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Value-Driven Approach to eJournal Acquisition: Strategy and ROI Insights

This document outlines a value-driven approach towards eJournal acquisition, emphasizing the necessity of aligning corporate strategy with functional priorities to effectively manage costs and enhance return on investment (ROI). Key elements include demonstrating ROI by linking eJournal expenditure to tangible outcomes, fostering effective partnerships with publishers, and implementing innovative acquisition models that meet user demands amidst budget pressures. By rebalancing eJournal portfolios to meet strategic objectives, organizations can better support research and development efforts while managing costs efficiently.

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Value-Driven Approach to eJournal Acquisition: Strategy and ROI Insights

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  1. A Value Driven Approach to eJournal Acquisition by Armand Brevig Global Category Leader, Scientific & Business Information armand.brevig@astrazeneca.com

  2. Strategy Return on Investment Cost Management Internal AZ Drivers for eJournal Spend Lower Spend Higher Spend Need to boost pipeline User demands M&A and alliances Lack of compelling business case Complexity in making demand decisions Budget pressures Library/IT dept. mergers

  3. Alignment to Corporate Strategy Corporate Strategy drives Functional Strategy Functional Strategies drive Information Centre priorities Information Centre priorities drives Information Content Acquisition

  4. Example Corporate: “…growth that will place AstraZeneca among the best in the industry” R&D: “Deliver a portfolio of differentiated medicines that meet patient needs..” Increased focus on diabetes research Possible rebalancing of eJournal portfolio

  5. Alignment to Corporate Strategy Global Company = Global eJournal Deals

  6. eJournal Models that Work Well • Rebalancing without adverse cost implications • Realistic value expectations when converting local print to global “e” • Scientist population • Geographic distribution of scientists • Research Areas • Permission to forward electronic journal articles for Medical Information Purposes

  7. Return on Investment • Must demonstrate that extra eJournal spend helps us get from A to Z: • Faster • With fewer incidents of failure • At reduced total cost A Z

  8. Return on Investment Without a strong business case the value of eJournals will not be visible to management Publishers can help articulate the business case

  9. Return on Investment • Key Components of a Business Case • Alignment with strategic business objectives • Payback profile / NPV • Benefits • Risk Assessment • Total Costs • Acquisition • Resources • On-going support

  10. eJournal Models that Work Well • Backfile deals with positive NPV over 3 years • Any other model that can show positive NPV Benefit 1 Benefit 2 Benefit 3 yr2 yr3 yr1 PV(yr1+yr2+yr3) >= Purchase cost Purchase cost

  11. Cost Management The New World: • Flat content budgets • Library / IT Department mergers • “Entitlement culture” not accepted outside library • Continued cost management by cancelling print and low use journals

  12. Cost Management Why keeping costs low benefits publishers EXAMPLE: 600 end-user requests for articles in one journal not subscribed to by AZ in 2006 Only 120 requests for ad hoc document delivery generated for same journal in 2006 Conclusion: 80% of usage “lost” if journals are too expensive to licence  negatively affects impact factor

  13. eJournal Models that Work Well • Reduced price increase in exchange for multi year deal. • No tie-in based on previous year spend. • Seamless transition between pay per view and subscriptions at pre-defined thresholds

  14. Conclusion • Mutual benefit from jointly developing compelling business cases • Cost and value are now more important than ever. • Develop new eJournal models to add more value • Publishers capable and willing to work WITH corporates in this new environment will win long-term.

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