21 April 2020

AI For Knowledge Management: The Benefits of Chatbots

What is knowledge management? Knowledge Management (KM) encompasses everything a company manages regarding its data arou

What is knowledge management?
Knowledge Management (KM) encompasses everything a company manages regarding its data around customer interactions. Additionally, KM also covers data around products and around ways of working.
Everything from general office help and support documents available to customers, through to all Knowledge Bases (KB) containing self-help articles. Knowledge bases are a valuable tool as the amount of content they contain is useful to help customers and for customers to help themselves as well.
In short, KM refers to all processes involved when creating, using and sharing data within the business. The ‘management’ part of KM also covers how the organisations knowledge is both maintained and developed over time. This means that anyone from across the business (e.g. sales, operations, marketing etc.), can use the information whenever needed.
Let’s look at a few benefits of chatbots in the Knowledge Management industry:
       1- Chatbots are a welcome addition to the CX (Customer Experience)
In a recent survey, it was reported that 44 percent of consumers preferred chatbots to humans when it came to customer relations. The chatbot experience must be a smooth one. That said, ensure your chatbots:
  • Come across as professional and bug-free
  • Aligned with your brand
  • Make good use of linguistics
  • Associated to well-defined tasks
  • Are provided proper answers or solutions to all queries
  • Are working seamlessly on a variety of devices
       2- Chatbots won’t replace the people or services in the business
One of the biggest concerns regarding chatbots is that they will take over and automate everything. This is highly unlikely to happen.
For the moment, chatbots can only deal within their own specific remit when it comes to queries. Chatbots can’t do much outside of the initial query as they must pass on to humans eventually. Chatbots are at their best when simple, common questions are asked, mainly because that data already exists.
       3- Chatbots help reduce operational costs
In a survey taken recently, around 265 billion customer support request are made each year. This costs global businesses about $1.3 trillion to service the calls. With the help of AI, chatbots can significantly reduce these costs. Chatbots magazine recently stated that implementing virtual agents (chatbots) helped reduce operational costs to businesses by up to 30 percent.
Additionally, chatbots will give support and consistently resolve repetitive customer queries, allowing service agents to refocus their attention where its needed more. In effect, chatbots increase customer service productivity.
It is estimated that within two to three years, 90 percent of all customer inquiries will be handled by chatbots. This simple change will result in cost savings of about $8 billion alone to businesses.
       4- Chatbots are helping sales and marketing
Through robust marketing, effective chatbots can close sales through:
  • Better customer engagement: chatbots are able to establish bespoke customer experience interactions. They provide credible shopping advice all based on historical purchases and profile preferences.

  • Guidance with marketing funnels: chatbots work 24/7 and won’t keep customers waiting. They will guide the purchaser seamlessly through the sale, step by step, addressing each question as it rises.

  • Improving customer profiles: Keeping customers engaged and completing profile information allows the sales and marketing departments to use the information when segmenting customer profiles. This way they can keep customers engaged with the specific preferences built into their profile.
       5- Chatbots consistently improve through evaluation and optimization
Over time chatbots will require fine tuning, evaluation and optimization. Various areas like user experience, linguistic capabilities and general usability are reviewed.
Ultimately, the chatbot learns as it absorbs more data and will perform significantly better with each cycle of performance review adjustments.
How Elqano improves efficiencies of your Knowledge Management chatbots
“Where can I find the eCommerce strategic guidelines for the Amanico Project?”
A simple question is asked at the office with a complicated answer as nobody has the information to give the employee asking.
Elqano’s Machine Learning AI technology synchronises with your organisation’s existing Knowledge Management systems. Its Knowledge Engine, uniquely designed for your business, connects with all sources of information that previously had been siloed in isolation.
Your new knowledge base now grows holistically through a new intuitive interface; with all information sources now working together in recommending only the most relevant information to your employees, based on their needs:
Elqano’s Intelligent Tagging and Text Analytics
Traditionally, hierarchical management structures only allow for vertical transfers through chain-of-command. This structure is inhibited when attempting horizontal, cross-functional knowledge transfers.
Using proprietary, personalized Artificial Intelligence Technology designed by Elqano, transfers can now access across all Knowledge Groups (formally separate document and employees’ silos) based on multiple tags, ultimately encouraging transfer across organisational boundaries.
A New Ultra-Fast Search Producing Incredibly Fast and Accurate Results
“Where can I find the eCommerce strategic guidelines for the Amanico Project?”
Now when a question is asked, your employee’s will receive immediate and personalized information. Communication with experts returns immediate key insights and valuable data analytics. All data sources will be analysed, bringing only the most relevant information to your team.
There are many benefits in addition to those mentioned above. They are designed to save businesses operational costs, increase productivity, sales and conversion rates. As AI, Natural Language Processing (NLP) and Machine Learning (ML) continue to evolve, chatbots will appear more and more intelligent, leaving their future full of increased potential.
While the benefits of chatbots are clearly seen, how your company chooses to deliver this service to your customers is a bit more complex. Elqano has the expertise available to guide your company efficiently on to the process of deploying your chatbot strategy and reducing company overhead significantly over time.

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