LexisNexis Accelerates Business Research with GenAI

LexisNexis has introduced Nexis+ AI, a generative AI solution designed to save time for customers conducting research. Leveraging large language models (LLMs), Nexis+ AI surfaces valuable insights from vast data repositories. Since its inception in 1970, LexisNexis has been a trusted information source for corporations, law firms, and other entities, providing curated information from over 20,000 licensed sources.

The traditional search engine remains a primary tool for interacting with LexisNexis' data. However, the sheer volume of information can be overwhelming. Nexis+ AI addresses this by using LLMs to accelerate research and report-writing tasks. According to Dani McCormick, VP of Product for Global Nexis Solutions, the goal is to manage the vast amounts of data efficiently.

Journalists and corporate researchers often spend hours sifting through data to complete research projects. Nexis+ AI aims to reduce this time by providing accurate and thorough answers, essential for industries like investigative journalism. The AI tool enhances productivity by automating tasks such as reading, note-taking, and summarizing.

Nexis+ AI begins with a standard search but quickly showcases its capabilities as users delve into various sources. The AI assistant helps in analyzing documents, conducting research, and providing summarized insights backed by authoritative citations. This makes it a valuable tool for legal professionals and corporate researchers alike.

The AI Breakthrough Awards recognized LexisNexis as the Best Overall AI Company in 2024, highlighting its pioneering work in AI and machine learning. The company's AI capabilities empower better decision-making by extracting insights from massive data sets. Sean Fitzpatrick, CEO of LexisNexis North America, UK, and Ireland, emphasized the role of AI in enhancing professional productivity.

Lexis+ AI, launched in October 2023, has rapidly gained adoption among law firms, corporate legal departments, and government agencies. The tool leverages LLMs and multimodal learning to understand complex queries and provide accurate insights. This has transformed how legal professionals work, making research and analysis more efficient.

The platform's development involved extensive customer feedback, ensuring it meets the evolving needs of modern businesses. Nexis+ AI's powerful research, intelligence, and document summarization features help users find accurate information effortlessly, gaining a competitive advantage. The tool's ability to provide contextually relevant answers minimizes the risk of AI hallucinations.

LexisNexis' long-standing relationships with publishers allow for the use of licensed content, ensuring fair compensation and intellectual property protection. This approach sets Nexis+ AI apart in the AI landscape, addressing copyright concerns and providing reliable information. The platform's development involved over 700 hours of customer interviews, ensuring it meets user needs.

Nexis+ AI's transparent GenAI capabilities provide trustworthy content sources and powerful summarization, enabling organizations to make informed decisions. The tool's retrieval augmented generation (RAG) enhances the accuracy of its AI models, drawing from thousands of trusted sources. This makes it a reliable tool for high-stakes business environments.

In conclusion, Nexis+ AI represents a significant milestone in LexisNexis' mission to provide tools that accelerate company research and facilitate informed decision-making. The platform's ability to handle vast amounts of data efficiently makes it a valuable asset for businesses across industries. For more insights on AI and its applications, read more blogs from our website.

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