Box Announces Powerful Enhancements to Box AI for Intelligent Content Management
Box has announced significant enhancements to its AI capabilities, particularly for Enterprise Plus customers who will now benefit from unlimited queries in Box AI for Hubs, Documents, and Notes. New features include integration with GPT-4o, support for image and spreadsheet files, and the Box AI for Metadata API. The improvements aim to help organizations extract insights from unstructured data, automate business processes, and manage content more effectively. The updates will be available later this year, with some features like the Box AI for Metadata API currently in beta.
- Unlimited queries in Box AI for Enterprise Plus customers.
- Integration with GPT-4o for advanced functionalities and language support.
- Support for natural language queries on image file formats and spreadsheets.
- All-new Metadata API for custom application integration and automation.
- Pricing for new features and API calls has not been announced yet.
Insights
Box's integration with GPT-4o marks a significant leap in the utilization of AI for content management. The GPT-4o model enhances functionalities such as multimodal understanding, making it possible to extract insights not only from text but also from images and spreadsheets. This is a game-changer for businesses that deal heavily with unstructured data, enabling them to convert this data into actionable insights more efficiently.
Moreover, the unlimited queries for Enterprise Plus customers is notable. Often, the cost of AI is a barrier to entry for many companies. By removing query limits, Box is democratizing AI access, making it more feasible for enterprises to integrate AI deeply into their workflows without worrying about extra costs. This strategy could lead to higher client retention and increased adoption of Box AI.
However, it's worth noting that while the integration of AI can drive substantial efficiencies, it also raises questions about data privacy and security. Enterprises will need to ensure that their data is managed in compliance with regulations such as GDPR. Box's platform-neutral framework, which includes Microsoft’s Azure OpenAI Service and Google Cloud’s Vertex AI, provides a level of reassurance in this aspect but constant vigilance is necessary.
The decision to offer unlimited access to Box AI for Enterprise Plus customers can have a multifaceted financial impact. From a revenue perspective, this might initially seem like a potential drawback since unlimited access might reduce the opportunity for usage-based pricing. However, it could actually drive broader adoption and higher subscription rates, thereby improving long-term revenue stability.
In addition, as Box AI becomes more ingrained in enterprise operations, the customer lifetime value (CLV) is likely to rise. When customers integrate a solution deeply into their workflows, switching costs increase, making it less likely that they will move to a competitor.
Moreover, with the integration of AI capabilities like GPT-4o, Box can differentiate itself in a highly competitive market. This differentiation is important in the tech sector, where unique value propositions can significantly influence market share. The enhancements to Box AI could also lead to operational efficiencies and cost savings for clients, translating into more compelling value propositions and potentially higher conversion rates for Box.
Enterprise Plus Customers Will Have Unlimited Access to Box AI in Notes, Documents, and Hubs
Box AI Features Include GPT-4o Integration in Hubs, Additional File Types, New Developer Tools
“AI represents a fundamental shift in how enterprises work with their content, enabling organizations to extract insights from their unstructured data, automate and accelerate critical business processes, and protect their IP in ways that have never been possible before,” said Aaron Levie, Co-founder and CEO of Box. “Since Box AI became generally available earlier this year, we’ve seen significant interest from customers to upgrade to Enterprise Plus plans so they can benefit from the power of AI with their content. Today’s announcements will make it even easier for customers to roll out Box AI across their enterprise while also delivering new innovation so they will be able to get additional value from Box AI.”
“The improvements we’ve made to the Box AI platform – combined with the decreasing cost of AI over the past few months – have driven tremendous efficiencies and, as a result, we are removing our query limits in Box AI,” said Ben Kus, Chief Technology Officer at Box. “The combination of AI and unstructured data represents the biggest untapped opportunity in enterprise IT, and we want Box customers to be on the leading edge of innovation with Box AI as a core part of the Box platform.”
“At IDEXX, we see Box AI as a huge value-add to the Box Content Cloud,” said Ken Grady, Senior Vice President and Chief Information Officer at IDEXX. “Removing the query limits and offering unlimited AI usage makes adopting AI significantly easier across our organization. The ability to scale AI seamlessly and simplify management allows us to focus on leveraging AI to drive value without worrying about usage caps or unexpected expenses.”
"Box’s integration with GPT-4o will help enterprises drive efficiency and innovation with best-in-class AI," said Brad Lightcap, COO at OpenAI. "This is a great example of how the OpenAI platform is being seamlessly integrated into enterprises across all industries."
New Box AI Innovation
In addition to offering unlimited end user queries to Enterprise Plus customers using Box AI, Box also announced the following enhancements to Box AI, expected to be available later this year:
- Integration with GPT-4o: Box plans to support the new GPT-4o model in Box AI. GPT-4o provides advanced capabilities that help Box Hubs deliver higher quality answers and increased support for over 20 additional languages. With this planned integration, Box Hubs users will also benefit from enhanced text-related functionalities including multimodal understanding, ethical and sensitive content handling, task-specific adaptation, and more.
- Support for additional file types: Box will support natural language queries on image file formats, allowing users to ask specific questions about an image stored in Box. Additional support will include querying on spreadsheets. Users will be able to execute commands for precise data analysis in spreadsheets, simplifying interactions with large structured data sets and accelerating insight generation.
- All-New Metadata API: Developers will be able to integrate Box AI with custom applications using the new Box AI for Metadata API to automatically extract key information from documents at scale. When combined with Box’s workflow automation tools, customers will be able to automate processes based on file metadata, extract key fields from unstructured content, and save information to external applications such as Salesforce.
Box AI Powers Intelligent Content Management
Box AI leverages the power of generative AI to bring foundational AI models to the Box Content Cloud – where more than 115,000 enterprises already secure, store, and collaborate on their critical business content. Guided by its AI Principles, Box has built Box AI on the company’s platform-neutral framework, designed to connect with today’s most powerful large language models, including Microsoft’s Azure OpenAI Service and Google Cloud’s Vertex AI - with more model integrations to come.
Today, businesses already rely on Box AI to easily extract the information they need from their documents, generate their own new content automatically, or derive timely insights from their content to transform how they work and accelerate workflows in their businesses. For example:
- Life sciences organizations are extracting insights from clinical studies to help streamline product development.
- Financial services firms are analyzing financial files and investor relations documents to inform advisors of market updates.
- Marketing managers are using Box AI to generate fresh and editable content quickly in the form of blogs, LinkedIn posts, and other social media.
- HR leads are using Box AI to search sensitive documents including company policies and employee records to find the answers employees need most.
- Nonprofit organizations are using Box AI to attach metadata to contracts to help organize their content.
“AI promises to revolutionize businesses across every industry by automating routine tasks, enhancing decision-making capabilities, but enterprises might be hesitant to invest in AI company-wide, at the individual user level, because of cost concerns and other factors,” said Amy Machado, Senior Research Manager at IDC. “By removing these query caps for Box AI, Box can lower the barrier of entry to AI, making it easier for businesses to integrate and benefit from this powerful technology. Box’s Content Cloud is well positioned to expand AI adoption in the enterprise by providing a secure, intelligent platform that empowers its customers to harness the full potential of their data.”
Pricing and Availability
Access to GPT-4o for products such as Box Hubs, as well as support for new file types including images and spreadsheets in Box AI, is planned to be available later this year and will be included in Enterprise Plus plans.
Box AI for Metadata API is now in beta for customers on Enterprise Plus plans. Pricing will be announced closer to general availability, along with pricing for other Box AI platform API calls and end user metadata queries in the core Box application.
Unlimited queries in Box AI for Documents and Notes is included in Enterprise Plus plans today, and will be available in Box AI for Hubs when it is generally available. Eligible customers can turn on Box AI for their organization by accessing their Box Admin Console. Customers interested in enrolling in the Box Hubs beta can choose to enroll through the Admin Console. For more information about today’s news, visit the Box blog.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding Box AI and Box Hubs, their planned product enhancements and features, and the market adoption and benefits of such enhancements and features. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release. Any unreleased services or features referenced in this or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase Box products should make their purchase decisions based upon features that are currently available. Additional information on potential factors that could affect Box’s financial results is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings Box makes with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings section of Box’s Investor Relations website located at www.boxinvestorrelations.com. Box does not assume any obligation to update the forward-looking statements contained in this press release to reflect events that occur or circumstances that exist after the date on which they were made.
About Box
Box (NYSE:BOX) is the Intelligent Content Cloud, a single platform that enables organizations to fuel collaboration, manage the entire content lifecycle, secure critical content, and transform business workflows with enterprise AI. Founded in 2005, Box simplifies work for leading global organizations, including AstraZeneca, JLL, Morgan Stanley, and Nationwide. Box is headquartered in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240627116104/en/
Dani Robin
press@box.com
Source: Box, Inc.
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