How to Choose a Winning Knowledge Solution for Your Digital Marketplace?

By Doron Gower   |   March 14, 2018
How to Choose a Winning Knowledge Solution for Your Digital Marketplace
Now that we are in the summer this year, we can step back and take an assessment of 2018 customer experience trends and how they are impacting the marketplace. The industry has faced new challenges and developed a wealth of new approaches to overcome those challenges.

The purpose of knowledge solutions for the digital marketplace is straightforward: help agents find immediate resolutions to customer issues and facilitating self-service resolutions quickly. Commercial companies and government agencies have deployed them for years, and with the advent of the cloud, cloud-based knowledge solutions exist in a wide array of options.

Advanced knowledge solutions are now available to SMEs that were only available to large enterprise level companies a short time ago. When selecting the right solution for your company, keep these considerations in mind.

1. What Features Are Necessities?
Understanding your business needs is the foundation to choose the right knowledge solutions. Do you want to allow users to collaborate or share documents simultaneously? What pain point will the solution resolve? You can select features such as content management, customer relationship management, knowledge management, collaboration in real time, gap analysis, and more. Once you determine the needs, you can find a cloud-based solution tailored to your company.

2. Understand the Customization Options

You may customize your Intranet, but not all cloud-based knowledge solutions offer the same level of design. Research is critical prior to committing to a solution. Define the needs upfront, similar to determining necessary features, and seek the solution that provides the customization you want. You may not need the most sophisticated design options, so it’s a waste to purchase them. Many SMEs will find their needs will be met by the newer technologies, but you should ensure that your specifications will be met within your budget.

3. Research the Expense

Many companies focus on the subscription cost of a packaged solution; however, in conducting your cost-benefit analysis, consider the costs of software licenses and paying staff to maintain the solution. A packaged solution may provide the right mix of features that are very cost-effective when you factor in hardware, software and staffing.

Final Thoughts

McKinsey notes in a report that to stay competitive in the digital marketplace takes a different approach. Finding the necessary talent and tools can be formidable for several reasons. The traditional approach focuses on scope, project cost, siloed IT functions, autonomous solutions, large systems integrators, and complex, long-term contracts.The new approach in the digital marketplace focuses on talent, evolving project scope, integrated IT functions, shared solutions, and smaller, niche players offering short-term contracts with flexible deal mechanisms.

Many of the knowledge solutions for the digital marketplace may appear too streamlined and simplistic. However, this is because you are purchasing only the features you want and will actually utilize. Packaged, cloud-based options will perform their core functions very well, and they will frequently cost less than implementing your own solution. The digital marketplace is forcing companies to use a different approach to remain competitive. Stay light and flexible with top talent to meet your needs.