Zingtree Tags: interactive knowledge management

8 Stats That Prove You Need A Knowledge Management System

Knowledge Management System

A knowledge base – also called a knowledge management system (KMS) – is the repository of information that customers and/or staff need to use your product or service, from basics to getting the most out of your product. The content comes from the subject matter experts (usually the creators and top support staff), and is expanded and improved over time.

Employees, especially new employees, will use the KMS to familiarize themselves with the product, and customers will often use the knowledge base themselves rather than call in for support. It takes an investment of time and money to create a proper knowledge base, but you will absolutely get more out of it than you put in, especially if it is interactive. Here’s why:

1) 40% of Customer Interactions Are Now Only On the Web

Customers today are calling customer service on the phone less and less than they used to. A recent survey of CRM managers and professionals by DestinationCRM found that 40% of customer interactions were over the internet, including mobile web and apps. Of those companies, 45% reported “measurable reductions” in phone inquiries. That means less time that employers have to pay support staff to answer the phone, and more of the time they do spend is on more advanced programs; this also leads to less employee burnout.

2) Solve Customer Issues For Just $0.25

I just mentioned that fewer customers will call in and require a live agent. Here is a more clear breakdown of those costs. A 2010 study by Forrester research on the benefits of click-to-call and click-to-chat showed that chats can cost a company up to $5 per customer interaction, and phone calls can cost as much as twice that. Automation brings that down even further, because rather than paying for staff to help, once the base is up and running, you’re essentially paying for the cost of running the server. One KMS provider, Hubspot, estimates that cost is a meager 25 cents per interaction.

3) 47% of Companies That Have a KMS Report Increased Sales

According to the same DestinationCRM survey, 47% of those surveyed reported an increase in sales through self-service and 54% reported an increase in web traffic, compared to before deploying a knowledge base. This is in part because a knowledge base answers many technical support questions before the buyer even makes a purchase. Your customer is more informed and more confident, which brings down purchasing resistance. In other words, once you set it up, the KMS is working for you!

4) Save $1,000 by Keeping Employees Happy

Onboarding a new employee is expensive. In order to train the new employee, existing staff have to take time from their tasks and spend it with the newbie, so youre paying twice over. According to a 2014 study by Training Mag, the training expenditure per learner for a small or midsize business was in the range of $819-$1,238; lets round that to $1,000. Thats $1,000 per employee, and if theres a high rate of churn, its money down the drain. By having a knowledge base, it empowers the new employee to learn at his or her own rate without having to interrupt the trainer for every small question, and can even brush up at home.

5) Every 1% Improvement in FCR Means 1% Higher Customer Satisfaction

The best way to reduce the cost of a new employee is to keep the ones you already have happy. According to 3CLogic, for every 1% improvement in first call resolution rate, contact centers will see a 1% improvement in customer satisfaction rates and a 1-5% improvement in employee satisfaction. Repetition is also a reason for burnout, and with a proper KMS, they will see lower zero level solution calls in the first place. The KMS also is an opportunity for collaboration between team members that can foster connections within a company.  

6) Your Existing Customers Will Help You For Zero Dollars

A knowledge base is written by your team members, but as customers ask questions, and, if you let them, answer them, it becomes a become a curated but crowd-sourced source of information. Its possible that customers will even figure out solutions that you havent, and you can add those great ideas to your own training. In addition, your customers are your real-time bug detectors and product developers. They may find a mistake or oversight that you didnt, and your KMS is the first place theyll look to figure out the problem. Similarly, if theyre looking for how to do something your product or service doesnt do, thats an instant suggestion box.  

7) 78% of Millennial Customers May Not Give You A “Second” Chance

Here is some bad news: According to a Salesforce study, although 89% of millennials use a search engine to find customer service, 78% of millennial customers have moved their business somewhere else after one single poor customer service experience. The importance of first-call resolution is higher than ever. Your best bet for keeping younger customers is to let them help themselves with a knowledge management system. It isnt just millennials, 40% of customers, according to Forbes, would rather skip human contact altogether in favor of self-service.

8) 5% Growth in Retention Can Increase Profits by 95%

According to a study by Bain and Company, having only a 5% growth in retention can increase profits by 25-95%. This is because compared to the cost and effort required to get a customers first purchase, many companies dont even break on that first one. It often can take several purchases for the retailer to be ahead. In their example, a customer who purchased from an online apparel retailer once was likely to refer three friends, but a customer who made seven purchases was likely to recommend the store to ten friends. In other words, customer loyalty is tough to earn, but if you are able to satisfy the customers, you will see significant growth over time.

The Final Word

Building a proper knowledge base requires time and effort. It will be continually updated with new information as your customers use your product and you, in turn, improve it. Thats why its called an investment. We at GetVoIP are always in favor of spending the necessary capital expenditure for long-term lower operational spending. A knowledge base will save your employees time and help retain customers, which in turn will both keep and put more money in your pocket. That is the very definition of a worthy investment.


About the Author:

Reuben Yonatan is the CEO @ GetVoIP, a leading VoIP systems comparison guide that connects shoppers with relevant providers.

 

Call Centers: Here Are 10 Knowledge Management Mistakes That You May Be Making

Knowledge management is one of the most important business functions in any industry – for call centers, in particular, having an effective knowledge base isn’t just a nice-to-have, it’s necessary.

Sharing mission-critical information in a digestible format is one of the most powerful ways to keep customers, employees, and stakeholders in-the-know when it comes to customer support, product information, training practices, business processes, and more. That’s exactly why we created Zingtree in the first place; to provide an interactive knowledge management platform that presents just the essential information at each step in the agent’s process flow. In the call center world, interactive knowledge bases and documentation are an incredible alternative to traditional articles, making it easier:

  • for customers and call center employees to engage with and understand the content at-hand
  • to cut down on time spent solving problems and finding the specific information
  • and to enrich information and improve retention with visuals, media, and other interactive elements

In a recent Call Centre Helper article, the author, Craig Rich, delves into how knowledge management functions in the call center landscape, as well as several mistakes that are made often and tips on how to fix them. He shares how knowledge is split into three main categories:

Explicit Knowledge: Formal and systematic, and usually in the form of written documents, it’s easy to communicate and store, such as information found in documentation, books, instruction manuals and on the web. It can also be in an audio or visual form such as instructional diagrams or videos.

Tacit Knowledge: Typically, the information held in people’s heads. The trick is to either enable them to share this information via tools and processes or to connect these people with those needing the information.

Embedded Knowledge: Information stored within policies, procedures, legal documentation and other unstructured data (such as social media). This can require observation, insight and analytics tools to identify this knowledge.

For every type of knowledge that needs to be properly conveyed, managing how it’s processed and presented for consumption can present a new series of challenges without the right tools on-hand. Traditional linear documents can be confusing for agents and can lead to fruitless searches and unnecessary steps being taken; interactive decision tree-based content is much easier to navigate, and also presents the added benefit of enabling reporting to track each step of every procedure – on every single call.

One of the main purposes of sharing knowledge within a contact centre is to ensure that information is easy to navigate and use for all team members. This information should be the latest and most accurate on record and there should be a common source for it, which should become an obvious place for the team to go when seeking information… If applied and planned strategically, knowledge management will allow the contact centre to be the heart of the organisation, demonstrating value far beyond the basic customer interface.

This is where having a complete, comprehensive system in place for knowledge management comes in. With a well-developed strategy for knowledge base management in a call center, there’s a huge wave of benefits that come with it, including:

– Improved contact centre metrics such as Average Handle Time, First Contact Resolution and Customer Satisfaction.
– Lowering the Time to Competency for new employees.
– Lowering overall training costs.
– More accurate call logging, and reduced after-call work (ACW).
– Enabling wider sharing of information across the whole organisation.
– Operational efficiencies communicating key information more quickly.
– Consistency across an omnichannel implementation.
– Ability to create a “trusted source” or a “single source of truth” for key information that needs to be shared either internally or with your customer base.
– A source of intelligence to help product teams improve future versions of products or services.
– Enabling emerging technologies such as AI, chatbots, robotic process automation.
– Increased Employee Engagement.

As the author stresses, it’s important to understand the mistakes that can arise when preparing a complete knowledge management strategy, as well as implementing a system for it, in order to succeed. So, what are the common mistakes and what can be done to fix them? 

Keep reading the full Call Centre Helper article here >>

 

For a call center, an interactive knowledge base can serve as a self-service support platform for both employees and customers alike, offering a guided format for presenting important information, tutorials, and how-tos in a categorized and clickable display. Call centers and other organizations that use decision trees to create a fully-interactive knowledge base have seen a 20% reduction in support-related costs, and ultimately have happier customers and employees due to the saved time and effort.

When it comes to creating a customized, in-depth, interactive knowledge base for call centers, Zingtree has the most powerful toolkit for getting started. With the ability to build decision trees that host product/service information, troubleshooting help, and call scripts securely, as well as integrate with popular CRM tools, it’s a one-of-a-kind way to streamline and simplify knowledge management.

What do you think about the future of knowledge management? Join the conversation with us on Twitter

Head over to the Zingtree Knowledge Base to see how we set up our own interactive knowledge base with decision trees.