16.07.2024 09:00:08 - dpa-AFX: GNW-Adhoc: Basware chooses Foundry for AI by Rackspace to Simplify Coding of Proprietary Data Integration Processing Language

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(TM)) 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 (https://www.rackspace.com/case-studies/basware) for the Basware case
study and here (https://youtu.be/_gIb5uwj1zo) for the video to learn more about
the full Rackspace Technology Basware solution.
About Foundry for AI by Rackspace (FAIR)
FAIR (https://fair.rackspace.com/?_ga=2.90644766.588892523.1721051646-
1193363140.1702385913&_gac=1.144827904.1719868678.EAIaIQobChMIld3ziOKGhwMVzwOtBh
1Kmgv2EAAYASAAEgLjifD_BwE) 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 (https://www.rackspace.com/) 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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Name WKN Börse Kurs Datum/Zeit Diff. Diff. % Geld Brief Erster Schluss
Rackspace Technology A2QAH7 NASDAQ 2,340 23.08.24 16:04:13 +0,130 +5,88% 2,340 2,350 2,260 2,210

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