What is knowledge management and why all businesses need it

Imagine if your business could collect, write, and distribute knowledge internally and externally to meet key objectives. By using a system to manage this knowledge—that’s presented as FAQs, videos, updates, etc—customers can find answers more easily and agents can resolve issues faster and more accurately.

Knowledge management involves identifying, collecting, creating, organizing, sharing, and measuring knowledge. Thankfully, teams don’t need to sacrifice their day-to-day tasks to complete the above. Modern knowledge management software can help with these important steps.

In this post, we'll cover what knowledge management is, the difference between a knowledge base and knowledge management, and its benefits for agents, customers, and the company.

Watch now: Knowledge Management as a Catalyst for your Organization’s Success

What is knowledge management (KM)?

Knowledge management is the process of creating, gathering, sharing, optimizing, and managing information.

Through knowledge management, companies can gain insights into content performance to strengthen decision-making, align all employees towards the organization’s goals and mission, and deflect tickets by providing customers with relevant information.

You’ve likely heard the term knowledge base (KB)—Is this the same as knowledge management?

Though knowledge base and knowledge management are often used interchangeably, they’re actually distinct from one another.

A knowledge base is the published how-to-guides, FAQs, company policies, and product/feature content library. It’s where companies keep and organize content. Without a knowledge base, you don’t have knowledge management.

Knowledge management is the strategy brands use to create a knowledge base, which functions as a self-service center for your customers, an internal tool for agents, and a content hub for any department within the company. Customers can find answers on their own and the internal tool provides all employees with a single source of truth.

What are the benefits of knowledge management?

Knowledge management benefits support teams, customers, and employees company-wide. Here’s what each gain from the strategy and why it’s important for the business:

Support teams:

1. Agents save time: With easy access to accurate knowledge, agents don’t need to sift through various web pages to resolve customers’ issues.

Fast, accurate replies reduce customer frustration and allow support teams to meet important customer success metrics, such as customer satisfaction (CSAT).

2. It’s easier to provide accurate replies: By using knowledge management software and accessing the help articles, agents’ ticket replies are more accurate and consistent with the company’s messaging.

Consistent customer support goes a long way towards creating a positive customer experience and helping the support team meet company benchmarks.