Posted On: July 27, 2020 | 8 mins read
According to the definition by TechTarget, knowledge based software can be defined as a machine-readable resource for the dissemination of information generally online, or with the capacity to be put online. In this rapidly expanding marketplace, it is time for organizations to unleash the power of their data and switch to a potent knowledge-based solution.
Marketwatch has estimated that the semantic knowledge base industry will be worth $33 billion by 2023, with over year growth of 10% through the rest of the decade.
There might be much knowledge based software out, but making a wise choice prioritizing your agents armed well to deliver effective customer responses is crucial.
A good knowledge base software does demand DIY (do it yourself) to be of one its vital features. The actionable modules of KM software such as decision trees, picture guides, FAQs, or articles are designed in a DIY format that allows organizations to create their content themselves within a hassle-free environment. Step-by-step creation of decision trees, visual guides, and FAQs grant organizations to foster self-service facilities for delightful customer experience.
A fact claims that over 67% of customers prefer to use an organization’s knowledge base software to resolve their issue rather than calling an agent.
Providing google like support is an ideal solution for contact center agents to support customers with an efficient & quicker response. For that, an effective knowledge-based system must be adopted to assist agents in handling complex customer queries in no time & hence boosting overall CSAT score. A centralized knowledge-based software where data is stored in the form of guides leverage agents to deliver relevant responses to customers.
For every 1% improvement in first call resolution rate, contact centers will see a 1% improvement in customer satisfaction rates, and 1-5% improvement in employee satisfaction.
Omnichannel contact centers assist customers anytime & anywhere. This channel can be a smartphone, a website, or a retail store, etc where customers can look for any service they want. Main benefits that omnichannel supports are: higher customer satisfaction, seamless digital interactions across all touchpoints, also AI-backed chatbots to exceed customer’s expectations.
Companies with omnichannel customer engagement strategies retain on average 89% of customers, a customer retention rate of 33% for companies with weak omnichannel customer engagement.
API based triggers form connectivity between CRM & knowledge-based software to manage tickets when raised by customers. Agents can explore an accurate solution to the ticket through API while triggers can notify customers after issues being solved.
Centralized repository of knowledge management system amasses content at a defined place for easy findability & searchability. Tools such as decision trees, picture guides, FAQs, etc when integrated with CRM allow support agents to find & flow accurate information across various channels. With easy searchability of content, knowledge-based software also helps in saving OPEX & time.
Companies focused on providing a superior experience across customer journeys realized a 10-15% increase in revenue and a 20% increase in customer satisfaction.
The user management system helps an organization to add its users, defining their roles, assigning their tasks, and selecting their designation. As the roles & rights of each user are limited, the categorization of content is also served accordingly, ensuring in faster learning. Beyond this, the user management system also gives organizations the authority to validate their user’s performance thoroughly.
AI-backed intent-based search helps in delivering contextual data to assist customer support services across the required channel at the right time. Leveraging intent-based search into business grants them to reduce customer acquisition cost, boost click-through rates, and hence gain customer retention.
Customization of features such as changing the color scheme, logo, images, etc according to the business requirements is an integral part of knowledge-based software. Beyond customization, knowledge sharing software should support agents while handling complex device configuration & troubleshooting.
Content management system (CMS) is used to create, manage & distribute content over a website. It grants easy searchability of information by tagging suitable keyword along. Robust knowledge management software helps in arranging content in a streamlined manner which ensures knowledge is easily accessible at all touchpoints.
By keeping a track of every resolution served to customers, actionable & custom analytics suits best for analyzing business processes and identifying areas of improvement.
The 10 must haves of a knowledge based software leverages its users in many ways. Beyond assisting a customer with self service facilities to supporting agents while handling complex queries, good knowledge software can do it all. Integrating robust knowledge based software can turn revenue of the company to the next level. Let’s consider some live examples of integration:
Thus, knowledge-based software works remotely enhancing customer experience, boosting agent productivity & organization’s revenue by targeting various sectors of industries such as telecom, banking, insurance, e-commerce, etc.