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benefits of knowledge management

Through the use of tools such as communities, expertise locators, and repositories, the full power of a large enterprise can be exploited. Making the organization's best problem-solving experiences reusable. If standard processes and procedures have been defined, they should always be followed. The 7 most important business drivers for Knowledge management. With the right tools, this significantly cuts down on the costs of centralized learning and development (L&D) and reduces reliance on third-party training service providers. Knowledge managers should pay close attention to getting this right, and it will deliver results later. Answer every question with confidence. Since there is no employee involved in these transactions to provide answers, an easy to navigate knowledge base is essential to give customers a place to search for answers on their computer or mobile device. Sudden surges in remote employees and increased customer inquiry volume and types can result in your agents feeling overwhelmed and customers feeling frustrated. fax: +1 (631) 962-9300, Your browser does not support JavaScript, therefore the poll can not be rendered.Powered by Verint survey software, Webinar: AI and the Future of Knowledge Automation, Webinar: How KM Plays a Role in a Digital Strategy, Educational Series: Adapt and Respond to COVID-19, The Comprehensive Guide to Reducing Average Handle Time, Leading Grocery and General Merchandising Retailer enhanced issue resolution, Sky Deutschland improved first contact resolution by 8%, SNS bank found a significant increase to customer satisfaction, Tele2 enabled more focus on employees skills training, Equiniti implemented Knowledge Management. In competitive situations, it is important to differentiate yourself from other firms. It is very practical and, when provided in an easy-to-access, on-demand format, gives employees a chance to apply what they’ve learned immediately. Knowledge management uses AI and natural language understanding to make it easy for customers or agents to find the answer they need. Because knowledge originates among real employees working on the business side of the organization, it is much more in touch with actual market conditions. For example, BMW set out to identify a single source of knowledge for staff and customers alike, across all its touchpoints. Check out here its benefits for…, If you share your knowledge at work it would bring to much value to your organization. Providing methods, tools, templates, techniques, and examples. Melville, NY 11747 Do your business decisions ultimately come down to a cost-benefit analysis? Weather issues, communication outages, and software bugs can all generate an influx of calls demanding up to the minute answers. And managing that asset effectively is one of the critical conditions for success. By capturing knowledge in a knowledge management system, you ensure that future employees will have access to the same information, even if an employee leaves the company or department. Your email address will not be published. 6. Consistently applying proven practices, also known as best practices or good practices, can significantly improve the results of any firm. For example, a company could have the best knowledge identification, capture, organization, and management capabilities, but still struggle to exploit its collated knowledge – failing with its distribution. It’s one of the biggest advantages of knowledge management. If there is a resource who is in great demand due to having a skill that is in short supply, knowledge management can help make that resource available to the entire organization. In large organizations, there are people with widely-varying capabilities and backgrounds, and there should be a benefit from this. 6. If you are happy for us to contact you please let us know how you would like us to contact you by confirming below: Verint Systems Inc. This site uses cookies. Quicker onboarding and training of new staff 16. What are the key issues in knowledge management? The reuse of knowledge in repositories allows decisions to be based on actual experience, large sample sizes, and practical lessons learned. Tele2 enabled more focus on employees skills training and improved its knowledge transfer after implementing a knowledge management system. If someone has written a document or created a presentation that addresses a recurring need, it should be used in all future similar situations. Please read on for some examples…. Do you feel like your company needs a firm knowledge base that you can rely on to make better decisions and do your jobs more effectively? 8. Also, the younger workforce is accustomed to looking up information rather than memorizing and will rely heavily on a knowledge base to find answers for customers. If it is easy and fast to find what you need when you need it, you can perform all of these tasks efficiently. A knowledge base can contain literally millions of articles, across a wide variety of topics. Avoiding making the same mistakes twice.

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