North American Knowledge Management (KM) Market View for Customer Care, 2021

North American Knowledge Management (KM) Market View for Customer Care, 2021

Knowledge Creation and Mining for Improve Employee and Customer Engagement

RELEASE DATE
12-Jan-2021
REGION
North America
Research Code: K560-01-00-00-00
SKU: IT04268-NA-MT_25156

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Description

Knowledge management (KM) is a mature technology area that can be broadly applied across all areas of business. Initially, KM was aimed at gathering and sharing of knowledge within an organization (across documents, databases, and other sources). One of the most critical early components of KM was content management; an organization’s data and information were made available to stakeholders through portals or dashboards, spurning the need for enterprise content management (ECM) systems.

Over time, all the developments in this space have made the concept quite complex. KM systems and applications can be found in every type of enterprise and vertical market. KM solutions enable data and information of all types to be created, published, and managed from an infinite number of sources, including documents, video, databases, call logs, speech and text analytics, customer and partner communities, Web site activity, search engines, interactive voice response (IVR) systems, and people (all this can be done historically and in real time).

KM is particularly germane in the area of customer contact. Here, data sources not only include systems of record, such as customer interaction history or customer relationship management (CRM) databases, but also ongoing knowledge culled from the workforce of agents and supervisors and insights gleaned from customer/agent interactions. For example, analytics solutions such as speech and text analytics provide some of the largest datasets in the world and allow companies to mine information from all customer interactions. These provide insights on myriad aspects of customer engagement, including but not limited to:
• Customer sentiment and intent
• Agent training needs
• Opportunities for up-selling and cross-selling goods and services
• Competitive threats and opportunities

As customer care organizations expand offerings that cater to a highly technical consumer populace and seek to digitally transform customer care, KM can play an extensive role in simplifying service delivery and enriching customer and agent interaction.

This Frost & Sullivan study examines the importance of a solid KM strategy and the benefits it can bring to an organization looking to elevate the customer care and the employee experiences. It analyzes the greatest areas of KM impact, recent developments, growth drivers and restraints, and growth opportunities for market participants. The study also addresses the challenges and the benefits related to making a KM investment and makes recommendations for companies to create a successful KM strategy. Included in the insight is a sampling of solution provider profiles and use-cases for each of the core areas of KM, as examples of the benefits attained through its use.

Author: Nancy Jamison

RESEARCH: INFOGRAPHIC

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Table of Contents

Introduction to Knowledge Management in the Contact Center

Introduction to Knowledge Management in the Contact Center (continued)

Introduction to Knowledge Management in the Contact Center (continued)

Introduction to Knowledge Management in the Contact Center (continued)

Business Benefits of Knowledge Management—Workforce

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on Knowledge Management in the Contact Center

Growth Opportunities Fuel the Growth Pipeline Engine™

Growth Drivers for Knowledge Management in Contact Centers

Growth Restraints for Knowledge Management in Contact Centers

Growth Opportunity 1—Cross-Organizational Knowledge Management

Growth Opportunity 1—Cross-Organizational Knowledge Management (continued)

Growth Opportunity 2—Contact Center Automation

Growth Opportunity 2—Contact Center Automation (continued)

Growth Opportunity 3—Supercharging Sales and Marketing

Growth Opportunity 3—Supercharging Sales and Marketing (continued)

Vendor Profile—Astute

Use-Case—Astute: Automotive (Improved CX, Self-Service Capabilities, and Contact Center Efficiency)

Vendor Profile—Avaya Inc.

Use-Case—Avaya Inc.: Telecommunications (Improved Operational Efficiencies, Workforce Engagement, Reduced Onboarding Time)

Avaya Knowledge Management Solution

Vendor Profile—Zendesk

Use-Case—Zendesk: Retail (Reduced Support Time, Support Tickets, and Overall Cost)

Use-Case—Zendesk: Review Platform (Growth in Self-Service, Improved Self-serve Success Rate, Augmented Agent Efficiency)

Key Competitors

Knowledge-driven Customer Care—The Last Word

Legal Disclaimer

List of Exhibits

Related Research
Knowledge management (KM) is a mature technology area that can be broadly applied across all areas of business. Initially, KM was aimed at gathering and sharing of knowledge within an organization (across documents, databases, and other sources). One of the most critical early components of KM was content management; an organizations data and information were made available to stakeholders through portals or dashboards, spurning the need for enterprise content management (ECM) systems. Over time, all the developments in this space have made the concept quite complex. KM systems and applications can be found in every type of enterprise and vertical market. KM solutions enable data and information of all types to be created, published, and managed from an infinite number of sources, including documents, video, databases, call logs, speech and text analytics, customer and partner communities, Web site activity, search engines, interactive voice response (IVR) systems, and people (all this can be done historically and in real time). KM is particularly germane in the area of customer contact. Here, data sources not only include systems of record, such as customer interaction history or customer relationship management (CRM) databases, but also ongoing knowledge culled from the workforce of agents and supervisors and insights gleaned from customer/agent interactions. For example, analytics solutions such as speech and text analytics provide some of the largest datasets in the world and allow companies to mine information from all customer interactions. These provide insights on myriad aspects of customer engagement, including but not limited to: • Customer sentiment and intent • Agent training needs • Opportunities for up-selling and cross-selling goods and services • Competitive threats and opportunities As customer care organizations expand offerings that cater to a highly technical consumer populace and seek to digitally transform customer care, KM can play an extensive role in simplifying service delivery and enriching customer and agent interaction. This Frost & Sullivan study examines the importance of a solid KM strategy and the benefits it can bring to an organization looking to elevate the customer care and the employee experiences. It analyzes the greatest areas of KM impact, recent developments, growth drivers and restraints, and growth opportunities for market participants. The study also addresses the challenges and the benefits related to making a KM investment and makes recommendations for companies to create a successful KM strategy. Included in the insight is a sampling of solution provider profiles and use-cases for each of the core areas of KM, as examples of the benefits attained through its use. Author: Nancy Jamison
More Information
No Index No
Podcast No
Author Nancy Jamison
Industries Information Technology
WIP Number K560-01-00-00-00
Is Prebook No
GPS Codes 9705-C1,9661,9723