This product demonstration was shared during Evolve: The Next Evolution of Oil & Gas, presented by Digital Wildcatters and FreightWaves.
RAPID-FIRE DEMO: Artificial intelligence-powered document analysis firm ThoughtTrace
DETAILS: ThoughtTrace provides an AI and machine learning-powered platform that specializes in the categorization and analysis of contracts and agreements.
SPEAKERS: Arthur Medina, vice president of digital transformation, oil and gas; and Nick Hutchens, subject-matter expert at ThoughtTrace.
BIOS: Medina coordinates ThoughtTrace’s product implementation. He previously served as a vice president at PLM, a Satori Capital Portfolio Company. Hutchens is a lawyer who has worked in multiple positions in the energy sector, most recently with Noble Energy.
KEY QUOTES FROM MEDINA:
“Our AI models read very specific language across domain-specific agreements and documents. We’ll surface those datasets and those fact patterns to allow our customers to make faster and more reliable decision-making items.”
“Once we help organize, once we help manage the documents, once we help extract that dataset you’re looking for, you’ll be able to push that data across your organization.”
“I’ve got a lot of customers come to me and say, ‘I’ve got 1,500 folders in one parent folder. I’ve got 50 PDF packets and one packet may have 80 different document types and maybe 600 pages.’ So our software will ingest that — we will consume that. We process somewhere between 4,000 and 5,000 files an hour. We will classify and separate that, and organize that for you without a human touching that.”
KEY QUOTE FROM HUTCHENS:
“At this point we’ve just searched across your document set for keywords … but we’re also pulling out contract clauses within those documents using our machine learning.”