Knowledge is a key resource in any business, it enables your staff and organization to take action. Knowledge is power. But what is information management and why is a knowledge management system being introduced?
- Introduction to information management 📚
- What is information management? 🤔
- Why implement an information management system? ⚙️
- What are the benefits of information management? 💡
- The best choice of information management system technology? 🔎
Introduction to information management
Knowledge is a key resource in any business, it enables your staff and organization to take action. As the saying goes: knowledge is power.
It is estimated to be poor data sharing practices cost Fortune 500 companies $ 31.5 billion a year, International Data Corp. (IDC), a market information and consulting firm for the IT and telecommunications industries. In addition, 74% of organizations rate it efficient disciplines of information management increase the company’s productivity by 10–40%.
You now understand why it’s good to invest in a knowledge management system (and that’s an understatement!).
If you need an update on information management, here is a crash course to help you gain momentum on this topic.
Definition of information management
What is information management?
Information management is the framework put in place by an organization to acquire, deploy, and maximize information by developing tools and best practices that enable it to share, create, use, and store information more efficiently.
A knowledge management system (KMS) usually refers to a technology that allows a company to collect, store, organize, retrieve, and share information throughout the organization.
Information management systems can be different, but they usually have some common features, such as:
- Contents of Frequently Asked Questions (FAQs)
- Community forums
- Help articles and guides
- Training portals and training programs
Why implement an information management system?
There are many reasons for the introduction of A. Information management system in the organization, but the main purpose is usually to help people get information and make use of the information to better achieve their tasks.
Lew Platt, former CEO of Hewlett-Packard, once said: “If HP knew what HP knew, we would be three times more productive.”
The statistics shared at the beginning of this article and the quote above show that knowledge is one of the most important resources for an organization. However, information is too often undocumented, difficult to access and in danger of being lost.
Information is difficult to access
Smooth data transfer is difficult to achieve
Distributed information makes the task even more difficult
All of these situations are inevitable, highlighting the need for a an appropriate information management system.
What are the benefits of information management?
The benefits of a knowledge management system are numerous. However, we focus on the core values of good information management:
Speed up access to information and informationInformation management makes it easier to find information or people who have the information you need. It increases efficiency and productivity and allows you to work better, which reduces the tendency to “reinvent the wheel”.
Avoid re-creating existing dataWhen information is readily available and accurate, it eliminates the need to re-create the same information. Why do the same job twice (or even more!) When you can instead just deploy a data management system!
Make fewer mistakesWhen employees do not share information, they are doomed to repeat the same mistakes that others have already made. But this is avoidable when lessons learned from mistakes and failures are readily available to all.
Reduce support costsA good internal KM helps them do their jobs better and more efficiently, which gives support representatives easy access to information, which ultimately leads to savings.
Offered externally as a self-service portal (such as frequently asked questions), a knowledge management system allows customers to help themselves when they need help with simple matters, rather than contacting a support team. This frees agents from a Level 1 request, allowing them to focus on more complex issues and ultimately reduce support costs. It can also help handle peak customer support requests.
It is relatively expensive for a customer support representative to interact with the customer in every matter. According to Forrester, a chat with a live customer support representative can cost $ 6-12 per interaction, but automatic interaction can only cost 25 cents.
Increase customer satisfaction and return on investmentNearly 70% of customers now expect the company’s website to include a self-service app and 91% of customers try to solve their problem themselves before contacting the support team. By providing access to information through a knowledge management system or artificial intelligence chat robot, customers can solve their problems faster, leading to happy and successful customers.
As we have known for a long time, happy and successful customers is constantly lit. buy more (and more often) than other customers. They also tell their friends about your brand, making them enthusiastic advocates for the brand.
How to choose your information management system?
If you are now convinced that KMS is for you, you may be wondering how to choose the best one for your business. There are so many different tools today, and not all of them offer the same value.
The best technology for your information management system
In the same way as chatbots, KMS can be used with different types of artificial intelligence technologies. The technology used has an obvious impact on the performance of KM and the quality of the results produced by the software.
Keyword-based KMYou can enable keyword-based KM, which means that the search engine recognizes the keywords in a user’s query and tries to match them to the content uploaded to the database. It may work well, but the risk with these basic knowledge management systems is that KM often pushes search results that are not related to the original query. How can it be? Simply because natural language is difficult for computers to understand and can often be unclear.
Symbolic artificial intelligence information management systemAt Inbenta, our knowledge module is used Symbolic artificial intelligence our strength Natural Language Processing (NLP) technology. Together with us DictionaryWith this patented and patented technology, KMS understands the intentions of users and gives them the best possible answers. This also means that it is able to understand ambiguities, typos and even slang, thus providing a better user experience.
KMS: Functions to consider
Ease of useInbenta Knowledge is easy to access and makes content management easy. Whether you want to add, edit, or organize content, you can do it completely independently in the workspace.
Search Engine Optimization (SEO)Investing in KMS is already a great idea. Also, the introduction of Inbenta knowledge, which has built-in SEO capabilities and allows Google to index public content (such as frequently asked questions), will also index. positively impact your ranking in the SERPswhich is win-win.
Effective reportingInbenta Knowledge has a robust back-office that allows you to monitor the performance of your data through a dashboard that provides a real-time view of all key indicators. This powerful tool can also help you identify potential gaps in your content and find improvements.
Now that you understand the basics of a good information management system, you may be interested in our e-book that will teach you how to build an effective knowledge base.