HOUSTON, Oct. 27, 2020 /PRNewswire/ – Today, ThoughtTrace, Inc., the leader in contract and document analytics for asset intensive industries since 2017, announced the official release of their new Document Understanding platform. The new platform combines self-organizing document management with contract analytics and powerful contextual search to discover critical contract data in seconds, condensing weeks of work down to minutes.
“ThoughtTrace was built to be fundamentally different from both traditional document management and ‘train your own A.I.’ style contract analytics,” said Nick Vandivere, Chief Executive Officer at ThoughtTrace. “With the new platform we are able to completely disrupt traditional approaches to document review that rely on very structured document organization and workflow, and replace that with the ability for the software to actually understand the meaning of the documents being managed. Rather than rigid processes where several different people need to review a document to understand what it says, just ask ThoughtTrace the appropriate question, and it will surface the appropriate results – even for industry specific language, and across thousands to millions of documents.”
Users of the platform derive an understanding of what their documents say in a much faster, intelligent, and seamless way. They can leverage this ability to ask deeper questions, and make difficult decisions and judgements exceptionally less complex by expanding the boundaries of the information available to them.
Harnessing this power brings businesses unprecedented insights and countless benefits:
- Immediate Value – ThoughtTrace is the only A.I.-Powered Document Understanding solution that works on day one. The new platform is an out-of-the-box, industry-specific solution that does not need to be tailored or customized. The A.I. and Machine Learning models are tailored to the industry and contracts of focus, and trained and maintained by ThoughtTrace subject-matter-experts so your teams can focus on what they do best.
- Efficiency/Time Saving – The platform can distill a year’s worth of traditional contract review labor down to days, accurately and efficiently.
- Accuracy – ThoughtTrace’s proprietary use of Community AI Models and highly tuned internal tools and capabilities enables the delivery of more accurate models in a fraction of the time and cost of in-house trained solutions.
- Enterprise Search – Precision search is a fundamental component of the platform, and ThoughtTrace allows users to search in a simple and intuitive way no matter how advanced the query.
- Integration – ThoughtTrace is an all-in-one contract analytics and self-organizing document management solution, with simple-to-deploy integration capabilities and an extensible and well-documented API. Businesses can customize their ThoughtTrace implementation to automate critical business processes across their ecosystem of other software applications.
- Ease of Use – The platform is built to scale regardless of the size of your content management needs and is capable of processing thousands of documents in just hours. With just three clicks, ThoughtTrace analyzes your entire document population, classifying, organizing, and extracting the information you need, making data accessible that was essentially inaccessible before.
- Cost Saving – The new platform holds the power to save companies millions in legal fees, hidden obligations, and unknown opportunities. Working smarter saves hundreds-of-thousands in labor costs.
- Risk Mitigation – Unparalleled access and transparency gives teams accurate insights to specific documents that contain costly risks.
- New Information: The creation of new information informs better decision making going forward, ultimately guiding how the company is going to make the most of their time, resources, and assets.
“After three years of helping companies save millions of dollars, achieve award-winning digital transformation success, and revolutionize how they work with contracts, we are thrilled to offer the new platform to those who are ready to transform their documents into strategic assets,” said Kurt Kemmerly, Chief Customer Officer, ThoughtTrace.
ThoughtTrace, Inc. creates the only industry-specific Document Understanding Platform that delivers value on day one with minimal training and setup. Leveraging AI/ML as a complement to human expertise, the ThoughtTrace platform identifies critical obligations and information in contracts exponentially faster and with greater accuracy than traditional methods. ThoughtTrace enables people and companies to amplify their productivity, reduces costs exponentially, and turn their documents into a strategic, competitive advantage. ThoughtTrace is backed by a syndicate of investors: Altira Group, McRock Capital, and Chevron Technology Ventures. www.thoughttrace.com.