In 1597 Sir Francis Bacon famously said, "knowledge is power."
Whether he knew it or not, this maxim has become more and more relevant for businesses who are looking to grow and retain their customer base. However, collecting data is only half the battle. Once information is collected, you need a way to organize and analyze it. Without that process, your newfound knowledge doesn't have much power at all.
You may already have a manual process in place for this. People who are in charge of overseeing incoming information and streamlining it to employees who need it most. Every organization should have some form of knowledge management to ensure its data is being used effectively.
But, when your company grows, your manual process may not scale with it. It'll be harder to manage incoming information because there will be more data and more channels for it to come through. If you want to effectively manage your company data, you'll need software capable of automating the organization and distribution process.
In this post, we'll break down the benefits of knowledge management software, then we'll provide some popular options for your team to consider this year.
What Is Knowledge Management Software?
Knowledge management software organizes information so that employees and customers can quickly access and distribute it. This technology pools data into one collective resource, preventing data silos and making it easier to find information. By having knowledge managed in one spot, stakeholders know exactly where to go when they have questions about your business.
Since knowledge management software provides a range of benefits, we put together a list of the top three in the section below.
Benefits of Knowledge Management Software
1. Personalized Customer Service Interactions
When customer data is readily available, service agents can use this information to personalize the customer experience. For example, if your team uses a CRM, you can store data about past interactions with your customers. Then, you can recall that information the next time the customer reaches out to your business. This builds a long-term relationship with your customers which improves service experiences and prevents churn.
2. Faster Support Solutions
The purpose of knowledge management software is to centralize information into one accessible location. When that happens, both employees and customers can solve problems faster. Employees know where to find important resources, and customers can use self-service solutions to overcome common roadblocks. And, when your team provides faster solutions, you can expect an increase in customer satisfaction.
3. Reduced Service Volume
Adding a knowledge base to your website is a major advantage for your customer service team. Common and simple customer problems no longer require an agent to solve them. Instead, customers can seek out their own solutions without picking up the phone or writing an email. When you remove these simple cases from your support queue, your service team can spend more time focusing on complex and urgent issues.
Now that we've explained what knowledge management software is, and why it's important to your business, let's break down some of the best options available for your team this year.
Best Knowledge Management Software
HubSpot provides users with a free CRM that's one of the most popular tools in its industry. That's because it's easy to use and stores tons of unique customer data. You can use the search function to quickly find contact profiles and keep track of all of your customer interactions. And, the CRM is fully integrated into all of HubSpot's Marketing, Sales, and Customer Service Hubs, allowing you to streamline information to every department in your business.
Price: Service Hub starts free; Professional Plan starts at $400/month
Guru is a software designed to connect all of your company's data together. It uses AI to suggest information to your reps in real-time, so your team doesn't even have to search for data during a service interaction. Also, the more you use Guru, the better the software gets. Since it's machine-learning, Guru will improve its performance over time and adjust to your team's day-to-day workflow.
Bitrix 24 is a knowledge management platform that includes a variety of tools that collect and distribute information. This includes a CRM as well as internal communication tools that your team can use to collaborate on problems. Bitrix 24 also provides help desk and call center software in addition to its knowledge management features. These tools compliment your knowledge management software so your team can run all of its customer service operations through one interface.
Sabio positions itself as a "serviceware solution" that's designed to get you the best return from your company's data. It's a constantly updating system that frequently rolls out new perks and features. One of its most notable tools is its "Tree" tool that lets users quickly browse through related articles in your knowledge base. This improves user experience because it proactively suggests content that's relevant to the user's goals.
Quip has a powerful documents tool that lets you create or upload new knowledge base articles. You can upload spreadsheets, slideshows, customer conversations, and an array of file types to ensure all of your company data is stored in one place. Quip also comes with an internal chat function so your team can work together when creating content. By collaborating in real-time, your team will avoid miscommunication that typically leads to inaccurate or confusing content.
ServiceNow offers knowledge management solutions that are both internal and customer-facing. The internal options help IT teams manage and record incoming service requests by saving service interactions to a central database. This helps IT teams create knowledge base articles that are based on common employee problems.
Bloomfire is a cloud-based knowledge management software that encourages both employees and customers to be self-sufficient. It uses AI-generated tags to categorize information, making your most-used data easier to access. It also supports a wide range of integrations so you can connect tools like Slack, Dropbox, and Google Drive to your central database. This way, you can upload existing documents into Bloomfire, then transform them into self-service knowledge base articles.
Helpjuice has unique customization tools that let you design every aspect of your knowledge base. This includes styling options that make layouts more user-friendly to your readers. Authors can also work together on new posts and share page previews prior to publishing. If they make a mistake, every revision is recorded so you can revert to previous versions of your post when needed.
Tettra is a knowledge management solution designed for internal teams. It's simple and intuitive, and has an interface that's easy to use and navigate. Its most notable feature is its Slack option that lets users ask questions through their Slack app. This way, employees can search and share answers from your knowledge base without leaving their internal messaging tool.
IntelligenceBank is an all-in-one tool that helps your service team align with your sales and marketing efforts. For example, in addition to its service features, it also has sales enablement features that ensure your sales team has the most current customer data. These options let sales reps customize proposals and send alerts to managers whenever new items are available.