Information and analytics firm Relx has reported using generative AI to improve its legal, health, and science products. The company predicts another year of strong growth in 2023. Relx's Chief Financial Officer, Nick Luff, has stated that the company saw growth in all four divisions: legal, risk, science, and exhibitions, with underlying profits growing faster than revenue. Luff has said that the momentum remains strong across the group, and that Relx expects underlying growth rates in revenue and adjusted operating profit to remain above historical trends.
The use of AI in Relx's products has the potential to disrupt information search and analysis, and the company is already building the technology into its products. The use of generative AI is an opportunity rather than a threat, according to Luff.
Generative AI boosts company growth
Relx has reported a 9% rise in revenue growth to £8.55 billion ($10.31 billion), a 15% increase in adjusted operating profit to £2.68 billion, and a better-than-expected 10% rise in adjusted earnings per share to 102.2 pence. These numbers have pushed Relx's shares to an all-time high of 2,551 pence.
Building trust in AI
Luff has said that the application of AI in the right content, in the right use case, and in the right workflow is crucial to building trust in AI. It is essential for professional users to trust the output and be able to use it confidently.
Optimism for AI
Relx's use of AI is a testament to the potential of the technology in boosting a company's growth. The company's growth and its use of generative AI sends a positive message about the future impact of AI. As more companies begin to use AI, it is clear that the technology can be a tool to increase efficiency, improve accuracy, and drive growth.