Basware chooses Foundry for AI by Rackspace to Simplify Coding of Proprietary Data Integration Processing Language
Rackspace Technology announced that Basware, a leading provider of accounts payable automation solutions, has successfully leveraged AI to enhance its Extract, Transform, Load (ETL) coding process. Basware partnered with Rackspace to experiment with training code-generating language models using Amazon Bedrock and AWS. This collaboration aimed to accelerate customer onboarding and time to value.
Basware's proprietary language, AnyERP, was fine-tuned into an AI model to generate code snippets based on natural language queries. The project improved AI accuracy in generating ETL code from 60% to 90%. This innovation enables Basware to accelerate time to value for customers by 50%, allowing them to focus more on business operations rather than technology implementation.
- Basware improved AI accuracy in generating ETL code from 60% to 90%
- The AI innovation accelerates time to value for customers by 50%
- Partnership with Rackspace Technology enhances Basware's ability to scale and deliver value more rapidly
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Insights
Basware's adoption of AI to enhance its ETL coding process is a noteworthy development in the field of accounts payable (AP) automation. The improvement in code generation accuracy from 60% to 90% is a significant leap, which can potentially reduce the time and costs associated with onboarding new clients. For investors, this implies increased operational efficiency and faster integration of new customers, ultimately driving revenue growth.
In the short-term, this could lead to an uptick in Basware's market share as it becomes more attractive to businesses looking to streamline their AP processes. Long-term implications include sustained growth due to enhanced service delivery and customer satisfaction. However, investors should be cautious of the costs associated with implementing such advanced AI solutions and the potential risks if the technology does not perform as expected.
The collaboration between Basware and Rackspace Technology to leverage AI for automating ETL coding processes represents a significant technological advancement. By integrating AI language models trained with Amazon Bedrock, Basware can now generate ETL code more accurately, reducing manual intervention and potential human errors.
For retail investors, understanding the technical intricacies can highlight the importance of such innovations. Few-shot learning, fine-tuning and pre-training are advanced AI training methods that enhance model accuracy and efficiency. This adoption underscores Basware's commitment to staying ahead technologically but also requires substantial investment in R&D and infrastructure. The success of this AI implementation can set a precedent in the industry, potentially prompting competitors to adopt similar strategies, pushing forward the landscape of AP automation technology.
The accounts payable automation solutions company proves it can accelerate time to value for customers by
LONDON, July 16, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology® (NASDAQ: RXT) – the leading end-to-end, hybrid multicloud, and AI solutions company, today announced that Basware, a premier provider of accounts payable (AP) automation solutions, has successfully leveraged AI to enhance its Extract, Transform, Load (ETL) coding process. Basware partnered with Rackspace Technology to experiment with training code-generating language models using Amazon Bedrock and Amazon Web Services (AWS). This enabled Basware to innovate faster for its customers, accelerating time to value. This in turn can enable its customers to focus on their everyday business operations rather than the technology implementation.
Founded in 1985, Basware has 40 years’ experience in AP and is renowned for its comprehensive suite of tools and expertise in streamlining invoice processing for businesses globally. The Finnish company’s network accounts payable automation solutions processes over 220 million electronic invoices annually for brands including DHL, Clarins, and Mercedes-Benz. Basware’s commitment to efficiency and accuracy helps companies of all sizes optimise their AP workflows, reduce manual tasks, and improve financial visibility.
As Basware continues its rapid growth trajectory, optimising the customer onboarding process became a priority. Basware partnered with Rackspace Technology to explore AI's potential to optimise the onboarding process. Foundry for AI by Rackspace (FAIR™) provided the expertise required to accelerate the secure, responsible, and sustainable adoption of generative AI.
“This project was primarily focused on research and understanding the potential of generative AI," said Alistair Gilbert, VP, Platform Engineering at Basware. "It will significantly impact Basware's ability to scale and deliver value to customers more rapidly. Finding more innovative and advanced ways to support our partners enables us to achieve that scale."
The Rackspace Technology team’s objective was to train an AI language model to autonomously generate essential ETL integration code, enabling Basware’s consultants to create code snippets by simply asking questions in natural language. Basware’s proprietary language, AnyERP, was fine-tuned into the AI model to understand and generate it for the consultants.
To achieve this, Rackspace Technology experimented with various training processes, including few-shot learning, fine-tuning, and pre-training, using Amazon Bedrock. This approach provided flexibility and access to different foundational models, enabling extensive experimentation. As a result, the AI’s accuracy in generating ETL code improved from
“By leveraging our AI expertise and the advanced capabilities of AWS, we demonstrated how AI automation has the potential to provide efficiencies to Basware’s consultants and its customers,” said Boudewijn Van Dulken, General Manager for Northern Europe at Rackspace Technology. “This collaboration not only highlights how generative AI has the ability to solve complex, industry-specific challenges but also underscores our commitment to helping businesses innovate and scale rapidly."
Click here for the Basware case study and here for the video to learn more about the full Rackspace Technology Basware solution.
About Foundry for AI by Rackspace (FAIR)
FAIR is a groundbreaking global practice dedicated to advancing business transformation, improving customer experience, increasing the quality of service, and accelerating value creation through the secure and responsible use of AI technologies. FAIR has identified over 500 use cases across multiple industries and is working on several industry-leading implementations for our customers across the globe.
About Rackspace Technology
Rackspace Technology is a leading end-to-end hybrid, multicloud, and AI technology services company. We design, build, and operate our customers' cloud environments across all major technology platforms, irrespective of technology stack or deployment model. We partner with our customers at every stage of their cloud journey, enabling them to modernize applications, build new products, and adopt innovative technologies.
Media Contact:
Natalie Silva, publicrelations@rackspace.com
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