The professional’s job to be done
The company’s focus on the customer’s literal task-at-hand continues to unlock value for professionals in many forms, and across the company’s portfolio. Just a few examples include:
- Improved outcomes: Used by over 1.3 million clinicians worldwide, UpToDate is the only clinical decision support resource associated with improved outcomes—while also reducing costs. One recent study confirmed that the information UpToDate offered led to a change in investigation diagnosis, or management 37% of the time.
- Saving costs: LegalVIEW® BillAnalyzer applies machine learning to help corporate legal departments and insurance claims organizations automate and manage incoming legal invoices—offering the company’s customers an average cost savings of 6 to 9 percent in legal fees, sometimes to 11 to 12 percent.
- Improving productivity: CCHiQ helps professionals in the tax and accounting industry achieve aggressive growth goals by using predictive intelligence to identify external trigger events and match these events with their client profiles and even automate a proposed client letter.
- Reducing complexity: M&A Clause Analytics is a workflow solution combining artificial intelligence and expert attorney curation that helps legal professionals improve quality, cost and work efficiency, and ease of preparing merger and acquisition agreements.
Staying this close to a professionals’ workflow; identifying, and understanding their pain points, is essential for Wolters Kluwer to stay on the winning side of innovation and develop the expert solutions that have this impact.
The company’s C-suite customers, however, have a rather different set of challenges.
The C-Suite challenge: performance and platforms
Just a few short years ago, a ‘bolt-on’ approach to digital (adding a few digital channels or an app or two internally) was considered enough for most enterprises to survive. However, as industry after industry: in healthcare, Fintech and more, is disrupted, the ‘old’ rules no longer apply.
Today’s CEO is digital by default. That means they need to look at optimizing their operating model to improve both performance, and return-on-investment from product and technology. Delivering quality in products and services, effectivity and productivity across the organization, and an exceptional digital customer experience, are all critical success factors.
However, being digital by default also means that CEOs must also explore new business models to stay competitive. The places that value is created today may not be the same tomorrow.
In an Accenture survey, eighty-one percent of executives believe that platforms will be core to their growth strategy within three short years. Industries will be reshaped into interconnected ecosystems. In those ecosystems, enterprises, providers, partners consumers and employees can all interact to create, co-create collaborate, exchange goods, products or services that help create more, new—and different—value.
Ecosystems, they argue, are the new bedrock of digital. McKinsey too, is recognizing new evidence for the power of digital platforms.
As Nancy McKinstry recently noted, this platform and ecosystem thinking is one of the market trends informing her thinking on the company’s own investments into developing not only a very broad and integrated product portfolio—but also do that in such a way that the company’s solutions could, perhaps, become part of these emergent ecosystems in the future.
The role of the expert
As we explored some time ago, to create value for the company’s customers, Wolters Kluwer capitalizes on the deep domain knowledge and subject matter expertise of its people.
Wolters Kluwer employs practitioners across every division: doctors, nurses, health professionals, tax & accounting professionals, finance practitioners, and more. In addition, the company’s business units have advisory boards of practitioners, or work directly with practitioners themselves.
External partnerships too, play a role. In health markets, for example, Wolters Kluwer partners with electronic medical records companies and other players in the health ecosystem. The same is happening in tax and accounting too.
Over time, these partnerships are becoming more important as—in combination with the company’s 19,000-strong workforce—they unlock value not only for Wolters Kluwer, but also our customers, their clients—and other partners too. The full ecosystem benefits.
As Wolters Kluwer enters the last year of its current three-year strategy cycle, and building from a strong 2017 Full-Year Results, there is much to look forward to.
The Wolters Kluwer sweet spot is at the intersection of deep domain knowledge of our customers’ work, strong workflow insight—and the coupling with advanced technologies including, of course, artificial intelligence, that helps our customers improve productivity or outcomes.
In short; expert solutions.