Transforming CX with contact center knowledge management
In 2020, the size of the global contact center market was close to USD 340 billion and by 2027, the sector is projected to grow to a total value of USD 496 billion. In the current competitive business landscape, contact centers play a crucial role in ensuring customer satisfaction and loyalty. However, providing a world-class customer experience (CX) requires careful planning, especially for organizations that handle a high volume of customer interactions.
One of the critical factors that help companies enhance their CX is the implementation of knowledge management solutions, which enable contact center agents to become more efficient and effective by giving easy access to accurate and relevant information. By supporting agents resolve customer inquiries more efficiently, contact center knowledge management solutions drive higher customer satisfaction and retention.
What is contact center knowledge management and why is it important?
Knowledge management is the process of identifying, creating, organizing and sharing knowledge and information within an organization to improve its efficiency, productivity and decision-making capabilities. Knowledge management tools capture the knowledge and expertise of team members, customers and other stakeholders, making this information accessible to those who need it.
In contact centers, knowledge management equips agents to provide better and faster customer service. Contact centers typically handle a large volume of customer inquiries and knowledge management gives agents access to the right information at the right time. This results in quicker resolution times, improved customer satisfaction and increased efficiency. Contact centers can capture and store information about products, services, policies, procedures, customer feedback and frequently asked questions and serve this content to both agents and customers through chatbots or virtual assistants. For agents, knowledge management solutions are invaluable tools that make it possible to respond to customers quickly without having to search through multiple sources or consult with other team members. In this way, knowledge management solutions support a consistent experience for customers by ensuring each agent and automated resources provide correct and consistent information. According to a 2022 report from HubSpot, a knowledge base on the company website was ranked as one of the top 3 tools or technologies that businesses used to enable customer service teams.
Customers reaching out expect live agents to support them with a wide range of queries, from store opening hours to special offers. In this environment, agents may face obstacles including:
Information overload - Contact centers often deal with a vast amount of information from different sources, including customer feedback, company policies and industry regulations. Agents may struggle to find the right information at the right time.
Information inaccuracy - Ensuring the accuracy of the information used by contact center agents is essential. However, in a fast-paced environment, without a central information source, agents may not know what information is the most up-to-date and accurate.
Knowledge silos - Knowledge silos occur when departments or teams within a company use different systems or databases to manage their information. This makes it challenging for contact center agents to access the information they need, especially if they must switch between different systems or databases.
No multichannel support - Contact centers are increasingly required to support customers across multiple channels, including phone, email, chat and social media. Without a central knowledge source, agents may find it difficult to keep track of all the information they need to provide effective support.
Technology limitations - Technology can be a significant obstacle to effectively managing knowledge. Legacy systems may be unable to store or retrieve information efficiently, while newer systems could require customization to integrate with existing knowledge management processes.
Hence, contact center knowledge management is an important task that requires a coordinated effort from stakeholders. Knowledge management solutions enable agents to access the information they need effortlessly, putting it right at their fingertips.
Suggested Readings: Maximizing Customer Experience: The Strategic Advantage of Multichannel Contact Center
Benefits of knowledge management for CX
Effective knowledge management systems enable organizations to streamline CX operations, provide faster and more accurate customer service and ultimately improve customer satisfaction. The benefits of knowledge management for customer experience include:
Findability of information - With an effective knowledge management system, customer service agents quickly and easily access the information they need to provide customers with accurate and timely solutions, leading to improved customer satisfaction.
Enhanced first contact resolution - First Contact Resolution (FCR) is a critical customer service metric and measures the percentage of customer inquiries resolved in the first interaction. An AI-powered knowledge management system supports customer service agents to provide faster and more accurate solutions, leading to a higher FCR rate.
Improved average handling time - Average handling time (AHT) is another critical customer service metric, measuring the average time for a customer inquiry to be resolved. Contact center knowledge management can help reduce AHT by providing agents with quick access to relevant information, enabling them to provide faster solutions to customer inquiries.
Reduces agent error - Inaccurate information leads to customer frustration and dissatisfaction. With a robust knowledge management system, contact center agents will access accurate and up-to-date information, reducing the likelihood of errors.
Ticket deflection - By providing customers with self-service options through an online knowledge base, organizations deflect customer inquiries from their support channels, reducing customer service agents' workload and improving customer satisfaction by enabling customers to help themselves.
Reduces training time - Utilizing contact center knowledge management tools reduces the need for agents to memorize extensive information, thereby enhancing the speed at which they attain proficiency. By providing agents with access to relevant and up-to-date information, organizations ensure their teams are well-equipped to handle any customer. inquiry.
With the right knowledge management system in place, organizations create a competitive advantage and establish themselves as CX leaders.
Also Read: Top Benefits of CCaaS for Maximizing Your Customer Experience
What are the top contact center knowledge management tools?
In today's fast-paced business environment, knowledge management tools play a critical role in helping contact centers manage and share information effectively. Knowledge base, visual how-to guides and AI bots are knowledge management tools that deliver measurable results for contact centers.
Knowledge base - A knowledge base is a centralized repository of information that can be accessed by contact center agents to answer customer inquiries. It includes articles, FAQs and other resources that help agents provide quick and accurate answers to customer inquiries. Knowledge bases can be created and maintained using knowledge management tools and provide easy access to information that helps them resolve customer issues more efficiently, with fast and accurate support. Knowledge bases also provide information for self-service solutions.
Visual how-to guides - Visual how-to guides direct customers through complex processes with screenshots, images and videos for step-by-step instructions to perform a specific task. Visual how-to guides can be integrated into knowledge bases or provided as stand-alone resources for customers.
Chatbots – Chatbots are increasingly popular in contact centers to automate customer support. They are used to answer frequently asked questions, provide product recommendations and assist customers with complex tasks. Chatbots use Natural Language Processing (NLP) to understand customer queries and provide fast and accurate responses in human-like conversations.
Best practices for enhancing CX through knowledge management systems
Effective knowledge management is a key component in enabling the delivery of world-class CX. Brands should prioritize implementing knowledge management best practices to deliver the biggest CX impact:
Create a knowledge-sharing culture - Encourage employees to share knowledge and experiences with their colleagues. By fostering a culture of knowledge sharing, companies ensure their knowledge management system is continuously updated, leading to better decision-making and improved CX.
Encourage collaboration and feedback - Collaboration breaks down silos and promotes cross-functional learning. Additionally, by encouraging feedback from team members and customers, the knowledge management system becomes more valuable over time by highlighting gaps or errors so they can be addressed.
Regularly update and maintain information - Conduct regular audits to identify outdated or incorrect information, remove irrelevant content and add new information. By keeping the knowledge management system up-to-date, brands ensure agents have access to the latest information.
Integrate technology - By combining knowledge management systems with incumbent and emerging technology, brands further enhance the use of the information in the system. For instance, integrating a knowledge base with speech or text analytics offers agents suggested content relevant to the ongoing interaction, eliminating the necessity for agents to actively search for that information. Additionally, chatbots and automated self-service solutions present customers with information housed in the knowledge base in response to their queries. Knowledge management systems play a crucial role in enhancing customer experience and improving overall business performance. Effectively implementing a knowledge management tool requires careful planning and governance to ensure that the system is used efficiently. CX solution providers have extensive experience building knowledge repositories and are well-placed to support brands in establishing clear guidelines for creating, storing and sharing knowledge.
How does generative AI impact contact center knowledge management?
The advent of generative AI has ushered in a new era for contact center knowledge management, revolutionizing the way information is accessed, processed and utilized. Let's explore how generative AI impacts contact center knowledge management, bringing about a paradigm shift in efficiency and user-centricity.
Intelligent search capabilities - Generative AI equips contact centers with intelligent search capabilities that empower agents to swiftly locate the information they need. Traditional keyword-based searches are complemented by advanced algorithms that understand context, enabling more accurate and relevant results. This reduces resolution times and enhances the overall efficiency of the contact center.
Personalized learning – A distinct feature of generative AI is its ability to facilitate personalized learning. By analyzing individual agent performance and learning styles, generative AI tailors knowledge delivery to meet specific needs. It enables agents to receive information in a manner that aligns with their preferences and accelerates the learning curve, contributing to a more knowledgeable and confident workforce.
Dynamic content generation - Contact center knowledge is dynamic, subject to constant updates and changes. Generative AI introduces dynamic content generation, allowing real-time updates to the knowledge base. Agents are equipped with the latest and most relevant information, fostering adaptability and responsiveness to customer queries and industry trends.
Adaptability to changing information needs - Generative AI enables contact centers to adapt to evolving information needs seamlessly. It learns from interactions, identifies patterns and updates the knowledge base accordingly. This adaptability ensures that the contact center remains agile and can swiftly respond to emerging trends and customer demands.
Enhanced user-centricity - Generative AI places a strong emphasis on user-centric design, focusing on the needs and preferences of contact center agents. Personalized learning, intelligent search and dynamic content generation contribute to a knowledge management system that is efficient and user-friendly.
The benefits of a well-managed KMS for customer experience are undeniable. By providing teams with easy access to the latest information, agents deliver fast, helpful services to your customers, reducing response times and increasing customer satisfaction.