Thomson Reuters Document Intelligence
A Thomson Reuters Document Intelligence is an AI-powered Legal Technology Platform designed to streamline and enhance document and contract analysis.
- AKA: Document Intelligence, ThoughtTrace.
- Context:
- Website: https://legal.thomsonreuters.com/en/products/document-intelligence
- It was formerly ThoughtTrace.
- Functionality:
- It can identify and classify contract types and clauses, and extract critical information from legal documents.
- It is designed to support legal professionals by expediting the review process, improving the accuracy of document analysis, and facilitating quicker decision-making.
- It integrates with Microsoft Word as an add-in, creating a seamless user experience for drafting and reviewing contracts directly within the familiar interface.
- It leverages supervised and unsupervised learning techniques to ensure high-quality data processing and model performance.
- Applications:
- It is particularly useful in Mergers and Acquisitions (M&A) due diligence, where it helps automate the process, reducing the time and effort required to analyze document.
- It is continually updated and improved by legal experts who provide domain-specific insights to enhance AI training and validation processes.
- It includes features like a human-in-the-loop approach, where subject matter experts validate AI outputs to maintain high trust and accuracy in the model's performance.
- Example(s):
- Contract Analysis: A legal firm uses Thomson Reuters Document Intelligence to quickly review and analyze large volumes of contracts during an M&A transaction. The AI identifies key clauses and potential risks, which helps the legal team to focus on strategic decisions rather than manual document review.
- Automated Due Diligence: During a corporate merger, the platform is used to automate due diligence processes, significantly reducing the time required to compile and review relevant documents, and ensuring no critical information is overlooked.
- ...
- Counter-Example(s):
- See: Thomson Reuters, AI-Supported Contract Review, AI Document Processing, Intelligent Data Capture, Natural Language Processing (NLP), Legal Technology, Contract Review, Machine Learning, AI in Legal Tech.
References
2024
- (ChatGPT-OpenAI, 2024) ⇒ Prompt: Summarize the concept Thomas Reuters Document Intelligence in 1- 2 paragraphs. ChatGPT (model:gpt-4o). Retrieved: 2024-06-03.
- QUOTE: Thomson Reuters Document Intelligence is an advanced digital solution designed to leverage artificial intelligence and machine learning for the automated analysis and processing of legal and business documents. This technology aims to enhance efficiency, accuracy, and productivity by extracting relevant information, identifying key clauses, performing complex data extractions, and offering insights from vast amounts of unstructured data. This tool is particularly beneficial for legal professionals, financial analysts, and compliance officers who deal with extensive documentation, as it helps streamline workflows, reduces the risk of human error, and accelerates decision-making processes.
By employing natural language processing (NLP) and advanced data analytics, Thomson Reuters Document Intelligence can swiftly interpret and categorize documents, making it easier to manage large volumes of data and uncover actionable insights. The platform is also integrated with other Thomson Reuters tools, providing a seamless user experience and creating a comprehensive ecosystem for document management and intelligence. This integration ensures that professionals can access and analyze documents more effectively, facilitating better compliance, risk management, and strategic planning.
- QUOTE: Thomson Reuters Document Intelligence is an advanced digital solution designed to leverage artificial intelligence and machine learning for the automated analysis and processing of legal and business documents. This technology aims to enhance efficiency, accuracy, and productivity by extracting relevant information, identifying key clauses, performing complex data extractions, and offering insights from vast amounts of unstructured data. This tool is particularly beneficial for legal professionals, financial analysts, and compliance officers who deal with extensive documentation, as it helps streamline workflows, reduces the risk of human error, and accelerates decision-making processes.
2023
- (Thomas Reuters, 2023) ⇒ https://www.thomsonreuters.com/en/press-releases/2023/april/thomson-reuters-document-intelligence-automates-ma-due-diligence-process-for-legal-professionals.html
- QUOTE: (...) Evolving artificial intelligence to automate processes and strengthen operational efficiencies is more important than ever in the legal space. Amid economic uncertainty, law firms and legal departments have never been more focused on operating efficiently and making the most of advanced technologies and legal data to control costs and improve productivity.
“Using AI-powered Document Intelligence, customers have accelerated information retrieval and review by more than 50%,” said Kriti Sharma, chief product officer, Legal Tech, Thomson Reuters. “Automating the review processes and the contracts that need attention saves hundreds of hours of manual review, improves accuracy, helps lawyers identify new opportunities and closes M&A deals faster.”
- QUOTE: (...) Evolving artificial intelligence to automate processes and strengthen operational efficiencies is more important than ever in the legal space. Amid economic uncertainty, law firms and legal departments have never been more focused on operating efficiently and making the most of advanced technologies and legal data to control costs and improve productivity.