What is ThoughtRiver?
ThoughtRiver delivers a sophisticated Legal AI platform designed to transform how organizations manage and process third-party contracts. It automates crucial yet time-consuming review tasks, enabling legal and business teams to finalize agreements with significantly reduced turnaround times. By streamlining the entire contract lifecycle, from initial review and detailed editing to final approval, ThoughtRiver empowers organizations to capitalize on business opportunities more rapidly and efficiently. The platform boasts an impressive average review time of just 8 minutes per contract.
Focused on delivering high precision, ThoughtRiver's AI is rigorously tested multiple times a week against a vast dataset and its knowledge base receives daily updates from in-house legal experts, achieving a 97% accuracy rate. The platform integrates seamlessly into existing workflows, including common tools like email, Microsoft Word, and Microsoft Teams, ensuring minimal disruption. Users can also develop custom AI playbooks tailored to identify specific clauses, obligations, or risk factors pertinent to their unique business requirements, thereby enhancing the relevance and effectiveness of the automated contract analysis. Organizations can typically get started with the platform in under 24 hours.
Features
- High Accuracy: Achieves 97% accuracy, tested 3 times a week against 750,000 data points with daily knowledge base updates by in-house lawyers.
- Existing Workflow Integration: Works within your email inbox, Microsoft Word, or Microsoft Teams.
- Custom AI Playbooks: Build your own playbooks to identify specific clauses, obligations, or risk factors unique to your business.
- Digital Issue Lists: Enhance flagged risks with custom notes and tasks into a to-do list for each negotiation.
- Built-in Contract Intelligence: A searchable contract database that you can easily mine for insights and opportunities.
- Automated Mark-up: Redline and edit with one-click comments and clause suggestions from template contracts.
- Contract Management Dashboard: Consolidates all deals into one screen, giving you full control of the process.
- Rapid Onboarding: Get started with the platform in less than 24 hours.
Use Cases
- Automate routine contract review tasks to reduce time to signature.
- Streamline third-party contract review, editing, and approval processes.
- Accelerate contract deal velocity for faster business opportunities.
- Generate contract health reporting for improved oversight.
- Assist in contract negotiation with AI-driven insights and automated mark-ups.
- Conduct comprehensive contract portfolio analysis to identify risks and opportunities.
- Perform accurate contract risk assessments using AI.
- Enable contract self-service for business users to manage agreements efficiently.
FAQs
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How accurate is ThoughtRiver's AI?
ThoughtRiver achieves 97% accuracy in contract review. The platform is rigorously tested three times a week against 750,000 data points, and its knowledge base is updated daily by in-house lawyers. They are a Legal AI vendor that publicly shares their accuracy statistics. -
Can ThoughtRiver integrate with my existing tools?
Yes, ThoughtRiver integrates with your existing workflow, including email inboxes, Microsoft Word, and Microsoft Teams, working where you work. -
Can I customize the AI review process for my specific needs?
Yes, ThoughtRiver allows you to build your own custom AI playbooks to identify specific clauses, obligations, or risk factors unique to your business. -
How quickly can I start using ThoughtRiver?
Organizations can typically get started with ThoughtRiver in less than 24 hours. -
What is the average time ThoughtRiver takes to review a contract?
ThoughtRiver can review complex agreements in an average time of 8 minutes.
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