Brex announced it will be launching advanced AI-powered tools for CFOs and their teams, all built “using advanced machine learning and natural language processing technology from OpenAI, an AI research and deployment company.”
The new features will “provide relevant insights on corporate spend and answer critical business questions in real time.”
This expands on the work Brex has done with Scale over the past year “to automatically parse receipts and invoices, extracting rich information to enable automatic policy enforcement.”
Through the Brex Empower platform, finance leaders will “have access to a chat interface that will provide them complex, AI-powered insights.”
The natural language AI-features will “further enhance Brex Empower’s live budget capabilities, and will be able to answer a wide range of questions related to utilization on various budgets, insights on spend patterns, vendor trends, and more.”
Since trends change over time, finance leaders will also be “provided with custom graphs that help visualize spend evolution and can provide per-employee data to better understand efficiency and opportunities.”
Even more, finance leaders will be able “to compare their business activities to others in similar industries.”
The new tools will “incorporate data from millions of transactions in order to provide relevant comparables that help benchmark performance and spend, all while maintaining and preserving strict privacy.”
Finance leaders can look forward to receiving answers to questions such as, “What is our Github spend relative to other companies who experienced similar employee growth?” and “Which vendors provide overlapping services and what are the savings opportunities?”
Henrique Dubugras, co-Founder and co-CEO of Brex, said:
“The future of insights is more than just automated dashboards and charts that take time to analyze. To us, clear, tangible answers to business questions should be received in real-time, all through natural language. Our goal with these new features is to empower CFOs and their teams to make more informed decisions and ultimately drive growth for their companies, and we’re incredibly excited to work with OpenAI and Scale to help bring this vision to life.”
Brad Lightcap, COO of OpenAI.
“We are thrilled to work with Brex to bring the power of OpenAI’s platform to CFOs and their teams.”
Brex has been “leveraging machine learning and AI-powered features over the past year,” including:
- Smart policy controls to restrict spending on specific merchant categories such as gambling, charitable donations, etc.
- Auto-filled reimbursements for out-of-pocket expenses using data from the purchase receipt.
- Autonomous receipts and memos to meet IRS requirements, save employees time, and make finance teams’ lives easier.
Alexandr Wang, co-Founder and CEO of Scale, said:
“We’re excited to continue to combine the benefits of AI with spend management through our partnership with Brex. As Brex customers ourselves and advocates for AI-ML applications, we understand firsthand the advantages of having tools that not only cut costs, but enable speed, growth, and efficiency.”
These features will be “made available later in 2023 through the Empower platform.”