LexisNexis Shows Robust ROI through Nexis Research Insights
Positive Economic Impact from LexisNexis’ Nexis Platform
By leveraging advanced analytics and decision-making tools, organizations using the LexisNexis Nexis research platform have experienced significant benefits. A recent study has highlighted some shocking results regarding the Return on Investment (ROI) for users. This proprietary research was commissioned by LexisNexis, a leader in providing comprehensive research and analytics solutions across various industries.
Study Overview and Key Findings
The Total Economic Impact™ (TEI) report, conducted by Forrester Consulting, analyzed the experiences of four diverse organizations within banking, finance, insurance, healthcare, and manufacturing sectors. The participants represented a composite organization that operates globally, employing around 20,000 individuals and generating annual revenues of about $3 billion. This study revealed compelling findings: companies that integrated Nexis into their operations achieved a remarkable 110% ROI, along with a net present value (NPV) of $1.2 million over a three-year period.
Streamlining Research Processes
Before adopting the Nexis platform, interviewees expressed their dependency on several distinct sources to support their business research initiatives. The process was often slow and resource-intensive, particularly for organizations dealing with non-US markets or private entities. With Nexis, these corporations improved their ability to conduct global research while managing due diligence and data analysis more efficiently and at a lower cost. The transition led to the discontinuation of numerous outdated tools and improved overall data management and access.
Enhancing Decision-Making and Reducing Risks
Having access to timely and accurate information enabled these organizations to mitigate risks associated with important business decisions. The streamlined nature of accessing reliable data has been especially vital in enhancing strategic decision-making capabilities. Todd Larsen, President of Nexis Solutions, emphasized the importance of quality information in corporate research, noting that Nexis provides access to an extensive range of legal, regulatory, and industry data crucial for informed decisions.
Unpacking the Economic Benefits of Nexis
The composite organization reported on several tangible and intangible benefits resulting from their investment in the Nexis platform:
- Enhanced Efficiency Worth $986,000: By automating and consolidating the research process, Nexis reduced the overall time spent on information searches while also cutting down the need for manual labor. This efficiency gain translated into significant cost savings across various business functions.
- Improved Quality of Research: Users consistently noted that the high-quality, reliable information provided by Nexis allowed for more thorough research outcomes. This was especially beneficial, positioning these organizations ahead of competitors.
- Reduced Business Risks with Proactive Analysis: The advanced analytics features of Nexis facilitated proactive risk management. Organizations reported that real-time access to dependable data fostered timely and informed business decisions, helping them avoid potentially costly errors.
User Feedback on the Nexis Platform
The real-world impacts of implementing Nexis have been underscored by testimonial feedback from various stakeholders within the participating organizations. One chief information officer (CIO) remarked on the platform's wide-ranging capabilities, stating, "The variety of information and the multiple applications we could utilize made Nexis essential for our needs." Another CIO highlighted operational gains, noting the vital decrease in manual tasks, which significantly strengthened their business case for adopting Nexis.
About LexisNexis Legal & Professional
LexisNexis® Legal & Professional provides essential legal, regulatory, and business information solutions designed to elevate productivity and decision-making. Renowned as a digital pioneer, the company set a precedent by making legal content accessible online through its flagship services, Lexis® and Nexis®. With a workforce of 11,800 and operations in over 150 countries, LexisNexis is proud to be part of RELX, elevating industries worldwide through information-based analytics.
Frequently Asked Questions
What is the primary benefit of using Nexis?
Nexis provides access to high-quality and timely research information, significantly improving decision-making processes and reducing associated risks.
How much ROI can organizations expect from Nexis?
Organizations using Nexis have reported observing a 110% ROI, along with considerable savings in operational costs over three years.
Who conducted the Total Economic Impact study?
The study was commissioned by LexisNexis and conducted by Forrester Consulting, aggregating data from multiple organizations across various sectors.
What types of organizations benefit from using Nexis?
The platform benefits a wide range of industries, including banking, finance, insurance, healthcare, and manufacturing, improving their research efficiency and accuracy.
Where can I learn more about Nexis?
More information regarding Nexis can be found by visiting the official LexisNexis website, where additional resources and benefits are detailed.
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