Sir Francis Bacon was on to something when, in 1597, he put quill to paper and wrote the words: “Knowledge itself is power.” As an English philosopher, he was expected to deliver compelling insights and the fact his statement in Meditationes Sacres1 continues to be paraphrased more than 400 years later would suggest he succeeded on at least one occasion.
Knowledge is indeed power but as the 21st century gathers pace and organisations find themselves under increasing pressure to perform, a growing number of business leaders are realising another fact about knowledge. To identify opportunities, navigate change and maximise profits, they appreciate knowledge must be shared and an entire industry has risen to allow that to happen on a grand scale. The global knowledge management market is predicted to reach $1.1 trillion by 20262 as businesses aim to better collect, analyse, store and share their knowledge assets and intellectual property.
Nowhere is the thirst for knowledge management greater than in customer experience (CX). With 89% of today’s businesses competing primarily on the basis of CX3, it is no surprise organisations are looking for any advantage to put more smiles on more customers’ faces and increase loyalty. An Emplify study found that 86% of consumers will abandon a brand they trusted after only two poor customer experiences4.
To avoid adding to such statistics, smart businesses should be investing in knowledge management strategies that enhance staff productivity, deliver faster resolutions and ultimately elevate customer experience. Given knowledge is power, this comprehensive guide has been designed to provide executives and managers with the insights they need to strengthen their knowledge management systems and deliver positive change for both staff and customers.
Failure to manage knowledge can be incredibly costly for businesses as it negatively impacts customer experience in many ways.
Source: The Most Effective Messages to Motivate KM Participation | APQC
The implementation of a comprehensive and functional knowledge management system can benefit customer experience in multiple ways.
Source: Artificial Intelligence in the Call Centre: Survey Results (callcentrehelper.com)
Successfully implementing a knowledge management platform requires the right combination of tools, processes and technical expertise.
Knowledge management is no longer a maybe but rather a must for businesses hoping to achieve customer experience excellence. Implementing the right systems will go a long way to putting accurate and pertinent information in your employees’ hands faster than ever and, in turn, create an environment where customers are happier, increasingly loyal and more likely to spread the word about why they value your service.
Choosing where to spend money when investing in customer experience can be difficult. Discover the best areas to focus on in CX this year and why technology is the key to achieving customer experience excellence.