Discover how Elastic and DocuSign are revolutionizing enterprise with generative contract and search solutions
At VentureBeat’s Transform 2024, Elastic CEO Ash Kulkarni and DocuSign CPO Dmitri Krakovsky shared insights on how generative AI is transforming enterprise search and contract management. Their discussion highlighted the growing importance of AI-powered search capabilities for businesses dealing with vast data volumes and complex contractual relationships.Enhancing unstructured data analysis
Elastic’s approach to enterprise search has evolved significantly with the integration of generative AI. In May 2023, the company introduced the Elasticsearch Relevance Engine (ESRE), marking a pivotal shift in its search technology strategy. ESRE combines traditional keyword-based search methods with advanced vector search capabilities, enabling a more nuanced understanding of context and semantics in vast data repositories. This hybrid approach allows Elastic to offer its customers more sophisticated ways to retrieve relevant documents from their Elasticsearch stores, whether through vector search, text search using BM25 or a combination of techniques.
This year, Kulkarni expanded on the firm’s approach, highlighting the company’s progress in incorporating retrieval augmented generation (RAG) into its vector database technology: “We’re probably one of the most widely used vector databases out there, and we’ve implemented it.” Kulkarni said Elastic integrated these features into its database functionality, “so it benefits from all the work that we’ve done in Elasticsearch over the years.”
Kulkarni detailed the comprehensive capabilities now available: “So enterprise RAG capabilities, like permissions, faceted search, hybrid search, being able to do redirecting and use multiple search techniques like the BM25 basic search and so on with vector search, you get all that out of the box.”
Emphasizing Elastic’s commitment to flexibility and developer choice, Kulkarni added, “So in my opinion, it is super important to give developers all that choice and that functionality and give them openness on what models to use. That’s going to be part of our DNA.”
The rapid pace of AI development makes model choice crucial. Kulkarni noted, “Already, we are seeing customers split queries and send it to different multiple, different, large language models to try and get the best mix of accuracy and cost.”AI-Driven contract management advancements
DocuSign is applying AI to transform contract management.
