Originally Published in Oil & Gas Journal
ThoughtTrace is a Document Understanding & Contract Analytics platform that uses pre-trained artificial intelligence (AI) to help companies read, interpret, and act on powerful insights across a wide range of business documents. The ThoughtTrace platform transforms huge reading problems that take weeks or months to tackle into manageable work that can be accomplished in hours and minutes. Generating answers from unstructured data was a manual and complex challenge for Chevron. Today, by leveraging ThoughtTrace, Chevron has captured opportunity cost in having answers “today”.
The Chevron team partnered with ThoughtTrace to improve their day-to-day work processes and collaboration needs by gaining next-level transparency into governing documents such as oil and gas analytics, operating agreements, pipeline easements, JV agreements, and more. By using ThoughtTrace’s automatic document processing and categorization capabilities, Chevron was able to move 15 MM files from their legacy Enterprise Content Management system to the new platform with unprecedented efficiency. In a matter of weeks, Chevron realized time-to-value with faster information retrieval and document review, empowering both tactical users and strategic decision makers to drive better decision-making by utilizing valuable information that was extremely difficult to uncover prior to ThoughtTrace.
Chevron has continued to expand their usage of the platform for deep, context-specific search and workflow automation. ThoughtTrace’s pre-trained, use-case specific AI models helped the team achieve immense productivity gains in day-to-day operations by turning their documents into intelligent assets and empowering their employees to make use of the new information available to them. In doing so, the team is positioned to identify new economic opportunities, and make more informed decisions with accurate and accessible data.
Document-related business use cases play an important role that can make or break a business. ThoughtTrace’s intelligent document management and contextual search capabilities allow users to discover critical facts in seconds, and advance from disorganized ‘digital filing cabinets’ to a flexible and accessible experience. This unique capability can save time, money, and mitigate risk for any sized organization across diverse teams from land to legal, procurement, finance, operations and beyond.
