In a recent discussion at VentureBeat’s Transform 2024 conference, Elastic CEO Ash Kulkarni and DocuSign CPO Dmitri Krakovsky shed light on the impact of generative AI on enterprise search and contract management. The adoption of AI-powered search capabilities has become increasingly important for businesses dealing with vast amounts of data and complex contractual relationships. Elastic has made significant advancements in enterprise search with the introduction of the Elasticsearch Relevance Engine (ESRE) in May 2023. This marked a transformation in their search technology strategy, combining traditional keyword-based search methods with advanced vector search capabilities. This hybrid approach allows Elastic to offer customers more sophisticated ways to retrieve relevant documents, utilizing techniques like vector search, text search using BM25, and a combination of approaches.
Kulkarni highlighted Elastic’s progress in incorporating retrieval augmented generation (RAG) into its vector database technology. By integrating these features into its database functionality, Elastic has leveraged the work done in Elasticsearch over the years to provide comprehensive capabilities to users. Enterprise RAG capabilities, such as permissions, faceted search, hybrid search, and the ability to use multiple search techniques like BM25 and vector search, are now available out of the box. Elastic’s commitment to flexibility and developer choice is evident in their approach, which focuses on giving developers a wide range of functionality and model options to choose from.
DocuSign is also embracing AI to revolutionize contract management, with Krakovsky outlining their vision of having agents help negotiate contracts. The Intelligent Agreement Management (IAM) platform aims to convert static contract data into actionable insights, addressing the challenges faced by enterprises with digitizing and analyzing contracts at scale. IAM’s core components – Maestro, Navigator, and App Center – work together to analyze contracts and offer a more efficient way to manage contractual relationships. By transforming static PDFs into structured, analyzable data, DocuSign’s approach has the potential to save companies millions of dollars by identifying inconsistencies and optimizing contract terms.
Both Elastic and DocuSign emphasize responsible AI adoption, ensuring that data security and transparency are top priorities. By delivering end-to-end solutions rather than fragmented offerings, these companies aim to provide comprehensive solutions that address the full scope of customer needs. Ensuring that AI deployments are not only efficient but also cost-effective is critical, as optimizing resources and scaling AI sustainably are essential for long-term success.
Looking ahead, both executives discussed the evolving landscape of AI technology, predicting changes in cost economics and expanding capabilities. Efficient resource utilization, cost optimization, and the development of multimodal AI models are all key components of future AI deployments. The application of AI in enterprise settings, such as improving customer support and transforming client interactions in wealth management, showcases the real-world impact of AI-powered tools.
While the potential applications of AI in enterprise search and contract management are vast, navigating technical, ethical, and operational challenges is crucial. Issues surrounding data privacy, model transparency, and cost-effective scaling remain at the forefront of discussions. By addressing these challenges head-on and leveraging the capabilities of generative AI, businesses can unlock new possibilities in search technology and contract management, driving innovation and efficiency in the digital age.
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