How Knowledge Management Software Leads To Unseen ROI
This is part 3 of a 4-part series on the ROI of knowledge management software
The first two parts of our series on the return on investment (ROI) of knowledge management software (KM software) examined the different kinds of ROI – i.e., quantitative and qualitative, also known as “hard” and “soft” ROI – and how the best KM systems deliver both of them through features such as bulk editing, easy content creation and just-in-time information for agents. There’s no doubt that the right KM system can save your organization money by integrating and consolidating disparate resources, which, in turn, reduces the overall number of tickets that pass through the help desk.
At the same time, KM has many auxiliary advantages, which we could call unseen profits, since they make a major difference to an organization’s trajectory even without showing up in a quarterly earnings report. The prime examples are happier customers and more satisfied employees. Let’s look at how KM/customer service management software unlocks these benefits.
Four specific ways a knowledge management system solution delivers unseen profits
What should an ideal knowledge management system do? At its core, it must create productive connections between agents and the people they serve, whether external customers or internal employees. A knowledge management solution might achieve this goal by:
1. Enabling faster ticket responses
Two surveys by Toister Performance Solutions, conducted in 2014 and 2015, revealed a remarkable jump in the percentage of respondents expecting email replies from businesses in 15 minutes or fewer. Only 4 percent held that expectation in 2014, but 14.5 percent did by 2015. The most common expected time frame in the 2015 report was 1 hour.
Agents need powerful tools to hit these targets. Fortunately, the best KM software puts everything they need right at their fingertips, from up-to-date knowledge base articles to rich options for creating or bulk editing content. Precious time is no longer so routinely lost to hunting through outdated materials looking for accurate information.
2. Providing clearer insight into common issues
Imagine being informed you were being sent on a trip, but given no information about the actual destination. You wouldn’t know if you needed to pack sunscreen, mosquito repellant or other protections because you would be in the dark about your itinerary. It’s hypothetical, but it’s similar to how old-fashioned website FAQs and manual workflows limit agents’ insight into which customer/employee issues deserve the highest priority.
In KM tools like RightAnswers, agents easily consult a ranking system to see how often a resource has been viewed and whether it was helpful in resolving an issue. Accordingly, they can push for updates or produce new articles addressing issues that existing ones may have failed to cover.
3. Improving first contact resolution rates
First contact resolution (FCR) has been called the home run of contact center measurements, yet many organizations aren’t doing everything they can to make sure issues are resolved as soon as possible. Agents equipped with modern knowledge management software can avoid age-old stumbling blocks to FCR, like having to delay their responses or transfer tickets or calls to others.
4. Supporting institutional knowledge and continuity
Industry-leading knowledge software allows your knowledge sharing platform to be bigger than any one person or issue. If someone leaves, the organization won’t have to scramble to replace his or her expertise. Similarly, training of new agents is much easier with knowledge management systems that make locating, editing and sharing assets as straightforward as possible.
In case you missed any of the previous posts in this series…
- Blog Post I: The Costs of Foregoing a Real Knowledge Management Solution
- Blog Post II: How Knowledge Software Features Like Bulk Editing Boost Agent Productivity