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Revolutionizing the World of Document and Contract Management with a New AI-Based Service

Less than 1 minute Minutes
by Cindy Barrientos, Senior Data Science Engineer, Rackspace Technology

In the fast-paced world of project management and contractual agreements, deciphering complex documents like tax forms, resumes, receipts, employee files, statements of work (SOW), and contracts has often been a tedious and time-consuming task. The sheer volume of text, coupled with the risk of overlooking critical clauses, can expose projects to compliance issues and hinder effective decision-making.

Generative AI is revolutionizing document and contract management by offering leading-edge capabilities in content creation, analysis and organization. Thanks to the power of AI, generative AI can create textual content, summaries and even write complex documents with the right prompts.

FAIR launches a new document management service

The Foundry for AI by Rackspace (FAIR™) has leveraged AI’s power to create a new service, Rackspace Intelligent Co-worker for the Enterprise (ICE™). It simplifies and accelerates managing, querying, summarizing and locating complex documents.

One of the key advantages of the generative AI-driven service is its ability to significantly reduce the time and effort required to extract critical information from intricate SOW documents. By delivering precise answers alongside source-linked excerpts, the service enhances not only the speed but also the accuracy of decision-making.

A dynamic feature of the service is that it accommodates new documents in near real-time. This demonstrates a commitment to user-centricity, helping to ensure that the tool remains relevant in an ever-changing landscape of project agreements.

Unlock rapid compliance auditing with Rackspace ICE

Streamlined and efficient SOW management empowers project managers, legal professionals, and stakeholders to quickly understand, interpret, and communicate complex contractual terms, as demonstrated in our video below.

With direct links to source SOWs, transparency and accuracy can be elevated. This enables users to verify details and gain a comprehensive view of the contractual context. The ability to upload new SOWs and associated queries showcases the service’s adaptability to ever-changing scenarios. This makes it an indispensable tool for organizations aiming for precision and agility in a wide range of projects.

Rackspace ICE includes bonus features

When organizations deploy the new service, they gain access to its many bonus features — from customization to user interaction capture.

  • Customized UI and branding: This feature allows organizations to tailor certain features to meet their needs. For example, they can customize the user interface and add company branding so that the tool is aligned with user preferences.
  • Define access levels: This gives administrators the ability to define document access levels based on roles and responsibilities, helping to ensure data security while also promoting collaboration.
  • Document integration: This accommodates various sources, enhancing efficiency and further promoting a centralized approach to SOW management.
  • User interaction capture: For enhanced transparency and governance, FAIR provides comprehensive logging functionalities that capture user interactions. This feature not only promotes accountability and compliance but also offers valuable insights into usage patterns, which supports continuous improvement.

Beyond SOWs — service empowers diverse use cases

The service extends beyond SOWs and contracts, demonstrating its versatility across industries. For instance, it can be employed for quality assessments of incoming document drafts, helping to ensure that key sections are present and meet quality standards. Also, it has the potential to streamline document scanning in multiple fields, for example, insurance documents in healthcare organizations, potentially saving valuable time and resources.

Rackspace ICE is poised to reshape how organizations approach contract comprehension and management. By providing an innovative solution that combines speed, accuracy, and adaptability, this service can optimize decision-making, reduce risks, and enhance collaboration. The goal is to improve project outcomes and customer satisfaction.

Simply stated, this new service is not just a tool. It’s a transformative force that helps to unlock new possibilities in the world of project agreements.

Explore how Rackspace ICE leverages generative AI for a variety of use cases.