Top 5 Benefits of Knowledge Management for CX + Case Studies 

Did you know that to automate multiple workflows, companies are using an average of 367 different software? Ironically, instead of helping organizations, these software apps are creating more data silos.  This results in employees spending almost 30% of their workweek solely on searching for information. This is where a knowledge management system (KMS) comes in. A KMS consolidates all organizational information in one place. This reduces information search time, boosts agent productivity & improves CX.  

In this post, we’ll learn more about knowledge management system and the top 5 benefits of using it.   

What is a knowledge management system? 

A knowledge management system (KMS) is a software that helps you unify your organization’s knowledge under a single roof, creating a single source of truth. With a KMS you can easily create, store, manage, and share information across your organization. 

Top 5 Benefits of Knowledge Management

#1 Instantly access the right information 

Customer service agents struggle to perform even basic tasks when they refer to multiple sources of information. Customers’ patience is tested while your agents put them on hold to look for relevant information.  

When your agents can’t find the right information on their own, they ask peers and supervisors for support, which is time-consuming. By the time they find the right solution, customers are already frustrated.  

When information is cluttered, agents also run into the risk of making fatal errors.  

With a knowledge management system, you can bring all the information scattered across PDFs, SharePoint, Jira etc under one roof. With well-organized and categorized information, your agents can access relevant knowledge instantly and help customers with the right solutions.   

Now with the Gen AI led KM tools like Knowmax, your agents can converse with the knowledge base, doing away with the need to remember exact keywords to find information. This boosts agent productivity and customer satisfaction with instant, on-point answers.  

#2 Keep your information fresh and reliable

Agents are bound to make mistakes when they end-up using outdated information, due to the lack of proper version control. A knowledge base system helps you track changes and notify your agents about the latest updates.  

It also gives you actionable insights about your knowledge base health; how agents are engaging with the knowledge, what are the top performing content topics, which content topics are resulting in failed searches.  

These insights help you update your knowledge base content strategically. 

#3 Improve your customer satisfaction  

Dealing with customer queries gets even more stressful for agents, when they need to consume lengthy SOPs or articles under pressure.  

A knowledge management system enables you to simplify knowledge for agents by creating easy-to-understand visual guides, next-best-action workflows, FAQs, etc. 

This guided knowledge would allow agents to identify the root cause of customer queries easily and provide effective solutions quickly.  

Empowering your agents to solve customer queries efficiently will inevitably lead to improving customer satisfaction.  

#4 Collect feedback easily

You never really know how useful your content is and how you can improve it, unless you get user feedback.  

A knowledge management system provides the users an option to rate or comment on your knowledge base content. This allows you to effectively improve your content to better serve your users. 

#5 Reduce agent workload 

A customer-facing knowledge base consisting of support articles, interactive FAQs, videos, and visual guides can help resolve their own queries quickly 

This reduces agent workload and allows them to dedicate their time towards resolving more complex queries. 

Benefits of Knowledge Management: Case Studies 

1. The Key to CX Transformation for Jupiter 

Jupiter is a digital bank, and in 2019 they were struggling to provide exceptional CX due to: 

1. Scattered and unorganized SOPs . 

2. Longer agent learning curves  

3. Outdated and wrong information delivery  

Knowmax helped Jupiter improve its customer experience by creating a single source of truth for their knowledge.  

Uncover the full story here.

2. A unicorn fintech’s journey of seamlessly serving 2 million users

The FinTech Unicorn startup found it hard to provide exceptional customer experience due to – 

• Scattered product and process data, which made it hard to follow SOPs.  

• Knowledge not being actionable, which resulted in delayed and poor customer service.  

Knowmax helped them by providing a single source of truth for all their organisational data, enabling exceptional customer experience, and faster agent onboarding.  

Here’s what they say: 

“We have achieved a 12% increase in FCR and 10% reduction in AHT. We’re now providing seamless customer service to over 2 million users. Knowmax has transformed our CX function and helped us increase our C-SAT scores by 28%. We’re lucky to have found a Knowledge Partner that delivered promising results and supported us throughout our Knowledge Management journey.”    
  
Chief Operating Officer.  

Uncover their journey to exceptional CX here.