What a year has it been for Mondaq! From the ground up redevelopment of the Mondaq website to driving innovation by collaboration with academia (and even winning awards for it!). Lots to celebrate and lots to still look forwards to.
Accelerating Innovation with Academic Partnerships
Here at Mondaq, we are always on the lookout for new and innovative ways to provide both our users and clients with the best service we can. Our constant ambition to pursue excellence in what we do has naturally led us to investigate the potential of something that many now have their eyes on - Artificial Intelligence (AI).
Pursuing a path of innovation with AI can be tricky, so looking to find ways to collaborate with the leading experts in the area might be the best way to start. An Innovate UK programme called Knowledge Transfer Partnership (KTP) has been helping businesses to improve their competitiveness and productivity through the better use of knowledge, technology and skills that reside within the UK Knowledge Base.
"The Knowledge Transfer Partnership (KTP) scheme helps businesses in the UK to innovate and grow. It does this by linking them with an academic or research organisation and a graduate. A KTP enables a business to bring in new skills and the latest academic thinking to deliver a specific, strategic innovation project through a knowledge-based partnership."
Mondaq saw KTP as an amazing growth opportunity and thus decided to pursue a partnership with the University of Essex and the Institute of Data Analytics and Data Science (IADS), where the results were just astounding.
Andrew Partridge, co-founder and director at Mondaq, said: "The KTP concept was a perfect fit for a company like us. The outcome has been fantastic. The website has grown 146% over the period and our revenue growth has accelerated. Most importantly it has worked culturally, it has changed the way Mondaq is. All of that makes Mondaq a better proposition to shareholders, investors and customers."
The KTP project has focused on figuring out ways to use Artificial Intelligence - more specifically Machine Learning (ML) and Natural Language Processing (NLP) - to help boost user engagement on the Mondaq website. Research efforts have led us to realise that content relevancy is the number one driver in increasing user engagement (and author exposure!), thus our efforts were put into building our own recommender system that would help us put the right content in front of the right user.
The success of this project has reinforced our belief that Artificial Intelligence is a powerful tool that has a broad spectrum of possible applications. It has become an integral part in driving innovation at Mondaq, allowing us to ask questions that might not be so easy to get answers to otherwise. We now spend a sufficient amount of time in finding answers to questions like:
- Where do we lack content?
- Are we providing users with the content they are looking for?
- How can we analyse our ever-growing collection of articles and video content together with over 25 years'; worth of user engagement on mondaq.com to gain a better understanding of what users are looking for and what content we should be sourcing for them?
- How can we make sure that our clients get the maximum possible exposure on mondaq.com in front of the users that matter to them?
Artificial Intelligence has given us the freedom to explore questions we haven';t thought to explore before (and the right methodologies to get the answers to them!). We are very excited to see what the future holds and where this freedom will take us in helping us to bring Mondaq services to their highest potential.