BUILDING DATA SCIENCE AT THOMSON REUTERS – MONA VERNON

Who is Thomson Reuters?

Tax & Accounting

Financial & Risk

Integrated tax compliance and

accounting information, software

& services for professionals in

accounting firms, corporations,

law firms and government.

Intellectual Property

& Science

Legal

Comprehensive IP & scientific

information, decision support

tools & services to enable

governments, academia, publishers,

corporations & law firms.

Critical information, decision

support tools, software &

services to legal, investigation,

business and government

professionals.

Critical news, information &

analytics, enables transactions,

and connects trading, investing,

financial and corporate

professionals.

Key products include: Eikon, Thomson One, Reuters

3000 Xtra, Datastream, FXall

Key products include: WestlawNext, FindLaw, Firm

Central, Concourse, CLEAR

Key products include: OneSource, Checkpoint, CS

Professional Suite, Government Revenue Management

Key products include: Web of Knowledge, Cortellis,

ScholarOne, Thomson IP Manager, Mark Monitor

The Data Innovation Lab

• Small group (~10 people) focused on data

innovation, led by Mona Vernon

• Partner with customers, third parties, and internal

BU-led teams on new data-driven innovations such

as revealing new relationships and data mining for

new patterns, and deliver data visualization

prototypes

• Leverage the investments made in the big

data store, metadata, and open

and social data

• Experiment with mash-ups of internal and

external data in novel ways

• Partner with Central Strategy to estimate

potential and market-size for new data

innovation opportunities

Building on the Foundation

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Spectrum of analytics arranged from most human-based to most machine-based

• Human Driven: Expert Reports

– Fundamental research and analysis

– Pricing exotic derivatives like a trader

• Quant Research: Predictive and Performance Models

– Quant and analytical models mimicking human judgment

– Sentiment engines aggregating opinions

• Data Science: Predictive and Actionable Algorithms

– Predictive Machine Learning

– Persistent Point-in-Time Historical Analytics

– Point-in-Time Entity Mapping and Alignment

• Text Analytics: Descriptive Algorithms

– Tagging meta-data and parsing

– Search algorithms

• Development: Calculation Apps

– Bond and derivatives calculators, volatility surfaces

– Optimizing on-the-fly calculations for speed

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Companies discover new data-driven solutions from their employees, customers and expert crowds using open innovation

WOK Challenge

sought ideas and

apps built on the

WOK API‟s around

data visualization of

author relationships

Legal‟s Hunt for Big

Data Challenge

sought new open

data sources that

could be added to

existing products or

used to create new

products

Open innovation allows companies to tap into the

wisdom of the crowds to solve business problems,

unlock value and find break-through innovations

Private Cloud

Challenge seeks

novel uses for the

Thomson Reuters

Cloud recently

launched this year

Thomson

Reuters

Open

Innovation

Portal Crowd

Problem

Solutions

Examples:

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Thomson Reuters Custom Splash Page

(www.wokinfo.com/challenge)

Phase 1 Challenge: Ideation / Use Cases for WOK

Launched January 24th on

InnoCentive.com, Nature.com and

PopSci

• Announced at ALA event

• 6,626 Challenge page visits

• 830 project rooms

• 177 submissions

• Challenge closed February 24th

RESULTS

• Awarded 1st , 2nd & 3rd place

finishers

• Multiple themes captured

• Customers actively involved

Phase 2 Challenge: Build an „app‟ / data visualization

Launched May 2nd on

InnoCentive.com, Nature.com and

Scientific American

• Deadline is July 25, 2013

• 426 Solvers and Teams

working on the Challenge as of

May 20th

• Credential access provided to

Web of Knowledge API

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Winning Solution – Web of Science Browser Document review with connections and relative significance displayed visually

• 1,672 Solvers from 87 Countries Participated

• 193 Submissions from 38 Countries.

Overall WOK Challenge Global Reach

Challenge-Driven Innovation Works Well For…

Accelerating past hurdles

Search for opportunities, then crowdsource the

prototype build

Diversity - find the uniquely prepared mind

Locate an answer hidden “in someone‟s pocket”

Increase clockspeed with a parallel capacity to

product development, process improvement

What Doesn‟t Make a Good Challenge

• Unsolved industry-wide problems that cannot be separated from context or

technical domain

• Ill-defined boundaries (uncertainty increases Solvers‟ perceived risk)

• Requires multi-disciplinary approach or integration

• Asymmetrical information between Seeker/Solver (pricing, patents, etc.)

Open Innovation Challenge Benefits

• Demonstrates thought leadership

• Encourages interaction/collaboration

• Discovery of novel ideas & solutions

• Builds a “problem-solving” community

• Results orientated focus, pay-for-

performance model

• Can be applied to any problem

regardless of channel

• Talent identification

• Experience

• External validation

• Good for the team/company

• Opportunity for impact

• Intellectual challenge

• Competition

• Awards & Recognition

• Talent display

Sponsors Employees

THANK YOU

@monavernon