Basware Adopts Rackspace's Foundry for AI to Streamline Proprietary Data Integration
Curated by THEOUTPOST
On Tue, 16 Jul, 4:02 PM UTC
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[1]
Basware chooses Foundry for AI by Rackspace to Simplify Coding of Proprietary Data Integration Processing Language
The accounts payable automation solutions company proves it can accelerate time to value for customers by 50% with AI 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 60% to 90%. "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.
[2]
Basware chooses Foundry for AI by Rackspace to Simplify Coding of Proprietary Data Integration Processing Language By Investing.com
The accounts payable automation solutions company proves it can accelerate time to value for customers by 50% with AI LONDON, July 16, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology ® (NASDAQ: 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 (NASDAQ:AMZN) 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 (OTC:MBGAF). 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 60% to 90%. 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.
[3]
Basware chooses Foundry for AI by Rackspace to Simplify Coding of Proprietary Data Integration Processing Language - Rackspace Tech (NASDAQ:RXT)
LONDON, July 16, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology® 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 60% to 90%. "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. Natalie Silva, publicrelations@rackspace.com Market News and Data brought to you by Benzinga APIs
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Basware, a leading e-invoicing and accounts payable automation provider, has chosen Rackspace Technology's Foundry for AI to simplify the coding of its proprietary data integration processing language. This collaboration aims to enhance efficiency and reduce manual coding efforts.
Basware's Strategic Move Towards AI-Driven Integration
Basware, a prominent player in the e-invoicing and accounts payable automation sector, has made a significant technological leap by adopting Rackspace Technology's Foundry for AI. This strategic decision is set to revolutionize Basware's approach to coding its proprietary data integration processing language, marking a pivotal moment in the company's digital transformation journey 1.
The Power of Foundry for AI
Foundry for AI, Rackspace Technology's cutting-edge AI solution, is designed to simplify complex coding processes. By leveraging this advanced technology, Basware aims to streamline its data integration procedures, potentially reducing the time and resources traditionally required for manual coding. This move is expected to significantly enhance the efficiency of Basware's operations, allowing the company to focus more on innovation and less on routine coding tasks 2.
Implications for Basware's Services
The implementation of Foundry for AI is anticipated to have far-reaching effects on Basware's service offerings. By simplifying the coding process for its proprietary data integration processing language, Basware is poised to enhance the speed and accuracy of its e-invoicing and accounts payable automation solutions. This could translate into improved services for Basware's clients, potentially setting a new standard in the industry for efficient and intelligent financial process automation 3.
Industry Impact and Future Prospects
Basware's adoption of Rackspace's AI technology signals a growing trend in the financial technology sector towards embracing artificial intelligence for complex tasks. This move could potentially inspire other companies in the industry to explore similar AI-driven solutions to enhance their operational efficiency. As Basware integrates Foundry for AI into its processes, the industry will be watching closely to see the tangible benefits and potential challenges that arise from this innovative approach to data integration and processing 1.
Collaborative Innovation
The partnership between Basware and Rackspace Technology highlights the importance of collaborative innovation in today's rapidly evolving technological landscape. By combining Basware's expertise in financial process automation with Rackspace's advanced AI capabilities, both companies are positioning themselves at the forefront of the AI revolution in business processes. This collaboration could pave the way for future advancements in how companies approach complex coding and data integration challenges 2.
Reference
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