Mistake That Costs Millions Of Euros To Large Companies

In recent years, companies have opted for new technologies and, especially, for artificial intelligence, to help improve internal processes and streamline operations.

However, many of them continue to have problems accessing information. Employees spend a lot of time looking for the document, the answer, or the information they need to perform their functions, which translates into a loss of work hours and, therefore, money.

1. The human and economic cost of poor knowledge management

Is it possible that an employee can share all the internal knowledge of the company with the rest of his colleagues? Probably to a certain degree, but a lot of knowledge is stored in documents on local computers, dispersed systems that are not always updated with the latest legislation, changes in regulations, in the product…

This is how, little by little, knowledge is lost in a chaotic universe of data, often irrecoverable. For Fortune 500 companies, this lack of quick and up-to-date access to information comes at a cost: more than a whopping 31 billion euros a year.

And it is that, despite the efforts to improve the internal functioning through new technologies, much of the knowledge continues to be fragmented, disorganized or simply difficult to access.

2. Improving knowledge management: key for companies

Today, to improve this internal communication, reduce the time spent looking for answers and information and reduce employee frustration while increasing their productivity; You can use different measures or tools.

Unify or centralize systems

The important thing is to be clear that it is not necessary to have a single system, but that the systems that we have are well connected and are updated with the latest information in real time. In this sense, at present, many companies are committed to using an internal intranet that is fed with information from different existing systems, and in which employees have access to a centralized search engine to save time.

Document processes, products and services

It is necessary for all companies to document important processes, as well as the operation of certain products, machines, etc. Limiting this action means that knowledge is concentrated in a particular person or in a specific team, on which the entire company depends. In short, it can become a problem for the company in the short – medium term.

Documenting processes can simplify internal workflows and improve productivity, as well as free certain skilled employees from repetitive internal requests.

Improve self-service customer service

Another important cost for many companies derives from customer service. However, today we know that up to 85% of consumers prefer to answer their questions and queries on their own, without contacting the support service.

In this sense, we see how every day more companies are committed to facilitating access to information. Making a help center or helpcenter available to customers has become essential for customer service. This tool allows users to find answers to frequently asked questions, in real time, and helps them in a simple way to resolve doubts that may arise in the process of purchasing the product or service. Likewise, support requests are reduced in a very notable number, which will also impact the volume of calls – which will also be reduced – and contacts to customer service.

In short, the use of artificial intelligence in these areas has allowed companies, in recent years, to streamline procedures, reduce response times and economic costs worth millions of euros. A safe bet for improving customer service and the purchasing process, in general.

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