The Result ✅
Within six months of utilizing ResearchMonitor to analyze usage data, the firm was able to renegotiate its contract with one of its large legal research subscription vendors saving over $1M.
ResearchMonitor’s interactive dashboard and reports provided the much-needed visibility into usage needed to determine that the firm could move away from an enterprise subscription contract and instead choose a subscription more appropriate for departmental use.
Using objective, third party usage data generated by ResearchMonitor, the director was able to rightsize one legal research subscription and eliminate another, saving an additional $75,000.
The firm has also benefitted from using ResearchMonitor in other impactful ways, including:
Increased efficiency ⌛
Thanks to ResearchMonitor’s Password Management & Access Control module, the knowledge management & information services team no longer has to spend time helping the firm’s attorneys and other staff around the globe with passwords.
Users have seamless, password-free access to subscriptions while the knowledge management & information resources team has an easy-to-use web-based password management application.
Reduced Risk 📉
ResearchMonitor’s Password Management & Access Control module prevents usage that could breach license terms, such as password sharing. It also prevents attorneys and other staff from accessing subscriptions after they’ve left the firm.
Cost recovery 💰
Because ResearchMonitor’s Client Validation & Cost Recovery module is integrated with the law firm’s time tracking and billing systems, research is tagged to a client matter number, facilitating charge backs.
Detailed reports are automatically pushed out each month to practice leaders, client service teams, and others.
Concluded the director of knowledge management & information resources:
“Having ResearchMonitor has taken all guesswork out of determining what resources are delivering the best return on investment and what types of contracts are needed on a subscription-by-subscription basis.
We now have complete transparency into usage that we didn’t have previously. On top of that, the password management and access control features have been a game changer for my team, freeing us up to work on high value projects for the firm, and if questions arise, TRG Screen has really good global support.
I highly recommend TRG Screen and ResearchMonitor to other companies.”
How it Works 👇
Once configured by the firm’s director of knowledge management & information resources, the team uses ResearchMonitor’s interactive, dynamic dashboard to analyze usage patterns and trends quickly and easily.
They can drill down into detailed usage reports as well as save links to usage views or print to PDF. ResearchMonitor has more than 50 point & click reports to choose from, and custom reports can also be created.
The team creates and schedules reports to be delivered periodically to senior management in order to follow trends and usage. Prior to each subscription contract renewal, staff view detailed usage reports to determine if they have the right contract based on usage and value or if they should negotiate, rightsize, or cut a subscription.
As the firm adds new subscriptions, they are easily integrated by the team into the ResearchMonitor platform so usage can be tracked and analyzed.