knowledge management software cost cutting

5 Ways to Cut Contact Center Costs
with Knowledge Management Software

In 2021 customer experience is more important than ever. According to a recent report by PWC, 73% of customers are making buying decisions based on Customer Experience while 86% of customers admitted that they don’t mind paying more for a high-quality customer service.

For those companies that invested in contact center solutions that improved their customer experience and agent satisfaction – an 80% increase in revenue was recorded – source: forbes.

So where does knowledge management and automation fit into the CX strategy equation? A reliable and feature rich knowledge management solution specifically designed for contact centres, acts as the single source of truth for the business. Agents are now more confident with their answers they are communicating, can rely on automation to be more efficient and what follows on from this is a better customer journey, less complaints, less risk,and an overall improvement in customer satisfaction.

When it comes to automation and process guidance, the KMS takes away the guesswork in tedious or complex customer enquiries, thus allowing agents to focus on what matters – the person on the other end of the line. This helps improve customer satisfaction, cut operational costs, and boost ROI.

Now let’s focus on the 5 ways in which knowledge management software can help your business reduce contact centre costs and improve customer experience.

  1. Improving Compliance

Compliance is an integral part of every process that takes place in your call centers. There are different types of compliance in contact centers including PCI DSS, TCPA Regulations, and many others. Failure to adhere to these requirements is a financial risk. 

Despite the traditional methods of ensuring compliance is working to some extent, they are beginning not to cut it anymore. So how can a good knowledge management system help? 

Uing “pragmatic AI” technologies such as Natural Language Processing, Voice Analytics, and Machine Learning, a smart KMS helps you automate the compliance process. It gives your agents instant access to information while providing them a chance to become better through analytics. 

Unlike humans who can make costly mistakes, a Knowledge Management Solution operates with a lower margin of error. This saves on resources that are wasted in paying compliance penalties, time on investigations, and compensating customers.

  1. Savings on Agent Training

Did you know that it is mandatory to train your agents annually, so they stay compliant and have a clear understanding of policies & procedures? The costs of training agents ranges between $10k to $40k a year!

The training process may not even be effective in some cases. In fact, according to a study by EJBO, despite call centre trainees giving their programs a 96% score in relation to effectiveness, the number dropped down to 77% after a month

What if you could automate the training process, reduce training duration, and increase staff retention scores? With a KMS like livepro this is possible and has the track record to prove it.

Check out this article about Transurban who used livepro to run their cadetship and another by a local council who reduced training times by 60% using livepro.

Here are some ways in which an automated KMS can help train your agents:

  • Making sure that training is interactive and relatable to the agents
  • Utilising knowledge from the best agents to train others
  • Providing easy access to information through the development of a well-defined workflow and a centralized information repository

To provide you with a brighter picture, feel free to check out this case study on how Avant Mutual was able to cut its onboarding process from 3 months to two weeks!

  1. Automate Learning with Quizzes

When it comes to contact centres, easy access to a knowledge repository is powerful than mastery. In fact, expecting your agents to know everything leads to employee churn, burnout, and dissatisfaction, which negatively impact customer satisfaction and experience. 

But, quizzing them on important aspects of the job is a good way to ensure they remain productive. You can use knowledge management automation to provide them with regular and random quizzes to help them brush up their skills and learn new updates with ease. 

You can also use advanced analytics and reporting integrated into some software such as livepro to improve the learning process and outcomes. 

  1. Knowledge Review and Feedback

Can you imagine the time it would take to review, provide feedback, and update an entire repository of information? A lot!

By using knowledge management automation, you can save valuable resources by setting automated knowledge reviews at timely intervals to guarantee accurate and up-to-date answers. 

Staff feedback loops on both general and individual knowledge units are maintained to the highest standards, which ensures a single source of truth. This agent feedback is also vital for managers who are responsible for ensuring the information in livepro is up to date, easy to navigate and flows effectively when working out answers to complex situations, questions, or processes.

  1. Integrations

Using a smart Knowledge Management Solution that integrates with your other contact centre systems, communication/CS support platforms, chatbots, social media channels, website FAQ pages, CRM and internal collaboration tools is crucial to creating a seamless network where all departments instantly have access to the same consistent information they require.

Being able to utilise single sign-on and work within the same platform as your knowledge management software will save your agents a lot of time to focus on important tasks and avoid the need to switch between multiple tabs or screens. It also improves customer satisfaction because customers can solve some of their concerns without having to contact anyone.  

Put knowledge management solution automation to work today

A well-executed knowledge management solution, especially one built on automation, is a long-term investment for your contact center. Not only does it help cut customer support costs by a lump sum, but also increases customer satisfaction and ROI in your organization. 

While technical buzzwords such as AI, NLP, and other technical features are worth looking out for in a KMS, the overall mission of the software should be to educate your agents and customers so that they can get the best out of your products and services without having to be transferred or wait on hold for hours.

That means using a Knowledge management solution that uses automation to provide a central repository of information that is searchable and in form of process guidance, articles, FAQs, and trouble shooting.

Ready to harness the power of knowledge management? Try livepro today and get a free trial or be guided through a live demo showing you the features that create benefits.

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