4 Ways to Promote Knowledge Management and Reap the Dividends

By CIOReview | Monday, November 19, 2018
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The dynamic changes in technologies have forced companies to keep innovating new ideas for their product and services. The emphasis is on analyzing past data to create new and improved methods to serve their customers using innovative and creative measures. Companies across the globe have started building a knowledge management system using their available data resource to serve their customers efficiently. Knowledge management also helps in marketing and sales by providing accurate insights.

The detailed analysis of how knowledge management can help an organization is given below:

Company Knowledge: Knowledge management can keep track of all the old employees as well as new entrants in the organization. It can also provide adequate insights into the functioning of the business.

Marketing Research: An efficient knowledge management system keeps all of a company’s previous data. This helps companies to target customers who have previously shown interest in a particular marketing campaign. The companies can also launch marketing campaigns for the majority of the customers through data analysis of a customer’s insights.

Customer Self-Service: Knowledge management helps customers to search an appropriate response for their query by providing curated contents in the form of keywords. These keywords are always available, and it allows customers to find a solution for their query quickly.

Chatbots: Chatbots are a continually evolving tool which learns through a company’s knowledge management system. It provides a conversational interface to the users, which helps a customer to put their queries at a platform. Chatbots learn from its past conversations to help a customer efficiently. Chatbots today are not able to troubleshoot every problem that a customer has, but with abundant knowledge, it will be able to support a customer in the coming years. According to an analysis by Gartner, twenty-five percent of companies will be using chatbots by 2020.

Team Alignment: An organization is successful only when all of its components function in tandem. Knowledge management provides data-based information to each department. For example, marketing and sales team work more efficiently if both the teams are aware of each other’s process.

Companies use knowledge management to serve their customers efficiently yet it has not reached its full potential. Companies need additional measures to make knowledge management more efficient so that they can reap the benefits in the coming years.