Employees hold a collective knowledge of an organization’s products, business processes, and customers, among other things – this knowledge pool has the potential to become one of the company’s most valuable assets. However, gaining the most from this kind of knowledge cannot be done without a reliable tool to manage it. And that is where knowledge base management (KBM) comes in.
A business with a substantial knowledge base is likely to experience greater success, better customer satisfaction, and increased productivity. The more you can share your knowledge, the more it’ll grow by leaps and bounds. It also means that employees are less dependent on an e-mail response time or an urgent meeting request, because they know that their questions are being taken care of.
What does knowledge base intelligence actually mean?
Knowledge is often defined as having “the power to make something new happen”. When companies identify ways to improve their services or products through technology, they create more value for their clients and attract new talent. That said, all businesses have some form of knowledge: documents, emails, people, data, etc.
The term knowledge base intelligence (KBI) can refer to both natural and artificial information systems, such as enterprise search, sales forecasting, and other KBA tools. Artificial systems are designed and implemented in order to support knowledge-based decision making. Examples include IBM Cognos, SAP and Microsoft Project among others. Natural methods are found in large corporations and government departments. These work more like AI technologies and aim to provide insight into how the environment around them functions. Companies like Google, Apple and Facebook offer natural learning software that incorporates artificial neural networks to enable human beings to learn to understand unstructured text, voice and video.
How does KBA work?
First of all, a lot of information or knowledge gets piled up when someone performs any activity. So, instead of storing everything in a central repository for instance, workers maintain a simple knowledge base. Depending on who you employ, some might use a team wiki, while others can build a separate platform. As such, each individual knows a little bit about what he will need next. This way, each employee can then see what his tasks will entail on a particular day. For example, if there is an assignment to do, he can look at previous experiences, or review the results of previous projects. Once again, depending on the circumstances, a different type of knowledge can be created here.
Once a person’s knowledge base has been populated, they start asking questions. At the same time, the user is able to create new features, processes, and procedures. In addition, the system supports various types of data analysis to collect feedback on performance. After that, the application automatically generates reports on performance that are used to help adjust future operations. Not only that, but users can also access all kinds of visualizations that illustrate KPIs and insights, or even perform historical comparisons to the latest trends for more precise predictions. All told, that makes the whole process much simpler than ever before.
How useful does knowledge base AI really be?
As mentioned above, we are living in a world of advanced software, and one thing that helps enterprises get more out of the applications they use is knowledge base technology. Here, AI plays a crucial role to improve automation, which is especially helpful for B2C customers. Also, with machine learning algorithms, data science, and cognitive computing techniques, knowledge base AI empowers robots and computerized solutions to take over mundane jobs. If given enough resources, these machines can handle administrative tasks and perform mundane calculations, collecting and filtering data and doing repetitive work. To back this up, Google has developed several KBA chatbots. With the knowledge base, bots will be tasked with handling everyday requests like directions, weather predictions, and even ordering tickets. Furthermore, Amazon Alexa now offers several KBA bots. Users can select a topic related to their needs, and Echo will return back with appropriate answers to fulfill those queries at no extra cost.
So far, so good, but let us take a deeper look at two major factors that make the KBA relevant:
Content creation/integration:
As a matter of fact, content creation / integration is a must-have for every successful business. No doubt, if your business is not growing, your marketing department would still be struggling. Similarly, when you hire experts, you always try to keep them busy, or you can say that they are happy with their job. This shows how important content is; even a few pieces of written content can influence sales, and can open more doors of opportunity for the consumer. There are many possible KBA tools, and it can vary depending on the situation. But for small or midsize organizations, there are several affordable options for content creation and integration. Even though there, a limited selection of options, it will still be worth considering what’s best suited for your goals.
Data analytics:
One of the biggest benefits of using KBA tools is the ability to analyze data. A quick glance at these data can reveal which products are attracting maximum demand, what competitors are doing better, and even what kinds of strategies work best for your sector. Data analysis not only allows organizations to plan their campaigns, but also it enables managers to find out if anything could increase your profits. By analyzing data, one can come up with recommendations in the long run so that everyone keeps this at heart.
Also, there is nothing better than looking at the right chart for understanding your KPIs. With predictive models, you can see which products performed well and which ones need improvement. Some areas might remain untapped, but getting in contact with KBA will make sure that you get a clearer picture of your current status. Another great advantage of this is that KBA allows for rapid experimentation and optimization of existing processes, so once a certain amount of money is saved, additional investments are possible. Plus, data analysis is based on actual facts and figures, whereas traditional statistics relies on assumptions. Both of these are incredibly powerful.
It is possible to combine KBA with social media tools to generate leads and boost conversions. Twitter, Tumblr, Instagram, and Facebook have all made themselves very popular in recent years because of the capabilities of their social media channels. You can easily tell which pages to target, how to spread your message, and how to engage your audiences. But most importantly, you are provided with real-time statistics about your brand that can be analyzed. Since KBA has a vast user base, it is highly accessible to anyone, anywhere.
The popularity of KBA can be observed everywhere, and it doesn’t show signs of slowing down yet. According to McKinsey & Company, 52% of corporate leaders believe that digital transformation will be a top priority in 2018. Their research reports predict that 50% of professionals in general will spend half of their budget on R&D for emerging technologies in the near future, compared to 20% three years earlier. Moreover, 60% of executives believe that R&D is becoming an integral part of strategic planning and execution. They further state that 56% of corporate teams are already leveraging R&D. The reason behind this is primarily due to the huge efficiency rates and quality solutions offered by KBA, along with the fact that it is easy to integrate it with any source of data, whether that is CRM, CMS, ERP, web portals, social media and so forth.
The rise of personal KBA:
The rise of smart home assistants and smart devices might have a role in helping you achieve a cleaner and smarter life. Nevertheless, even though they don’t directly require your attention anymore, smart homes can be made even smarter with the development of innovative products and services via KBA. Just take a look at Nest Cam IQ, Amazon Echo Dot, Sonos One, iRobot Roomba vacuum, Siri, and Samsung Galaxy S10 series. Each one of them brings innovation to our modern lives, enabling people to interact with their environment in a completely intuitive manner. An interesting feature of the KBA is its ability to connect to multiple cloud providers for unified storage of data. In this way, you can store data from various sources in the cloud, and transfer them over to another server if needed.
Finally, since KBA is able to connect to multiple cloud providers for seamless operations, you can have access to almost unlimited resources that you can utilize for your purposes. If you want to use deep learning models, training data, or other complex machine learning algorithms, KBA will allow you to leverage it via API’s and plug-ins. You can even implement these APIs in your own code, or use pre-built models that you can download and follow as you go.
What are the Benefits of Using Knowledge Base Technology?
The main advantage KBA offers is the ability to consolidate a huge amount of data. Whether that is data gathered in a spreadsheet, a CRM, or even just your mobile device, you want to know what you know about the product so that you can choose the best option and have a clear overview of what you want. This way, a KBA provides you with comprehensive coverage of everything you need and want to know. Of course, this service is available to large organizations, but smaller companies can gain a tremendous advantage by choosing KBA. Most industries and corporations that produce numerous lines of products and services tend to benefit from this kind of technology. On the other hand, if you are a specialist in retail, medical equipment and pharmaceuticals, KBA can prove to be extremely useful. Therefore, combining your expertise to develop a wide range of products.
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