New Workflow Reduces Costs, Speeds Content Delivery
To remain competitive in the financial information services market, companies need to deliver accurate, value-added data at the lowest possible cost and highest possible volume. So when the parent organization of a leading provider of corporate, industry and market intelligence set ambitious cost-reduction goals, the team charged with delivering content recognized that keeping its readers satisfied also meant streamlining their process for gathering and updating current information.
At the time, the company used several expensive corporate and financial news delivery services to update its online database of companies. These services also generated a large number of redundant feeds, which meant editors had to manually sift through search results to pull out the required information. This time-consuming task limited their ability to delve deeper into the results in search of new developments and related trends.
To meet its cost reduction goals, the company decided to reduce the amount of their third-party content subscriptions by utilizing a new data extraction and search application. The company also wanted to automate the process for extracting relevant information from the data feeds and incorporating that data into its workflow to reduce costs and free editors to pursue additional value-added activities.
Due to its tight deadline, the company enlisted the help of Innodata Isogen as a strategic advisor who could help analyze its business requirements and design a more cost-effective solution. With its expertise in data extraction and enterprise search, Innodata Isogen helped the company map out which technology strategy and solution would fit its needs.
As a first step, Innodata Isogen worked with the company's business managers and editors to define business requirements, such as how to access content, extract data and assign editorial tasks.
In addition to recommending the tools for the project, Innodata Isogen also created design specifications, set the implementation priorities and provided overall project management. This included defining the criteria for success and establishing specific roles and responsibilities.
Given this strategic direction, a search implementation company has completed three modules that replace the previous subscription services and automate data extraction processes:
The company forecasts significant returns on these projects. By reducing external content subscriptions from three to one and lowering labor costs, the company expects to realize savings of up to $1.5 million a year. The company also anticipates that the system will enable it to grow top-line revenues by repackaging and reselling data from its new in-house content services to other companies and by expanding the number of companies it covers from 45,000 to 75,000.
In addition, by enabling employees to reduce the time they spend on the time-consuming task of digging through pages of search results, and increasing time spent on creative, value-added activities, the company also hopes to improve the work environment for the editorial staff.
Just as important, the company is now better positioned to respond to price competition by its competitors, while delivering even more targeted, value-added information.