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ThoughtTrace – A Modern Solution Part 1

Jun 1, 2020 Best Practices Contract Analytics Digital Transformation Document Intelligence

Part One:  Change Process to Change Output

When children first learn to read, they start by recognizing the shapes of letters, connecting them with sound, and then meaning. Shortly after, they learn to look at an entire word, recognize its general shape, and associate it with meaning. This helps to increase our reading speed, as we no longer need to look at each letter to understand a word. Reading word-by-word increases our efficiency and makes the old way of reading nearly impossible to bear.

Beyond whole word recognition, some of us go on to become speed readers looking at blocks of words rather than individual words to create meaning. This change is an extremely complex version of the logical step that was taken moving from decoding letters in words to recognizing whole words. With this jump in complexity comes a massive increase in speed. For reference, a normal reading pace is around 200 – 250 words per minute, while a speed reader often reaches 1000 – 2000 words per minute.

This progression of normal reading to speed reading is a great analogy for how implementing ThoughtTrace changes a workflow. Rather than reading more words per minute, ThoughtTrace users cut out the reading entirely! The implementation of ThoughtTrace provides businesses the opportunity to go from analyzing documents in months or years to completed reports and decisions made in hours or days.

As with speed reading, you must change your processes to have changed output. Like a speed reader eliminating the focus on individual words for the sake of blocks of words, an analyst stops focusing on reading individual documents one at the time and starts looking for larger patterns of language surfaced by ThoughtTrace. Implementing ThoughtTrace with this paradigm shift in mind allows users to reach the full potential of the application.

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As shown here, ThoughtTrace makes it possible to start looking at larger portions of documents at the same time and quickly recognize patterns. This reduces dependence on lease-by-lease centric workflows that often require outside help. ThoughtTrace instead allows individuals and small teams within your company to uncover the same, if not more, actionable data in less time.

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Ready for speed reading superpowers with your contracts? Check out this webinar: The Path to Contract Intelligence.

Also, stay tuned for Part Two of this blog coming soon! In Part Two, we will discuss, in-depth, how your team can do months of work in hours by leveraging ThoughtTrace.