5 benefits of knowledge management for your customer support team
Catherine Heath | October 27, 2016
Knowledge management is an area often neglected by companies because it can seem less related to turning a profit than other operations.
However, neglect your knowledge management and you’ll find your company suffering later down the line.
When your staff members leave, they’ll take important knowledge with them if it hasn’t been recorded. If you don’t find a way to manage knowledge effectively, it only exists in people’s heads and your organizational knowledge will gradually drain away over time.
1. You’re protecting your assets
Some interesting research by Matthew Loxton on his knowledge management blog highlights how the more businesses focus on intellectual rather than physical assets, for example in modern SaaS startups, the higher the cost of lost knowledge.
Matthew says, “the more an organization bases its existence on intellectual rather than physical assets, the more vulnerable it is to mass defection of the sources and creators of those assets.
Furthermore, since the larger component of the intellectual assets lie in the tacit knowledge of the workforce, defection does not just represent the loss of creative capacity, but also of existing organizational knowledge assets.”
In other words, your knowledge is your product. Keep it safe.
2. Productivity will increase
The more time your team members spend searching for information, the less time they can spend dealing with customer enquiries. A lack of knowledge management is tedious and drains worker morale.
Your customer support team’s productivity will increase if you can manage your knowledge effectively and also make your team members happier.
By covering the basics of enabling them to do their jobs well, your staff can focus on exceeding expectations and devote more energy to developing long-term strategy.
3. Higher staff retention
If new staff members, or even existing staff members, have to hunt or relearn crucial information that could otherwise be stored effectively, this will impact your staff retention.
Frustration levels rise and the learning curve becomes that bit harder. Staff soon start looking elsewhere.
If you employ a knowledge management strategy, learning will become part of your company culture and you will stimulate an innovative and versatile company culture, one that learns from its mistakes. You will then be able to attract and retain more staff.
4. Customers will be happier
Your customer service will improve if your frontline staff have access to the knowledge that they need.
Rather than having to send an email or wander round the office to find someone that knows the answer, the knowledge will be at their fingertips. Staff can make faster and better decisions, and your customers will be impressed.
5. Raises your bottom line
It will raise your bottom line if you treat your knowledge like the asset it is and make every effort to retain it.
If your customers are happier, they will stay with your company as loyal customers. If your staff are happier, they will also keep working for you longer. If productivity rises, so will your bottom line.A well-functioning knowledge base is key to a successful knowledge management strategy. Learn more about KnowledgeOwl knowledge base software today!