What is Knowledge Management?

The Knowledge Management (KM) platform streamlines the organisation of a company's knowledge pool. It helps you identify, create, and distribute information across your company. Knowledge management system provides a unified and easily accessible information-base. It comes with features like search and an updated information repository.

What is Knowledge Management?

Knowledge management (KM) helps with the systematic creation, utilisation, and sharing of collective intelligence. It helps you transfer knowledge within an organisation. Successful knowledge management ensures that information is securely stored. Plus, it is stored in a readily accessible location.

Why is knowledge management important?

Employees, customers, and overall businesses greatly benefit from an organised knowledge management system. It particularly improves the overall customer experience. The KM system makes it easy for agents to browse information and deliver appropriate solutions in less time. Plus, establishing a comprehensive knowledge management system is pivotal. Because it allows customers to help themselves and enhances the overall customer experience.

Shared Knowledge Base = Save Time + Less Cost + Increase Productivity

You might operate a SaaS company serving business customers. Or you might manage a business shipping out consumer products worldwide. Or else you might manage a support or help desk for internal customers. Implementing an organised knowledge-management system always proves effective in delivering essential information.

What are the benefits of knowledge management?

Below, we've outlined the advantages of knowledge management and how it contributes to the success of your customers.

01. Organised knowledgebase

According to a 2022 Gartner study on customer service leaders' priorities, 74% emphasised the importance of enhancing content. Especially, the knowledge delivery for both customers and employees in their support strategy. The efficient organisation and presentation of collective knowledge from a centralised repository streamlines scattered information silos within organisations.

Plus, it helps in establishing a single source of truth. Such a system ensures the clear organisation of critical information. It comes with effective search capabilities. This enables visitors to easily find the information they require when they need it.

02. Updated knowledgebase

A knowledge management system helps in identifying outdated articles. This offers you a straightforward way to update them with current information. This advantage contrasts with the potential disorganisation of a file folder filled with documents.

A KMS ensures the orderly organisation of valuable information. This prevents the risk of misleading customers with outdated data. Or even potentially losing their business. Thus, emphasising the importance of promptly addressing outdated information.

03. Self-service-centric

A significant 78% of US leaders are increasing investments in self-service. Most companies are incorporating customer self-help portals and AI-powered chatbots. This helps the customer find solutions independently.

Self-service, where customers assist themselves through documentation. It stands out as the most cost-effective customer support approach. This can be achieved through an extensive knowledge base, AI chatbots, or community forums.

These self-help alternatives leverage a centralised and updated knowledge management system. KMS helps retrieve relevant solution articles and FAQs. Thus, effectively eliminating tickets away from the customer support team.

04. Share and Reuse

Are your customer support agents investing substantial time in crafting detailed support emails? Utilising a KMS allows you to harness that knowledge by transforming these support emails into knowledge base articles.

In essence, a knowledge management system democratises valuable information. It encourages knowledge sharing, making it accessible to everyone in the company. Consequently, customers gain prompt access to helpful information at their fingertips.

05. Customer retention

Approximately 39% of customers favour self-service options over engaging with human agents. Fortunately, knowledge management software offers 24/7 support. It allows customers to quickly locate information without waiting in a phone queue.

As customers effortlessly find their own answers, you can anticipate a rise in customer satisfaction (CSAT) scores. Consistently enhancing the delivery of information through an online help centre. It contributes to reducing churn while enhancing customer loyalty and improving customer retention.

06. Better customer support

Communication through email or phone has its limitations. Knowledge management systems offer the ability to consolidate various types of media. Thus, ensuring comprehensive assistance.

Customers have diverse learning preferences, whether through text, videos, or images. By incorporating all these options into your help centre, you ensure that all customers receive the assistance they need. Thus, catering to their preferred method of consuming online material.

Knowledge management process

A knowledge management process covers how a business handles knowledge. The process spans from knowledge creation and its management to ensuring organisation-wide distribution.

01. Knowledge creation

The process of knowledge creation involves gathering information and data from various sources. The source can be internal employees or external individuals with expertise in a specific subject domain. This is where the knowledge-acquisition process starts. Once acquired, the subsequent steps include understanding the purpose of the knowledge. Determining its applications and identifying its relevant contexts.

02. Knowledge organisation.

Following knowledge acquisition, the information must be systematically organised within a knowledge management system. This helps facilitate future utilisation. This organisational step involves structuring the knowledge. It also includes implementing security features to ensure access is restricted to authorised personnel. The knowledge organisation process is crucial in knowledge management. Thus preventing disarray and providing a structured framework. Without this organisation, knowledge becomes unstructured. Thus, making it challenging or even impossible to locate when needed in the future.

03. Knowledge sharing

The knowledge organisation process completes with a knowledge sharing step. It includes activities ranging from knowledge training to exchange. This involves acquiring or enhancing knowledge through discussions with other employees within an organisation.

Research and reports

Implementing a robust knowledge management system, as indicated by a McKinsey Global Institute Report, can reduce information search time by up to 35%. Plus, it increases organisation-wide productivity by 20-25%. It also addresses the significant financial loss, estimated at $31.5 billion annually for Fortune 500 companies. These losses are incurred due to knowledge sharing gaps. There is a crucial need for such a system as your enterprise expands. KMS helps you efficiently manage operations, serve clients, and boost revenue. It prevents inefficient practices and the potential loss of critical information.
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Knowledge management for Managers and Teams

Utilise the structured knowledge management features to effortlessly generate, oversee, and share information. Example: product documentation, self-service help, user guides, knowledge bases, support content, and more.

A “must have” knowledge management system for your organisation

Harness the power of user-friendly and robust knowledge base software. It is designed to help you rapidly scale your customer support and encourage team collaboration.

Frequently Asked Question (FAQ)

01. What are the types of knowledge management?

There are three main categories of knowledge management systems that exist to facilitate the sharing and management of corporate information. Corporate information includes knowledge work systems, intelligent techniques, and enterprise-wide knowledge management systems.

02. What are the four components of knowledge management?

The top four elements of knowledge management encompass people, process, content/IT, and strategy. Having individuals to lead, sponsor, and support knowledge sharing is always essential.