Brex announced today that it will launch advanced AI-powered tools for CFOs and their teams, all built with advanced machine learning and natural language processing technology from OpenAI, an AI research and delivery company.
The new capabilities provide relevant insights into corporate spend and answer critical business questions in real time. This expands on the work Brex has done over the past year with Scale to automatically analyze receipts and invoices and extract rich information to enable automated policy enforcement.
Through the Brex Empower platform, finance leaders have access to a chat interface that gives them complex, AI-powered insights. Natural language AI capabilities will further enhance Brex Empower’s live budget capabilities, able to answer a wide range of usage questions across budgets, insights into spend patterns, vendor trends and more. As trends change over time, finance leaders also get custom charts that can visualize how spending is evolving and provide data per employee to better understand efficiencies and opportunities.
In addition, finance leaders can compare their business activities with others in similar industries. The new tools will incorporate data from millions of transactions to provide relevant benchmarks that help evaluate performance and spend, while maintaining and maintaining strict data protection. Finance leaders can look forward to answers to questions like “How does our Github spend compare to other companies with similar headcount growth?” and “Which providers offer overlapping services and what savings are there?”
“The future of insights is more than automated dashboards and charts that take time to analyze. We wanted clear, tangible answers to business questions in real time and in natural language,” said Henrique Dubugras, co-founder and co-CEO of Brex. “Our goal with these new capabilities is to empower CFOs and their teams to make more informed decisions and ultimately drive the growth of their businesses, and we’re excited to be working with OpenAI and Scale to bring this vision to life.” awaken.”
“We are excited to be working with Brex to bring the power of OpenAI’s platform to CFOs and their teams,” said Brad Lightcap, COO of OpenAI.
Brex has leveraged machine learning and AI-powered capabilities over the past year, including:
Smart policy controls to limit spending for specific merchant categories such as gambling, charitable donations, etc.
Auto-filled reimbursements for expenses with data from the sales receipt.
Autonomous receipts and notes to meet IRS requirements, save employees time and make life easier for finance teams.
“We’re excited to continue to combine the benefits of AI with spend management through our partnership with Brex,” said Alexandr Wang, co-founder and CEO of Scale. “As Brex customers and advocates of AI-ML applications, we understand first-hand the benefits of tools that not only reduce costs, but also enable speed, growth and efficiency.”
These features will be made available through the Empower platform later in 2023.