Thomson Reuters is undergoing a massive digital transformation, including reengineering the taxonomy to enable customers to access all the Thomson Reuters’ offerings.
The digital team at Thomson Reuters decided first to acquire a deep understanding of the products, customers, future of the business, and the everyday user experience. After gaining a rich understanding, they would begin the reengineering of the taxonomy. Therefore, the team initiated a three-step research process. First, the digital team met the business and marketing experts in Thomson Reuters. Next, they reviewed the current content landscape and followed it up with working with the analytics team.
The meeting with business and marketing leaders helped the digital team to understand the products, the current digital experience, and what the leaders expected from the digital team in the future. Reviewing the current content landscape led to the discovery, there was no taxonomy management system and had multiple master data and pricing systems. Subsequently, working with the analytics and research teams helped the digital team gain insights into the current state regarding what was working for customers and what was not.
Consequently, the digital team devised a strategy to address the opportunities for improvement based on understanding the current state. The strategy included creating a polyhierarchical classification structure with the organizing principle of a product-specific taxonomy. This approach aligned with how customers were searching for Thomson Reuters’ products. Additionally, the taxonomy would allow for cross-listing items to all the categories in which they fit.
Overall, the new taxonomy includes more than 10,000 products classified into 50 categories and 721 subcategories. In addition, the taxonomy would absorb growth as Thomson Reuters expands its global footprint- a significant shift from the prior taxonomy, which offered fewer meaningful filter options for the customers.
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