TORONTO - Thomson Reuters (TSX/NYSE: NYSE:TRI), a leader in global content and technology, today introduced its next-generation artificial intelligence assistant, CoCounsel 2.0, designed to enhance productivity for professionals across various industries.
The new professional-grade GenAI assistant is set to deliver answers three times quicker than its predecessor, with improvements in intuitive operation and the delivery of nuanced results.
CoCounsel 2.0 integrates the capabilities of leading language learning models (LLMs) from OpenAI, Google (NASDAQ:GOOGL), and Thomson Reuters' own content and legal technology.
It is engineered to function as an additional team member, adept at managing complex, multi-step tasks and sifting through extensive databases to pinpoint critical information.
This AI assistant is anticipated to save professionals up to 12 hours per week within the next five years, according to the Thomson Reuters Future of Professionals report.
David Wong, chief product officer for Thomson Reuters, emphasized the company's commitment to maximizing the value of generational technology for its customers. CoCounsel 2.0 is accessible through Thomson Reuters products, such as Westlaw Precision and Practical Law, as well as within Microsoft (NASDAQ:MSFT) 365 applications.
The AI assistant will also be integrated with data storage solutions like iManage, NetDocuments, and SharePoint, enabling direct access to customer documents. Additionally, it will offer a High Throughput Beta feature for automating the review of vast quantities of documents with precision.
Legal professionals stand to benefit from CoCounsel 2.0's enhanced capabilities, including the Claims Explorer for simplified claims research and CoCounsel Drafting for accelerated document preparation. Adam Kerr, managing partner at Primas Law, praised the solution for its comprehensive capabilities and potential to improve client services.
The new version of CoCounsel is powered by a suite of LLMs, including the addition of Google Gemini 1.5 Pro, which provides a longer context window for analyzing complex patterns in legal documents. This multi-model approach aims to ensure optimal accuracy and user experience.
Built on the Thomson Reuters Generative AI Platform, CoCounsel 2.0 is part of the company's shift towards becoming a content-driven technology company.
With over 1,000 data scientists and AI experts, Thomson Reuters is committed to continuous product updates, ensuring clients have access to the latest technology for solving challenges and delivering value.
This information is based on a press release statement from Thomson Reuters.
InvestingPro Insights
Thomson Reuters (TSX/NYSE: TRI) continues to innovate with its CoCounsel 2.0, leveraging its expertise in content and technology to meet the evolving needs of professionals. The company's strong commitment to research and development is reflected in its financial health and market performance. According to recent data from InvestingPro, Thomson Reuters boasts a robust market capitalization of $72.62 billion, underscoring its significant presence in the industry.
An InvestingPro Tip highlights that Thomson Reuters has raised its dividend for four consecutive years, signaling a stable financial position and a commitment to returning value to shareholders. Moreover, the company has maintained dividend payments for an impressive 36 consecutive years, demonstrating a long-standing policy of shareholder rewards. For those interested in the company's investment potential, additional InvestingPro Tips are available, providing deeper insights into Thomson Reuters' performance and outlook.
InvestingPro Data also reveals that Thomson Reuters is trading at a high earnings multiple, with a P/E ratio of 30.91 and an adjusted P/E ratio for the last twelve months as of Q2 2024 standing at 31.38. This indicates that investors are willing to pay a premium for the company's shares, possibly due to expectations of future earnings growth or the company's strong market position. Additionally, the company's revenue growth for the last twelve months as of Q2 2024 is reported at 4.61%, reflecting a steady increase in its business operations.
For those seeking more detailed analysis or additional tips on Thomson Reuters, InvestingPro offers a comprehensive suite of tools and insights at https://www.investing.com/pro/TRI, including a total of 17 InvestingPro Tips that can further inform investment decisions.
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