In our digitally-driven business world, the rise of the customer has placed pressure on organisations to innovate and be more customer-led in their service offerings. To stay ahead of the curve, savvy leaders are looking at future-proofing with integrated technology systems like knowledge management (KM).
What is knowledge management?
KM is a key strategy for enhancing the customer experience (CX) and carving out a competitive edge in the market. It is an integrated technology platform that improves operational efficiencies and internal data-sharing, benefiting customers and employees alike.
KM is a fundamental ingredient in the CX journey, as it gives employees access to the right information at the right time to deliver a great CX. With KM, organisations can deliver information quickly and consistently, answering customer queries and solving complex problems at the touch of a button.
KM also places power back in the hands of the customer, ensuring that each customer can self-serve effectively.
What are the benefits of KM?
Research by the Australian Bureau of Statistics (ABS) found that a KM strategy enables an organisation to establish the right knowledge foundations and streamline internal processes. In doing so, KM empowers employees and customers to solve complex problems.
There remains some confusion among leaders regarding the role of technology in KM. A Monash University survey of 1,000 Australian SMEs, government bodies and tertiary institutions found that 85% of respondents defined KM as being a business issue, rather than technology-based – yet the two are actually interlinked.
Given that we are in the midst of the digital age, leaders are beginning to understand the important role of technology in enhancing KM. With 2 out of 3 organisations ‘contracting out’ to KM technology experts to better navigate and manage knowledge, KM is the next step in the CX revolution.
3 top benefits of leveraging KM to enhance the customer experience (CX)
KM delivers instant answers to customer queries.
Today’s customers want instant answers to their burning questions. However, most customers have already done their research and are looking for specific answers – which is where KM can help.
By leveraging KM, organisations can respond proactively to customer queries, provide timely answers and solve complex problems. KM makes it easier for the customer to access information and for employees to respond, reducing the effort and time usually taken up with phone calls or in-person consultations.
Accessible and actionable KM drives business growth.
For organisations to effectively engage both customers and employees and enhance the CX, there needs to be accessible and actionable knowledge available.
The knowledge journey is an ongoing process of identifying where knowledge is, how it’s being used and which processes can be improved to enhance the CX. Effective KM keeps knowledge up-to-date and relevant, ensuring it is assessible and actionable for both customers and employees.
KM is a ‘single source of truth’ that lifts performance.
The concept of knowledge as ‘a single source of truth’ for all channels is key to lifting business performance. KM delivered in context plays well into digital channels and is a critical element of doing more with less.
The idea behind KM is that it should be a unified whole that pre-empts and delivers a relevant piece of knowledge, preventing individuals from labouring over in-depth searches. An effective KM strategy enables employees to preempt the needs of the customer and deliver the right knowledge at the right time.
Paving the way for an automated future
Automation is a key feature of KM that enables customers to solve problems for themselves and become more self-sufficient.
With the rise of the IoT and AI, more and more processes will become automated along the CX journey. For example, the IoT will require a single source of knowledge to deliver smarter products and services, and the immediate delivery of information.
New disruptive tools such as AI bots will also play a role in supporting the customer. Bots are set to become more predominant for the CX, and at the core they should use business KM to provide an enhanced CX.
KM technology is an easily integrated asset for businesses to improve their existing systems and infrastructure. KM as a single source of the truth is paving the way for the automated and interconnected CX of the future.