Over the past three decades, Thomson Reuters has relied on artificial intelligence (AI) to help its clients and employees manage vast amounts of digital documents. The company has recently released its genAI strategy to keep up with client demand for industry-specific information. This includes a $650 million acquisition of genAI tech provider Casetext and a pledge to invest $100 million annually in new genAI tools.
Thomson Reuters’s genAI solution is a cloud-based, API-driven platform that leverages the company’s content to allow employees and clients to build new AI skills with reusable components. The company also created an “AI Skills Factory,” which enables technologists to design, build, and deploy tools quickly, allowing non-techies to experiment with genAI safely.
Because of the success of its genAI platform, Thomson Reuters has been able to roll out three AI-enabled solutions for attorneys and other clients in the past three months. The company plans to continue innovating with genAI in the near future.
Frequently Asked Questions
How did genAI address the challenges Thomson Reuters was facing?
GenAI was a game changer in addressing the challenges faced by Thomson Reuters. The platform allowed the company to address customer needs at a pace previously unattainable. It enabled Thomson Reuters to innovate and deliver new products quickly, leveraging building blocks and reusable components provided by the genAI platform.
What changes did Thomson Reuters make to its AI team when genAI arrived?
Thomson Reuters added depth to its AI team with a focus on growth, training, and scalability. The existing AI team was rapidly expanded to accommodate the new genAI platform. The company emphasized the importance of training non-experts to deliver AI value to customers.
How has genAI been applied in the workplace through the acquisition of Casetext and AI-assisted research tools?
GenAI has revolutionized the way legal professionals conduct research and access relevant information. The AI-a”ssisted research memo, Westlaw Precision, and CoCouncil Core have streamlined legal research, summarizing cases and surfacing relevant, readable content, saving time and improving the quality of work for Thomson Reuters’s customers.
What use of genAI surprised you the most?
The most surprising aspect of genAI was the quality of the results achieved. The platform significantly improved the quality of results, enabling the generation of readable, understandable summaries from large language models (LLMs).
In conclusion, the integration of generative AI has transformed the way Thomson Reuters operates, allowing for rapid innovation, quick developments, and improved efficiency for its employees and customers. With the continued investment in genAI tools and ongoing commitment to harnessing the potential of AI, Thomson Reuters is set to shape the future of the legal, tax, and accounting industries.