PUBLISHER: DMG Consulting LLC | PRODUCT CODE: 1109061
PUBLISHER: DMG Consulting LLC | PRODUCT CODE: 1109061
The “2022 - 2023 Knowledge Management for the Enterprise” report is DMG Consulting LLC's second publication on this sector. The Report presents an in-depth analysis of the knowledge management (KM) market and the solutions that are vital in supporting the needs of today's digitally transformed and artificial intelligence (AI)-enabled enterprises. The Report examines the competitive landscape, technology, products, functional capabilities, and the business, servicing, and market trends that are driving rapid adoption and game-changing innovation of KM applications.
Knowledge management solutions help companies institutionalize their knowledge and create a "single source of truth" so that the right information is available to all of their employees and customers. These applications equip employees who work in the contact center or other enterprise functions, as well as self-service solutions, to deliver a frictionless customer experience (CX), throughout the customer journey. Knowledge management solutions are also increasingly being used to support enterprise-wide AI initiatives that need a large repository of relevant, tagged, and targeted data to be effective.
In today's work-from-anywhere staffing model, where many employees are now working from home or other remote locations all or part of the time, KM solutions give agents and other workers the corporate knowledge that enables them to work successfully and productively. Knowledge management applications are an always-on resource for agents who cannot turn to a colleague for help in addressing customer inquiries or locating specific information or procedures. These solutions empower agents by delivering the context-based intelligence needed to perform their jobs confidently and correctly, which reduces handling time, increases productivity, and improves the employee experience (EX). An effective KM environment enhances brand perception and the CX while reducing the cost of service for all customer-facing functions.
A growing number of customers across all generations prefer helping themselves using a well-designed self-service solution, rather than interacting
with live agents. A properly curated and maintained knowledge base is key to the success of self-service initiatives. Today's AI-enabled KM solutions enhance these intelligent self-service applications by rendering answers in a manner appropriate for each channel and interaction. And efforts are already underway for KM solutions to enable intelligent virtual agents (IVAs) to help customers proactively, based on inferred intent, as would a live agent.
"Garbage in/garbage out" has always been the primary impediment to acceptance and adoption of KM solutions. Getting the right information (answers, FAQs, best practices, calculations, guides, decision trees, etc.) properly formatted and loaded, and keeping them current, has been a time-consuming manual process for decades. But this is changing due to greatly enhanced and AI-enabled KM solutions that apply machine learning (ML) to self-identify knowledge gaps, redundant answers, outdated or poor-performing content, and recommend fixes to solve these issues. Employees are still needed to make final decisions about the content, but ML has already reduced the effort by as much as 50%, and more innovation is on the way.
The “2022 - 2023 Knowledge Management for the Enterprise” report features 5 highly effective KM solutions that address customer and agent/ employee-facing functions and other enterprise-wide uses. These vendors covered are: KMS Lighthouse, NICE, Serviceware, Shelf, and Verint Systems. This Report is intended to help companies identify and select the right KM solution to meet their current and future needs.