It’s no surprise that the World Economic Forum annual meeting in Davos attracts its fair share of star power – from Prince William, to Bono, to Matt Damon, celebrities and public figures show up in full force, leaving everyone talking about who the biggest names in attendance were.
But one thing nearly everyone talked about was artificial intelligence (AI) – the real superstar of Davos 2019. While some industries and markets are slow to adapt – or are still grappling with understanding what this technology really is – AI is an inescapable theme, from plenty of the WEF speaking sessions to casual conversations up and down the Promenade.
While AI has been a topic at Davos for years now, it’s clear that it’s becoming a bigger and real part of professionals’ reality. At last, we’re seeing this transformative technology beginning to unlock its true potential, and we’re also seeing ways it can help address some of the biggest problems of society.
At Thomson Reuters we have moved rapidly to develop and implement AI into our own products, combining the technology with our data and domain expertise has been vastly important. To be successful and unlock the total potential of AI, you need to get the right mix. Once we achieved that, we accelerated rapidly, and it shows in several of our products. A prime example of this is Westlaw Edge, a new version of our flagship legal product. Using AI technology with our proprietary attorney-authored analysis of the law, it not only saves research time for attorneys but also provides more accurate search results and insightful analytics.
Thomson Reuters is focused on unlocking AI’s full potential for all of the industries we serve, so our customers will see the benefits from these investments in our tax and accounting products as well. Recently, we also formed a partnership with Inflo for our Enterprise Cloud Audit Suite. This will help us provide auditors with up-to-date technology in the field and lay the foundation for the future of audit.
On the news front, Reuters Tracer provides a great example of AI application, combining algorithms that merge artificial intelligence with the human intelligence of Reuters journalists, then independently verify the information through their own channels and reporting.
At Thomson Reuters, we see first-hand how AI enables better decision making, allowing professionals to do more and make the right decisions. It’s augmenting our own work, and of course our customers’ work – so, after years of talk of emerging technology at such high-profile forums like WEF, it’s exciting to see these developments come to fruition, truly redefining the way we work.