In multi-messenger astronomy, rapid investigation of interesting transients is imperative. As an observatory with a 4 pi steradian field of view, and similar to 99% uptime, the IceCube Neutrino Observatory is a unique facility to follow up transients, as well as to provide valuable insights for other observatories and inform their observational decisions. Since 2016, IceCube has been using low-latency data to rapidly respond to interesting astrophysical events reported by the multi-messenger observational community. Here, we describe the pipeline used to perform these followup analyses, and provide a summary of the 58 analyses performed as of July 2020. We find no significant signal in the first 58 analyses performed. The pipeline has helped inform various electromagnetic observation strategies, and has constrained neutrino emission from potential hadronic cosmic accelerators.