Demos of collectionHQ and ESP
August 20, 2019 | 9:30-10:30 AM
We have an upcoming demo for a product available for all IHLS members. Please join Baker & Taylor's Brendan Pearce for an overview of collectionHQ and ESP.
collectionHQ is the world’s leading collection performance improvement solution which is being used by Libraries across the globe. By extracting evidence from the ILS, cHQ helps a library to make more informed decisions around how they select items and manage/promote their existing collection. The solution is proven to deliver significant savings, efficiencies and performance improvements by helping Libraries to: - build evidence based spending plans (to maximize $$), align/right size the collection with Patron demand (improving the quality and relevance of each collection), strategically weed the collection of dead/grubby item, help to identify dead items and get these circulating (to generate a return on the investment made in these items), access to a dashboard to evaluate performance improvements.
ESP (Evidence-Based Selection Planning) is a predictive analytics solution that offers an insight into the likely performance of an item before a library actually purchases it. This is achieved by combining the power of collectionHQ data analytics with B&T’s collection enhancement services (this is a number of data points). A complex algorithm (which uses machine learning – the same as Apple, Amazon and Netflix) will analyze this data and provide a cart ranking (in TS360) which will predict the likely performance of an item in the library over the next 12 months. This gives selectors a powerful insight into the likely performance of an item before precious collection $$ are invested. The prediction for each item is delivered through the 0-10 ranking result (based on the data points and collectionHQ trend data analytics that the algorithms will interrogate).
ESP also offers a distribution feature that will help you to understand how many copies of an item to buy to meet Patron demand (ESP will interrogate a library’s collectionHQ data to understand demand) and help them make decisions on how many to send to each location (again, ESP will interrogate a library’s collectionHQ data to understand demand at each location – different distribution models can be applied). Please note, there are different subscription levels for different-sized libraries, e.g. a library with one location won’t require the distribution feature outlined above so can opt for ranking only.
An interesting ‘hot’ topic at present is around something Baker and Taylor calls DOA (Dead on Arrival). For our US customers, we analyzed their collectionHQ data and looked at book material purchased over a 12-month window to see how these had performed. After averaging these figures out, the figures show that on average 20% of total items added to the collection during that period circulated less than two times. At around $15 per item, this can be a substantial amount that is invested in items that circulate poorly. cHQ can help libraries to identify DOA items in their collection and get these circulating, while ESP can help with future buying and the selection of items which are predicted to circulate well. The combined power of collectionHQ and ESP is immense!
This event is sponsored by