Knowledge Management & Its Impact on CX – A Strategic View
Tom Davenport (Davenport, 1994) coined the traditional one-line definition of Knowledge Management: “Knowledge Management is the act of capturing, sharing, and efficiently utilizing knowledge.” In simple words, Knowledge Management (KM) is the process of an organization’s knowledge and information being created, shared, used, and managed. It is a multidisciplinary approach to achieving organizational goals through the most effective use of knowledge.
The Global knowledge management market was at $381.5 Billion in 2020 and is projected to reach $1.4 Trillion by 2027 at a rate of 19.8%. China, the world`s second largest economy, is forecast to reach a projected market size in KM of $252.4 Billion Billion by the year 2027 trailing at a rate of 21.6% over. Other noteworthy geographic markets are Japan and Canada, to grow at 12.8% and 15.5% respectively in KM and within Europe, Germany is forecast to grow KM approximately at a rate of 14.3%.
Here are some more statistics to state the importance of KM:
- Fortune 500 firms lose $31.5 billion a year due to poor knowledge-sharing policies.
- Effective knowledge management disciplines, according to 74% of firms, boost corporate productivity by 10% to 40%.
Knowledge workers spend 30% of their time looking for or recreating information that already exists. So, employees waste time replicating solutions and making the same mistakes again those that others have made when knowledge is not shared and available. This leads to not getting the insights they need to be productive and answering the same questions repeatedly.
Clearly, the business sector requires some excellent knowledge management systems to assist them better manage their data and decrease process redundancies. The industry also needs a platform that is easy to integrate across many systems.
Powerful search, collaboration, and integration with other systems are the most important elements of knowledge management software. If knowledge management software is accessible at any time and from any location, it might be more valuable and save time.
Oracle Knowledge Management (OKM)
Oracle Knowledge Management is an outdated on-premise system that was once an undisputable leader in the KM industry. It is an information management system that makes advantage of Oracle’s knowledge capture, storage, and delivery technologies.
OKM is a single application that has:
- Knowledge authoring
- User role-based content security
- Flexible templates for content creation
- Workflow, support for globalization
- Intelligent search
- Rule based cross-language search
- Ability to customize search results
- Flexible multilingual capabilities
Disadvantages of OKM include:
- No real time indexing
- Installations and customizations are complex and costly
- Inefficient methods of search
- Inability to customize information manager
- Hasn’t been updated since 2015
- Requires highly specialized skillsets for maintenance
- Weak on Data Aggregation for Analytics
- No new features since its last release
- Expensive Licensing
- Not Cloud Enabled
As Oracle is sunsetting OKM, the existing OKM Customers need to find alternate products/solutions to migrate their knowledge system to a product that combines enterprise level knowledge authoring & search under one roof.
A relief to OKM — Oracle Knowledge Advanced (OKA)
Oracle Knowledge Advanced is a fully integrated knowledge management system that provides a uniform and smooth client experience across several channels.
Oracle Knowledge Advanced, built on a best-in-class knowledge basis, provides rich search, including machine learning and advanced natural language processing (NLP) search — along with industry dictionaries. OKA is tightly integrated with Oracle Service, enabling content to be created once and distributed across several channels.
Key Features of OKA
OKA provides customers with the correct knowledge at the right time.
- Natural Language Search — Improves search context and relevancy while simplifying search processes through an automatic understanding of the nature of the question.
- Federated Search — Looks for relevant stuff wherever it is stored, including authored knowledge and information from outside the knowledgebase.
- Deep Search — Indexes an entire document and analyzes that document structure to lead users to the exact answer to their question.
- Smart Excerpts — Returns excerpts from within any document type with the matching words and phrases highlighted.
- Faceted Navigation — Classifies internal and external content into a unified hierarchy, allowing users to filter and fine-tune
The Future of Knowledge Management — The Positive Effects of AI & ML on KM
Huge amounts of high-quality data are required for machine learning. The allure of KM, though, is that it promises to deliver the right information to the right people at the right moment, which is usually now. This mechanism for timely information distribution has far-reaching ramifications for the systems that support it. What criteria does one use to determine which information is “correct”? What are the criteria you use to decide who should get it? What are the most effective methods for meeting preferences, context, and information requirements?
Knowledge management is the answer to these questions. There are various types of knowledge management systems available, but AI and machine learning can help each of them operate better and give the information you require right now. AI and machine learning can help KM in four ways.
1. Simplify Knowledge Discovery
Several solutions, such as cloud storage and wikis, have been developed during the last two decades to make recording and sharing knowledge easier. Finding information became more difficult as the volume of data grew higher. Knowledge base storage, complex hierarchies, and data tagging were all advantageous, but none of them were long-term answers.
AI and machine learning can assist in solving the problem by utilizing cutting-edge technology to streamline knowledge discovery and make it easier for users to locate the information they need fast and efficiently. ML can track and learn from what all employees are looking for, then use that information to forecast and give the right information when it’s needed.
2. Bring Data Together
In today’s world — information is usually available — but distributed in silos. Sales teams use a CRM to handle their information, while HR employs a secure intranet site. Support teams employ ticketing systems to store and communicate information, while product teams employ project management software. Other issues arise as a result of information silos, such as employees not understanding where to locate the knowledge they require.
3. Keep Content Up to Date
Adding reams of new material to an organization’s knowledge base is known as knowledge upkeep. Some, if not all, of such information becomes obsolete over time. Retaining old knowledge can be harmful, especially when mistakes are made as a result of inaccurate information being utilised to solve a problem. This challenge is solved by AI and machine learning, which generates regular reminders for users to update their saved knowledge.
4. Leverage Important Metrics
Retaining outdated knowledge can be dangerous, especially when it leads to mistakes as a result of using incorrect information to solve an issue. AI and machine learning tackle this problem by sending out regular reminders to users to update their saved knowledge.
By making content more discoverable and shareable, machine learning and AI are assisting in addressing modern KM concerns. When AI and machine learning are combined in a knowledge management system, intelligent searches are created, resulting in increased productivity and improved content use. We have come a long way from asking inquiries and solving problems with printed materials. AI and machine learning are two powerful tools that are still evolving and have an impact on knowledge management and organizational success.
Dig Deeper — Innovation in KM as a Platform: Kapture
AI is essential for effective knowledge management and Knowledge Advanced is updated with the latest innovative technologies. The Innovation Labs at SoftClouds are working on an enterprise KM solution, Kapture, enables KM software to become what it was always intended to be: a powerful tool for discovering knowledge that is easily available to your business and consumers.
SoftClouds’s Kapture product serves as a platform to manage and share knowledge online in a way that is beneficial for both customers and businesses. The following are some of its most potent features:
- UI/UX — Kapture can increase engagement by focusing on look & feel, reducing clicks and user experience by providing a responsive Layout. Maps user journey with a modern UI Design for Better Overall Experience.
- Solution Architecture — Can build custom solution stacks, workspace, and workflows with dynamic agent desktops and dashboards. Content can be migrated with Legacy Data Analysis and mapping.
- Search Tuning — Can efficiently perform dictionary tuning with Improved CX Search. With Kapture Search Engine Optimization is maximized with improved Search accuracy.
- Workflow Automation — There is Content Type based Workflow Automation with Multi-step workflow processes to manage publishing lifecycles for each Content Type.
- Notification Triggers — With Kapture, tasks are automated, they can be reassigned, rejected, or approved.
Knowledge, Innovation, & SoftClouds
Use Case 1
The client is a leading automotive manufacturer who needed a cost-effective solution to make critical service information immediately accessible to all dealerships’ service departments, while significantly cutting down the need for phone support. They had a very outdated Oracle Knowledge Management UI that discouraged service technicians from using it to its full potential. High call center volume consumed time and resources resulting in stress/frustration for service technicians and agents.
SoftClouds added Multi-lingual support to the system and enabled natural language search in 36 languages. Their knowledge database was centralized into one single application. Now, they have powered global self-service portals with keyword search functionality, enabled guided assistance for agents and service technicians to search any document. With these changes, there is a 40% spike in application usage and 20% reduction in call center volume.
Use Case 2
A federally chartered credit union client had its focus on guiding its members towards financial success. They wanted to Implement Oracle Service Cloud & Knowledge Advanced to integrate knowledge articles from 3rd party systems. However, there was no proper system to maintain knowledge articles, an inefficient customer service system, No data security, access control system, and no process for business functionality.
SoftClouds innovated and provided them a solution that was scalable with easy access and process documentation. They easily migrated existing content to Oracle Knowledge Advanced with customized real time analysis and interactive dashboards. Enabled notification for user feedback on Knowledge Articles.
Use Case 3
The client is a multinational automotive OEM in the US market for over 50 years. They are well diversified into various kinds of vehicles like ATV and Sport bikes. They needed digital transformation and a new knowledge management system that could not only help their business, clients but also employees.
The Solution Experts at SoftClouds migrated their existing knowledge system to Knowledge Advanced for better experience with co-browsing. This resulted in lower development and maintenance costs. Revenue and customer satisfaction rose because of the Multichannel solution.
Knowledge must be a fundamental basis to develop your business on, regardless of the industry, size, income, or any other factor. To manage and measure knowledge flows, every firm need well-defined processes. It requires knowledge material as well as IT solutions that allow the right individuals to access the appropriate stuff at the right time. Finally, every firm requires a powerful KM platform to address its most critical and pressing needs. Like the old saying goes, “Knowledge is power,” but most importantly, knowledge means money saved!
So, if you are looking for a powerful KM platform or help in realizing business value from any of the above KM trends, or are seeking guidance on your own organization’s transformation, get in touch with us.
If you have any questions or would like to find out more about SoftClouds and our extensive experience, you can reach us at “marketing-at-softclouds-dot-com”
This blog was written by Mahesh Jeyakumar, Practice Director, CX Service at SoftClouds. Mahesh has extensive experience with CRM/CX Enterprise & Cloud Applications. He has a deep understanding of CRM/CX Platforms and has delivered multiple CX implementations globally for various industry verticals. Mahesh is very focused on quality customer relationships with a goal to transform complex problems to simple by creative thinking. High specialization in CX Service & Solutions.
SoftClouds is a recognized leader in CRM/CX transformation with experience in numerous Service Cloud Implementations with pre-configured best practice business processes for multiple verticals/domains.