Grow Your Telecom Business with AI-backed Knowledge Base Software
Posted On: September 5, 2018
There is much written about the famed Roman army which was directly responsible for the rolling juggernaut that was the Roman empire. Their strength came from their discipline and exceptional military tactics that outsmarted the opposition time and again. Unlike other armies of their time, the Roman generals laid special attention to training. For this, the generals prepared texts featuring detailed information, diagrams, and statistics of military tactics. These ancient texts were probably one of the first known examples of a knowledge base being used to improve service levels and performance. In today’s times, we have knowledge base software with most advanced technologies backing them. It is used for the same baseline elements – to improve service levels & efficiency. However, it has grown in importance & become a mission critical factor for success in telecom industry.
For the uninitiated, knowledge management refers to the process of creating and curating information, structuring a framework for storing and accessing this information across multiple levels of an organization by different internal stakeholders. The concept of a knowledge base hasn’t rung truer in today’s time in business, where competition is intense and service is paramount for customer satisfaction. Businesses need a support system in the form of technical infrastructure that helps key stakeholders take quick decisions powered by the right information.
Rising Competition in the Telecom Industry
What used to be a monopoly enjoyed by a few big names has now become a battleground for all-out war. The global telecom industry continues to be one of the most competitive sectors because of rising demand for mobile data and mobile connectivity. To ensure business growth and customer retention at such a critical time, your telecom business needs to incorporate a knowledge base software for a supercharged customer experience.
Data consumption has been at an all-time high for the last few years. Let us put things into perspective with this statistic:
In 2016, global mobile data usage was pegged at 7 exabytes per month. In 2021, this number is expected to grow to 49 exabytes, with a CAGR of 47 percent! In such a fiercely competitive environment, brands need to ensure an optimized and pleasant experience at scale to ensure that they retain a big chunk of their target audience and not lose out to competition. The way ahead for growth depends majorly on any brand’s ability to constantly deliver highly satisfying customer experiences.
Today, consumers have evolved significantly which throws light at the massive digital transformation that consumers are going through. Easy access to smartphones and affordable mobile data has changed consumer buying behavior, and users are conducting thorough online research before buying anything. To service these users, your business needs to empower employees with digital tools that help them create solutions faster and more efficiently.
An independent study found out that the most people switch telecom brands if they are dissatisfied with the current level of service from their telecom service provider. If a difference in perception exists, users will start to gravitate towards competing brands to look for a more consistently satisfying experience and to take advantage of more value-added services.
Another study found out that if you offer more value through better customer service to your users, and focus on maintaining a healthy relationship based on serving the right information prudently, you will be able to master the art of retention in the Telecom sector. A Knowledge Management Solution can help take the customer experience to another level with the right execution.
What are the Main Problems Plaguing the Telecom Industry Today?
Monopolistic conditions have ceased to exist, and the telecom industry is one of the most competitive industries with zero barriers to switching, similar levels of service and prices.
Poor Retention Metrics
User Retention is a major problem in an extremely competitive market, and users have also become highly mature and discerning.
Falling ARPU(Average Revenue Per User)
The users don’t find enough value to invest in more services and features, and competition has also affected pricing.
Changing Technology Landscape
The technical infrastructure is constantly upgrading at light speed, and keeping up with all the changes requires heavy investments and training.
All of these problems can be solved by an effective knowledge management platform. With an AI-backed knowledge base software, employ advanced capabilities like Machine Learning algorithms and Natural Language Processing to create highly versatile, intelligent systems that would form the core of your knowledge management solution. You can set up an infrastructure that employs predictive modeling and machine learning to curate, collect and fetch data according to the custom nature of the requests (Sales, Service, Customer data etc.)You can empower your employees with actionable information that lets them take data-backed decisions in a timely manner.
Here’s how an AI-backed Knowledge Base Software can Help You
Get Faster Response Times
Access the right information at the right time, and give your employees lightning quick response times to take the right decision based on correct knowledge. This can be especially effective in Customer Service and Sales, where the time taken to reach a solution is critical for conversion.
Simplify Problem Solving
With highly informative, interactive and intuitive content, you can give your customers the power to take matters in their own hands and they can troubleshoot their queries in an informed manner without taking any pains to contact external services.
Access all Information in Real Time
Having a centralized data repository will help you access current, updated information from the comfort of your smartphone. Stakeholders can update content and incorporate dynamic updates to the database, and this information can be accessed by sales representatives in real-time helping them tailor their sales pitch accordingly.
Standardize Customer Experience at Scale
Knowledge base software will give you the mobility you need to put mission-critical business documents, information and notes on the cloud. This increased accessibility will empower your brick and mortar storefronts, your customer service outlets and your business backend to be on the same page in terms of client information, business processes, pricing etc. There won’t be cases of 2 stores offering the product at different prices, or customer information being misread by your customer service teams. This will help you provide a stellar personalized customer experience, whether for the first time visitor or a repeat customer.
Easy Integration with your Existing IT Infra
Whether it is your business CRM, Telephony Dialer IVR service or a fancy Chatbot, a Knowledge Management Software can easily integrate with all of them and offer a seamless hand-in-glove experience.
Looking to implement a knowledge management platform? KnowMax, is an AI-Powered knowledge management software that can help you create highly enriching customer experiences at scale.
- Use advanced features like picture guides that help visualize information for the benefit of the customer for individual problem-solving capabilities, as well as simplifying processes for your internal employees.
- Also, use helpful features like Decision Trees that help you create an accurate work-flow for solving complex problems by breaking them down into several steps.
- Easily integrate your chatbots with the KnowMax system and enhance your chatbots information delivery efficiency by integrating your knowledge base.
The software offers capabilities that help you:
- Convert rough information into actionable content
- Create a visual and statistical representation of information for better comprehension
- Create video and audio guides that are highly interactive
- Create multi-structure centralized access for the entire business team
- With easy integration for omni-channel support