ThoughtTrace Launches AI Document Comprehension and Management Combo
November 5, 2020
Great idea—Will it work? “ThoughtTrace Unveils the First All-in-One A.I. Document Understanding and Management Platform,” we learn at PR Newswire. The press release explains:
“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.’”
The “appropriate question,” he says. That may be the sticking point for many users. If one can find the magic wording, ThoughtTrace promises to greatly simplify the process of making difficult decisions. We’re told the platform runs on machine learning models tailored to each industry, so no tweaking is required to get started. It can, however, be customized to automate business processes that involve other applications. ThoughtTrace was founded in 1999 and is based in Houston, Texas.
Cynthia Murrell, November 5, 2020
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