response time on chat

Adding to point #2, an organization delivers a proposal on email, product or service via couriers, answers to a query on live chat – at an accelerated pace – only if there is a knowledge management strategy in place. The full intellectual power of a business can be harnessed when the information is filtered and segmented for support reps.

4. Eliminates duplication of effort

No one likes to spend their time doing something over and over again. At a workplace, repetition of tasks lowers employee morale and demotivates them. Knowledge management streamlines work process for the support reps and makes time for them to focus on something new and challenging. It ensures optimization of human resources.

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Choosing the right knowledge management software

The software you choose for knowledge management needs to empower your customer’s digital journey. It needs to be able to deliver fast responses in order to offer instant gratification, improving their overall experience of interacting with the business.

That’s where softwares like KnowMax step in, offering:

  • Self learning process that monitors the customer activity on self service channels closely. With contextual insights, it enables you to create a knowledge base that adds more value to your customers.
  • Decision trees that reduce complex interactions into easy, step-by-step guides. This enables you to guide the customer through the ideal user journey effectively.
  • Omni -channel support from all digital platforms and bots. Create intent, dialogue and entities that ensures personalized communication with customers.
  • Easy integration with existing IT infrastructure such as CRM, telephony, chatbot and other platforms.

Closing thoughts

If your ultimate goal is to achieve digital transformation and offer a great interaction experience to your customers, then a sound knowledge management system needs to go hand in hand with your processes.

When 77% of consumers say that valuing their time is the most important thing a company can do to provide them with a great service, then why hold back from getting your resources in place? To transform your business digitally get in touch with us.

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