- Additional investment of more than $100 million per year in generative AI
- Doubles down on build, buy, and partnership strategy
outlined earlier this year, including the $650 million acquisition of Casetext
- Rolls out generative AI skills in flagship
product, Westlaw Precision, available in the United States on Nov. 15
- Sets out AI upskilling for its 26,000-person global
workforce with learning and development pathways
TORONTO, Nov. 1, 2023
/PRNewswire/ -- Thomson Reuters (NYSE/TSX: TRI), a global
content and technology company, today announced updates on its
multi-year global investment strategy in generative artificial
intelligence (AI). These include integrating generative AI skills
through product development and acquisitions, leveraging strategic
partnerships, and ensuring that its global workforce is upskilled
on AI. The strategy update coincides with generative AI
enhancements to its flagship product, Westlaw Precision, that will
be available to U.S. customers on Nov. 15.
"AI will revolutionize and transform the future of work for
professionals across the globe. Thomson Reuters is at the forefront
of the AI movement, and we have demonstrated our commitment through
the annual investment of more than $100
million in AI," said Steve
Hasker, president and CEO, Thomson Reuters. "Professionals
have our unwavering commitment and support as they safely navigate
the opportunities and challenges provided by the evolving AI
landscape. This is an exciting time as the Thomson Reuters team
plans to expand, scale, and upskill at pace."
Building AI-Powered Capabilities
Following the synergistic acquisition in August 2023, Thomson Reuters is committed to
integrating Casetext with its proprietary solutions. Taking a "best
of" approach across product development, Thomson Reuters will
leverage Casetext to accelerate time to market, blend content with
workflows, and expand beyond legal research to provide meaningful
benefits to customers across its segments.
Enhancing its flagship product, Thomson Reuters is set to make a
new generative AI skill available in Westlaw Precision later this
month. Using the new skill named Westlaw Precision AI-Assisted
Research, customers will be able to ask complex questions in
conversational language and quickly receive synthesized answers.
Leveraging innovation from CoCounsel, the new skill will draw from
Thomson Reuters industry-leading, trusted content from across
statutes, cases, and regulations to quickly resolve queries that
used to take hours.
Generative AI skills in Westlaw Precision will be available to
customers in the United States on
November 15. Find more
information here.
In addition, Practical Law customers will be able to benefit
from generative AI in a new chat-type interface. Using the new
Practical Law Answers, users will be able to submit queries in
conversational language and quickly receive answers validated by
trusted content created by more than 650 legal experts.
Generative AI skills in Practical Law Dynamic Tool Set are
currently in beta and will be available to customers in
the United States in January 2024. Find more information here.
"Our entire approach to generative AI starts with our customers,
and the solutions we're announcing today bring together our
strongest assets – our leadership in AI, our trusted content, and
human expertise. Research that previously took hours can now be
delivered in minutes, removing uncertainty, and delivering accurate
outcomes, enabling our customers to focus their time where their
expertise matters most," said David
Wong, chief product officer, Thomson Reuters.
Strategic Acquisitions: Thomson Reuters continues to
build on its strategy of pursuing acquisitions to accelerate
generative AI capabilities. In August, the company completed its
acquisition of Casetext, a company that uses advanced AI and
machine learning to build technology for legal professionals.
Through the integration of CoCounsel, its key product, Thomson
Reuters will continue working to accelerate breakthroughs in
generative AI, driving greater productivity, impact, and efficiency
for legal customers.
To deliver value for tax professionals, Thomson Reuters
completed its acquisition of SurePrep earlier in the year.
SurePrep leverages AI and a consumer-grade, mobile-friendly design
to help U.S. accounting firms bolster productivity and
profitability. Integrating this acquisition also furthers the
company's efforts to offer seamless, cloud-based workflow solutions
to the professionals it serves.
Partnering for Success: As part of Thomson Reuters
Ventures, an enterprise technology venture capital fund, the
company recently invested in Neo.Tax. Integrated with ONESOURCE
Income Tax, Neo.Tax uses AI to apply tax rules and requirements to
claim research and development (R&D) expenses, avoiding a
manual process that can take companies hundreds of hours, if not
months, to complete. This is in addition to Truewind, which
leverages generative AI to automate bookkeeping and financial
modelling to empower small and mid-size businesses.
An additional collaboration includes Thomson Reuters working
with Microsoft on a contract drafting solution for Microsoft 365
Copilot for Word. The plugin will help professionals unlock the
potential of generative AI with legal content from Thomson Reuters
products, easily surfacing content within Microsoft Word for faster
initial drafting, and allowing users to use their expertise to
edit, validate, and build the final document with integrated access
to Thomson Reuters knowledge, content, and AI technology.
Intelligent Drafting is currently in beta and will be available
to customers in the United States
in the first half of 2024. Find more information here.
Upskilling Thomson Reuters Colleagues: Thomson Reuters is
highly focused on investing in programs to enable learning and
development for its 26,000 colleagues globally who use AI across
every team. Based on the company's data and AI ethics principles,
the company is delivering training and technology to increase
colleagues' understanding of AI in a safe and an effective
environment for application and learning, including AI learning
pathways with specialized options for technologists and
customer-facing sales teams. In addition, Thomson Reuters Labs
created Open Arena, an enterprise-wide large language model
(LLM) learning environment, which has helped unlock company-wide
experimentation with generative AI.
Note to editor:
Press availability with demos will
be hosted on November 14.
For more information,
contact MediaRelations@thomsonreuters.com
Contact:
Lindsay
Bomar
Senior Director, Media and Operations, Thomson Reuters
Lindsay.Bomar@ThomsonReuters.com
Thomson Reuters
Thomson Reuters (NYSE / TSX: TRI) ("TR") informs the way forward by
bringing together the trusted content and technology that people
and organizations need to make the right decisions. The company
serves professionals across legal, tax, accounting, compliance,
government, and media. Its products combine highly specialized
software and insights to empower professionals with the data,
intelligence, and solutions needed to make informed decisions, and
to help institutions in their pursuit of justice, truth, and
transparency. Reuters, part of Thomson Reuters, is a world leading
provider of trusted journalism and news. For more information,
visit tr.com.
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