Why Knowledge Management Software Is So Important

Many businesses have started to realize the value of exceptional customer service. This is because companies understand that customers are the lifeblood of their company. Happy customers mean repeat business and referrals, while unhappy customers can mean a loss of revenue.

However, a problem that companies often face is resourcing their service and support teams to meet the demands of the business. This is where knowledge management software comes into the equation.

What is Knowledge Management Software?

As the name suggests, knowledge management software helps organizations manage knowledge. This includes storing knowledge, organizing knowledge, and making learning accessible to those who need it.

Companies can use many different types of tools for this, but some of the most common features include document management, search functionality, version control, and workflow management. Some knowledge management software solutions also offer collaboration features such as chat or forums.

Application of Knowledge Management Software

The contact center is still a key touchpoint between businesses and consumers, and the importance of customer service is only increasing. Knowledge management is a set of technologies that focuses directly on helping agents provide customers with the correct answers in the fastest time frame possible. This is significant because getting it right the first time is more critical than ever before.

An effective knowledge management solution can help achieve this by providing your contact center agents with quick and easy access to the most relevant information to provide an accurate resolution the first time around. Too, knowledge management software can also help to speed up issue resolution times, improve customer satisfaction levels, and reduce support costs.

However, knowledge management also benefits businesses by deflecting customer inquiries through self-help.  Self-service is a major focus for many businesses as it can help to reduce support costs while also improving the customer experience.

With the right knowledge management solution in place, businesses can provide their customers with the ability to quickly find answers to their questions without having to contact support.

Benefits of Knowledge Management Software

Knowledge management software is important because it can help organizations improve efficiency, avoid duplication of effort, and make better decisions.

The benefits of using knowledge management software are many and varied. Some of the most common reasons companies implement a knowledge management solution include:

To improve decision making

Managers and leaders that are trying to make decisions may find themselves bogged down by data. Although large amounts of data can provide useful information, processing vast quantities of information might prevent you from making high-quality judgments. That’s where knowledge management software comes in. It helps users find, understand, and easily use the most relevant information.

To find and fix errors faster

Another big benefit that comes with using knowledge management software is the ability to find and fix errors more quickly. When all of your organization’s critical information is stored in one place, it’s easier to identify when something goes wrong.  Teams can learn how critical issues were fixed from historical incidents and plans can be created to look for patterns of seasonality or volume. You can also create workflows to automate processes and reduce the likelihood of human error.

To encourage collaboration

Different departments or teams might have their own way of doing things in many organizations. This can lead to a lack of communication and collaboration, ultimately impacting the quality of your products or services. Knowledge management software can help to encourage collaboration by providing a central repository for information that everyone can access. This makes it easier for team members to find the information they need and makes it more likely that they’ll collaborate on projects.

To stay competitive

In today’s rapidly changing business environment, it’s more important than ever to be able to adapt quickly. Knowledge management software can help you to do this by making it easier for you to find and share ideas. This gives you a competitive edge by allowing you to respond faster to changes in the market.

To reduce costs by streamlining processes

Besides making it easier for users to access the data they need, knowledge management software can also help companies avoid duplication of effort. When different departments or teams are working on similar projects, they may not be aware of what others are doing. This can lead to duplication of effort and wasted time and resources. A knowledge management system can help by providing a centralized repository for information so everyone is aware of what others are working on.

To improve customer service

Quality customer service is essential for any business. Knowledge management software can help you to deliver superior customer service by providing your employees with quick and easy access to the information they need. This can help to speed up the resolution of customer issues and improve customer satisfaction. In addition to the uplift it provides internal teams, knowledge management solutions directly benefit customers through self-help initiatives.

Choosing the Right Tool for Your Business

When choosing a knowledge management software solution, it’s important to consider the needs of your organization and the type of knowledge you need to manage. Look at how the tool is going to be used

  • Will it only be for internal teams or will customers need access?
  • What type of knowledge are you going to record?
  • What team is responsible for populating the knowledge?
  • What format are you expecting them to use?
  • Are you going to implement self-help? Is that something that might be implemented in the future?

Wrap Up

Knowledge management solutions give rapid, intuitive access to the correct information from a variety of sources and for any type of question. When knowledge management technology is properly implemented, it delivers the right information at the right time. Remember, it’s not just about your clients; it’s also about your staff. When knowledge management becomes part of an organization’s culture, everyone benefits.

Adam Hansen

Adam is a part time journalist, entrepreneur, investor and father.