The Benefits of Knowledge Management
Grow sales, cut costs and reduce risk.
Generate value across the whole enterprise
Your knowledge is your greatest competitive advantage, and a structured Knowledge Management program can unlock its full value. Here are some of the well-documented benefits of knowledge management:
Knowledge workers spend an average of 9.3 hours per week searching for information they need to do their jobs.
Improving knowledge sharing can increase productivity by 20-25%.
Source: McKinsey
Knowledge Management Boosts Productivity
Knowledge sharing can boost productivity up to 25% by reducing time spent searching for information, improving accuracy and driving better outcomes from efforts.
Employees at Conagra Brands have saved an average of 30 minutes per day per employee previously spent looking for information.
CECI, an architectural engineering firm, realized an 86.6% reduction in the cost of solving emergent engineering problems.
Do you want to amp up the productivity of your team?
Knowledge Management Drives Sales
Knowledge management can help sales teams reduce response times, increase their pitch success rate, and improve customer satisfaction, leading to better retention and account growth.
AdvancedTEK International Corp improved their pre-sales process, shortening their selling cycle by 50%, and doubling the hit rate of their proposals.
A Harvard study measuring the benefit of knowledge sharing in a call center saw a 24% increase in revenue-per-call among the test cohort vs the control.
Do you want to supercharge your sales team?
Knowledge Management Speeds Onboarding
Knowledge management can increase the speed and quality of new employee onboarding.
Giltner Logistics, Inc. a freight brokerage company with approximately 40 outside offices, reduced onboarding time by 50%.
Telecommunications company Orange cut customer service agent training by 50%, reduced overall call duration, and reduced average hold times.
Do you want to get new hires off the starting line faster?
Knowledge Management Improves Service
Knowledge management helps your team support internal and external clients better and faster, leading to greater efficiency and satisfaction.
Bonobos increased their first-contact resolution rate for internal process questions by 100%.
Orvis doubled their first-call resolution rate by migrating their customer service knowledge to a centralized knowledge management system.
Do you want to increase customer satisfaction and reduce customer service costs?
Knowledge Management Reduces Risk
Knowledge management helps reduce risk across the enterprise, from compliance risk to the risk of costly mistakes, to the risk of knowledge loss when key employees leave the company.
GE Healthcare used knowledge management to yield a 94% reduction in the error rate at its Cares Call Center (from 1.6% to 0.11%)
A study by the National Institutes of Health (NIH) showed a strong correlation between the use of knowledge sharing systems and safety compliance.
Would you sleep better at night if you could significantly de-risk your company?
Knowledge Management Powers Valuable AI Applications
Knowledge management can allow you to increase AI-driven innovation and outpace your competitors by giving you powerful proprietary information to feed into AI technology.
Online fashion retailer Zalando is launching a custom AI fashion assistant by combining product data with proprietary fashion knowledge.
Expedia has launched an AI-powered travel planning assistant, using the company’s accumulated travel knowledge to parse through 1.26 quadrillion variables to make smart recommendations.