Adding AI to knowledge management is a $4.5 million game changer (VB On-Demand)
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Learn how Fortune 500 companies are applying AI-powered knowledge management and realizing a 60% reduction in overall IT ticket volume, thousands of hours of time saved, annual savings of 4.5 million dollars on IT support costs and more, in this VB On-Demand event!
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Enterprise knowledge management is critical: everything that can drive your business forward already exists in many forms in your organization, says Igor Jablokov, CEO and Founder of Pryon.
“If you look at companies that have been able to increase their value, like Amazon and Netflix, they are the ones that can most effectively handle signals coming from customers, partners, employees and investors,” says Jablokov. “Giving everyone the information they need to succeed in their jobs usually results in economic results they can measure.”
There are also a growing number of concrete reasons why enterprise knowledge management has become a top priority for CEOs – and competition for talent is number one on the list, says Chris Mahl, president and CRO, at Pryon.
“People who are the best of the best want to be places where the wisdom of business is at their fingertips, the leverage of business,” he explains. “A big part of what attracts talent is not just the DNA, the brand and the openness of the company, but the experience of being enriched. It all depends on the effective dissemination of knowledge.
But today, knowledge silos are common, creating inefficiencies and crippling decision-making, customer service, and employee satisfaction. Workers waste 1.8 hours a day, or 9.3 hours a week, on average, searching for the information they need to do their job, instead of actually being able to do their job. The employee frustration curve then becomes incredibly high. They quit in favor of the employer who offers them a better work experience, providing them with the information and intelligence they need to thrive in their job.
From the talent crunch to the global recession, there is a particular urgency to do more with less, to be smarter and to be more digitally fluid. So why are so many companies struggling to meet this need for information and get enterprise-wide content to the hands and systems that need it most?
The challenges of knowledge management in business
There is so much information scattered throughout every business, stored in as many different repositories as there are types of information, to meet every internal and customer need, and much of it is buried deep.
“The information users need can be incredibly obscure, and the question is, how do you gather the right information?” Mahl says. “In some cases, the questions we see are so bizarrely unique, but it turns out that with a knowledge system, you can get the original answer right away, even if it lives in a nine-year-old visitation folder with some photographs and some notes Can you imagine this gold?
Enterprise knowledge management is not a new concept, and smart enterprises are turning to tools like chatbots and intelligent virtual assistants to handle some of the scaling and automation load. of the dissemination of knowledge. But implementing these technologies requires a lot of heavy work. About 90% of the data generated today is unstructured and needs to be recreated or refactored for these tools to actually work with the data. It’s a lot of manual effort, unsurprisingly error-prone and regularly outdated, leaving stakeholders without the information they need.
“Executives try to manage knowledge but don’t get the return they expect or need,” says Mahl. “They feel like they’re pushing piles of information to try to get a breakthrough, but can’t get the access and immediacy to the correct answer that is needed for ROI.”
So how do you get the contents of these repositories to the hands (or systems) where the information is most needed? It takes the unification, automation and digitization of enterprise knowledge into a knowledge operating system.
Enterprise Knowledge Management Upgrade
A leap beyond traditional enterprise knowledge tools, a knowledge operating system can bring insights from across the enterprise into a single, fully accessible, AI-enabled environment for easy consumption across the enterprise. ‘organization.
Most companies have a range of content and knowledge platforms, different for each industry. For example, an HR policy and benefits intranet, product knowledge bases, cybersecurity policy databases, regulatory information, all living in separate environments.
“A knowledge platform can ingest the content, create the model, and then organize the information as an asset that everyone, from the newest employee to the deepest researchers and innovators, can access in the way that makes the most sense for them. department.” Mahl says. “And does it safely and securely, only for the people who should see it.”
Once a group has implemented a knowledge platform and begins to share their knowledge and knowledge specific to their service, other groups want to participate, sharing all of their own information and knowledge, policies, procedures , field memos to RMAs, legal information. , HR information, cybersecurity knowledge, etc., enriching the entire company.
“I think the most exciting thing is the fact that so many sources can be combined into this one representation of knowledge,” says Jablokov. “And the fact that they can also start sharing this interactive knowledge with other business units. Once people start seeing it, it becomes something they all want in order to show off their gifts to their peer divisions. .
How Pryon is changing the game
Pryon is the first full-featured AI platform, offering point-and-click creation when gathering business content, which is then processed with AI techniques and optimized for Q&A. Technologies such as AI, NLU, and Pryon’s vector database model eliminate silos and static data sets. Instead, the enterprise’s entire store of information can be integrated into the platform and transformed into digital fluid neural networks organized around users, easily evidenced by fully formed semantic queries.
They are living, breathing collections of knowledge, where knowledge is constantly refined and updated as users interact with the system, and the effectiveness of the content continues to grow.
“We have such aha moments, because these executives are saying, I have 5,000 articles and I’ve been publishing for years, but this is the first time I’ve seen them as a whole,” Mahl says. “And I can actually see the value where they’re working, where they’re in conflict, where they’re debating, and where there are gaps. Your body of knowledge is suddenly the best it can be, which means when new people come in, they take a step ahead.
To learn more about how knowledge management systems are transforming the way companies access and use information, the return on investment they realize, don’t miss this VB Live event.
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- Double productivity by leveraging your existing investments in content assets, knowledge bases and human capital, without doubling budgets
- Outperform your current customer support chatbots with a next-gen strategy
- Drive repeatable, simultaneous digital transformation across multiple business units
- Invest in an AI platform that pays for itself in weeks, not years
- Igor JablokovCEO and Founder, Pryon
- Chris MahlPresident & CRO, Pryon
- Art ColeModerator, VentureBeat