Frost & Sullivan, a global marketing consulting firm, has concluded new customer relationship management analysis that looks at a burgeoning component. The report, "Web Self-Service Knowledge Base Solutions," focuses on the self-service aspect of CRM since rising costs may present future challenges for contact centers. The report reveals that this particular industry generated revenues of $123 million in 2000 and is projected to increase to $1.6 billion by 2007.
Self-service knowledge bases bring significant advantages to an organization, reducing the cost of answering customer questions and increasing client satisfaction. However, such utilities are usually deployed only after other applications fail to meet expectations.
"This market is poised for significant growth as a growing number of 'brick and mortar' companies move online for sales and support," says Frost & Sullivan industry analyst Katrina Howell. "The trend towards self-service among governmental entities is also allowing revenues to accelerate." Howell continues, "Providing customers with faster access to the information they desire while simultaneously reducing the cost of service presents a powerful value proposition one poised to drive explosive growth in the market."
Headquartered in San Jose, Calif., Frost & Sullivan helps clients optimize their business performance by offering diverse strategic solutions that capitalize on growth opportunities within new and existing markets. Frost & Sullivan employs approximately 500 consultants, analysts, corporate trainers and support staff members to provide market consulting and corporate training services to its clients in more than 50 countries.