Cloud storage company Box has announced that it is introducing new artificial intelligence (AI) features across its products in partnership with OpenAI. The features will include analyzing information across customer contracts, summarizing financial documents, surface insights from surveys, and more.
Aaron Levie, co-founder and CEO of Box, said:
“We are at the start of a platform shift in enterprise software driven by recent advancements in generative AI, and nowhere is the potential impact greater than in enterprise content. We’ve seen a step function improvement in our ability to analyze and synthesize the massive amounts of data contained within an organization’s unique documents, videos, presentations, spreadsheets, and more.
When combined with AI, we will be able to unlock the value of this content and make every person in a company smarter and more productive. Content is an organization’s most important data, and with Box AI we’re just getting started with how we’ll transform the way work gets done.”
Although there"s not a separate product yet, many companies are now jumping on the AI bandwagon to refine their existing functionalities. Box is also doing the same with what it calls Box AI. The company is currently focusing on a few use cases that we have already seen possible with generative AI. For starters, by clicking on the Box AI button, users can ask questions such as "Summarize this document for me", or "When does the NDA expire?" which could come in handy for complex and lengthy documents or contracts.
Here are some more use cases that Box mentioned in their press release:
- Sales teams will be able to use Box AI to get answers to questions in complex contracts to speed up the sales cycle.
- Analysts will be able to have Box AI summarize lengthy financial reports to inform their rating recommendations.
- Legal teams will be able to ask Box AI to identify key clauses, terms, and obligations from a contract to speed up review cycles.
- Operations teams will be able to tell Box AI to extract key takeaways from a budget to update corporate strategy decks without waiting on a co-worker from the finance team for the right piece of information.
- Customer service teams will be able to use Box AI to surface insights from hundreds of customer feedback surveys to identify key areas for improvement.
Box says that it caters to more than 115,000 customers and bringing foundational AI models to where their content is already securely stored will be more useful and valuable. For now, Box AI will only be available to select customers through its upcoming "Design Partner Program". Interested users can also sign up for private beta access when it becomes available. Pricing and other details will be announced later upon general availability.