VentureBeat hosted a discussion at Transform 2024 with Elastic CEO Ash Kulkarni and DocuSign CPO Dmitri Krakovsky, shedding light on how generative AI is revolutionizing enterprise search and contract management. The conversation emphasized the significance of AI-driven search capabilities for businesses grappling with extensive data volumes and intricate contractual relationships.
Elastic has significantly advanced its enterprise search approach through the integration of generative AI. The introduction of the Elasticsearch Relevance Engine (ESRE) in May 2023 marked a pivotal shift in the company’s search technology strategy. ESRE combines traditional keyword-based search methods with advanced vector search capabilities, allowing for a more nuanced understanding of context and semantics in large data repositories. This hybrid approach enables Elastic to offer customers more sophisticated ways to retrieve relevant documents from their Elasticsearch stores.
This year, Kulkarni elaborated on the incorporation of retrieval augmented generation (RAG) into Elastic’s vector database technology, providing comprehensive capabilities such as permissions, faceted search, and hybrid search. The company’s commitment to flexibility and developer choice is evident in its strategy to offer a range of functionalities and openness in model selection.
DocuSign is leveraging AI to revolutionize contract management through its Intelligent Agreement Management (IAM) platform. This platform aims to convert static contract data into actionable insights, addressing a critical gap in enterprise digitization. By transforming static PDFs into structured, analyzable data, IAM enables organizations to identify inconsistencies and opportunities within contracts, leading to significant cost savings and operational efficiencies.
Both executives emphasized responsible AI adoption, highlighting the importance of data security, transparency, and delivering end-to-end solutions. Cost optimization emerged as a critical factor in AI adoption, with a focus on efficient resource utilization to enable sustainable scaling. Looking ahead, advancements in AI economics and the expansion of AI capabilities, particularly in multimodal models, are expected to drive further innovation in enterprise applications.
Real-world examples showcased the practical implementation of AI in enterprise settings, demonstrating how organizations like Cisco and Fortune 100 banks are leveraging AI-powered tools to enhance customer support and transform client interactions in wealth management. However, realizing the full potential of AI applications requires addressing technical, ethical, and operational challenges, including data privacy, model transparency, and cost-effective scaling.
The dialogue at Transform 2024 underscored the transformative impact of generative AI on enterprise search and contract management, highlighting the need for organizations to navigate AI adoption carefully to unlock the full benefits of these technologies. As businesses continue to embrace AI-driven solutions, addressing key challenges and leveraging emerging capabilities will be essential for driving innovation and achieving sustainable growth in the digital era.
