The final session of today’s e-Publishing Innovation Forum had a more practical, rather than analytical slant to it. Josh Bottomley, Managing Director of LexisNexis explained to delegates how adopting efficient digital initiatives in the workflow can lead to new business opportunities.
Bottomley, who has previously worked for Goldman Sachs, McKinsey and the FT before moving to dominant legal information providers LexisNexis gave an insight not so much on how LexisNexis engage lawyers online, rather how the company has evolved how it works.
At the opening of the session, Chairman David Worlock asked delegates, “How do you move from just online research to the next thing?” It was a question that even the most successful of businesses need to consider.
Bottomley outlined how LexisNexis moved from providing information in print, to print and online to now print, online and with knowledge driven solutions, risk and compliance, client development and practice management. Bottomley explained that even though the LexisNexis business model has been very successful for the company with customers relying on them for speedy information through an online model, the big question, which echoed Worlock’s, is how to keep that business growing?
LexisNexis believe this should be done through a number of ways, in particular, knowledge driven solutions, by quantifying the value of the information provided to their clients. Bottomley compared this to a traditional tech company that would say ‘here are the efficiencies we can offer you through our information’.
By offering risk and compliance, client development and practice management, Bottomley says “it’s kind of a combination with merging established content with effective technologies,” rather than a separate useful set of systems and a separate piece of useful content.
What it takes to get this right is a huge amount of domain expertise said Bottomley; you have to pick the customers you want to serve and what issues you want to help them with. Choosing this is very difficult to do, especially if you try and do this across too wide a spectrum. Another crucial element is bringing in a concept of behavioural change management or convincing the customers to buy into a new initiative. Finally, he pointed out that technology and content skills are a must to get this happening. With the clients buy-in, a clear idea of what you are trying to do and effective technology, clients will be more efficient, agile and better cope with adversity.
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