As technology is incorporated into organizations throughout industries, the quantity of information and data transmission in a company is growing every day. This evolution of businesses to information centers has paved the way for knowledge management (KM) to become an important part of business improvement.

KM solutions help companies exploit valuable information in the creation, implementation, and sharing of innovative ideas by teams to eliminate silos and encourage team members to work together to achieve a goal which will lead to the development of a better working environment. These solutions are not just technology-based and range from simple off-the-shelf e-mail packages to advanced collaboration tools to promote community building and identity.

With customer questions handled on a routine basis and the proliferation of products, today's agencies are facing more complex questions than ever. In addition, today's Millennial and Gen Z agents neither like maintaining things in their heads nor wanting to train, instead of looking for answers and learning on the job.

The common denominator for the challenges posed both by CX and Agent Experience (AX) is the ability for agents and business websites to respond to customer questions, resolve their problems, and advise them in complex environments today. The solution is obviously to provide next-generation knowledge management (KM), which can easily, conversationally guide clients and agents to use AI technologies such as reasoning, curated training, machine learning, natural language processing, and analytics together with the management of content.

     Check out: Top Knowledge Management Tech Companies

KM technology is vital to improving CX and AX; best practices for success are also essential. The expected and achieved ROI evaluation prior to and after deployment helps justify the initial investment and expand the value of the KM system. One good practice is to ensure that the ROI metrics used are aligned with business goals. Almost always the unfocused scope of knowledge leads to a slight, hollow knowledge base. If customers and agents are not able to find solutions, they just stop using the system. One of the best practices is to focus instead of widening knowledge on depth for quick, initial success.