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Total Economic Impact Study Reveals Organizations Using LexisNexis® InterAction® Achieved 220% ROI Over Three YearsThe study also finds that businesses deploying InterAction saw a 62% efficiency improvement in their marketing and business development staff RALEIGH, N.C., July 15, 2021 /PRNewswire/ -- InterAction® by LexisNexis®, a leading client relationship management (CRM) solution purpose-built for legal and professional services, today released a commissioned study conducted by Forrester Consulting on behalf of LexisNexis titled The Total Economic ImpactTM of LexisNexis® InterAction®. Customer interviews and financial analysis found that customers deploying InterAction saw, on average, a 62% efficiency improvement in their marketing and business development staff and a 34% efficiency improvement among lawyers and professionals over a three-year period. Customers also realized a 2% improvement in revenues, a gain Forrester attributes directly to InterAction. "Law firms and organizations are looking carefully at their investments – as they should in today's rapidly changing environment – so we commissioned the Forrester study to clearly quantify the value of InterAction across our customer base," said Brendan Nelson, GM of LexisNexis Business Solutions. "We have always believed InterAction is a unique tool that helps organizations gain a better understanding of their businesses and turn those insights into cost savings and additional revenue. This study validates that conviction in a big way." Based on the study, a composite organization, based on interviews with five InterAction customers and subsequent financial analysis, experienced benefits of $2.38 million over three years versus costs of $744,468 – adding up to a net present value (NPV) of $1.64 million and an ROI of 220%. Customers deploying InterAction saw:
Ultimately, companies that have invested in InterAction have been able to significantly reduce the time employees spend on administrative tasks associated with marketing and business development work – allowing them to focus on higher-value tasks. Firms and organizations have also been able to add new business by drawing upon insights, provided by InterAction, into their customer base – all while keeping current clients engaged and satisfied. The Forrester study was developed through research with a group of InterAction® customers who had previously been using manual processes for tracking and updating client information and business-relevant statistics. The purpose of the study is to provide readers with a framework to evaluate the potential financial impact of InterAction on their organizations. To download The Total Economic Impact of LexisNexis InterAction study, go to https://www.interaction.com/the-total-economic-impact-of-lexisnexis-interaction/. Study Methodology About LexisNexis Legal & Professional LexisNexis Legal & Professional® is a leading global provider of legal, regulatory and business information and analytics that helps customers increase productivity, improve decision-making and outcomes, and advance the rule of law around the world. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis® and Nexis® services. LexisNexis Legal & Professional, which serves customers in more than 160 countries with 10,400 employees worldwide, is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers. About InterAction Media Contact: Logo - https://mma.prnewswire.com/media/847603/LexisNexis_Logo.jpg |