Magazine article CRM Magazine

The Transformational Value of Knowledge Management for Customer Service and Support

Magazine article CRM Magazine

The Transformational Value of Knowledge Management for Customer Service and Support

Article excerpt

What is the secret to customer loyalty? The answer straight from ~50,000 consumers, per a massive survey conducted by Corporate Executive Board, was: Make it easy to get service.

In order to find the recipe for "ease," Forrester Consulting asked 5,000 consumers (on our behalf) about their biggest pain points in getting customer service. The answers (by far) were lack of contact center agent knowledge and inconsistency of answers across touchpoints, followed by the inability of websites to deliver answers. With a common "knowledge" theme running across the pain points, the panacea is clearly an intelligent and unified omnichannel knowledge management (KM) system.

Done with the right technology, process, people, and best practices, KM reduces customer effort and creates loyalty. KM also enables breakthrough enhancements to operational metrics, which not only transforms the contact center but transcends it in many ways. Here are sample metrics and real-world examples from our Global 2000 clientele. One caveat: Remember "different strokes for different businesses." Force-fitting Walmart-style metrics to a Nordstrom brand intent is not a good idea!

FIRST-CONTACT RESOLUTION (FCR)

FCR is a key customer-focused contact center metric that significantly reduces consumer effort. While FAQs, search, topic-tree browsing help with simple queries, more sophisticated technologies like Artificial Intelligence (AI) are essential to resolve issues of medium to high complexity at first contact. When a premier telco client made it mandatory for agents to use eGain AI[TM] to solve customer problems, FCR improved by 37%. In fact, any agent is now able to handle any call, the "holy grail" in contact center customer service!

AVERAGE HANDLE TIME (AHT)

As you know, AHT without FCR increases customer effort and defection. Happily, KM, when done right, can transform both of these seemingly conflicting metrics. A premier banking client reduced AHT by 67% while improving FCR by 36% by leveraging eGain AI to guide customers to answers. In fact, advisors in its contact center used the same technology to guide customers through processes such as account opening and other banking transactions while complying with industry regulations!

ANNUAL TRAINING HOURS (ATH)

How do you reduce training needs without compromising service quality? Again, KM delivers the answer. With eGain AI, a leading global bank was able to reach the #1 spot in customer service NPS and reduce ATH by 50%, even as it expanded to 11 countries with mostly novice agents in its workforce! …

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