Brex Brings Groundbreaking Instruments to Finance Groups With OpenAI

Brex Brings Groundbreaking Instruments to Finance Groups With OpenAI

Brex Brings Groundbreaking Instruments to Finance Groups With OpenAI

SAN FRANCISCO, March 7, 2023 /PRNewswire/ — Brex right this moment introduced it is going to be launching superior AI-powered instruments for CFOs and their groups, all constructed utilizing superior machine studying and pure language processing know-how from OpenAI, an AI analysis and deployment firm.

The brand new options will present related insights on company spend and reply important enterprise questions in actual time. This expands on the work Brex has carried out with Scale over the previous 12 months to robotically parse receipts and invoices, extracting wealthy info to allow automated coverage enforcement.

By the Brex Empower platform, finance leaders could have entry to a chat interface that can present them advanced, AI-powered insights. The pure language AI-features will additional improve Brex Empower’s stay finances capabilities, and can have the ability to reply a variety of questions associated to utilization on varied budgets, insights on spend patterns, vendor tendencies, and extra. Since tendencies change over time, finance leaders will even be supplied with customized graphs that assist visualize spend evolution and might present per-employee knowledge to higher perceive effectivity and alternatives.

Much more, finance leaders will have the ability to examine their enterprise actions to others in comparable industries. The brand new instruments will incorporate knowledge from hundreds of thousands of transactions with the intention to present related comparables that assist benchmark efficiency and spend, all whereas sustaining and preserving strict privateness. Finance leaders can stay up for receiving solutions to questions corresponding to, “What’s our Github spend relative to different corporations who skilled comparable worker development?” and “Which distributors present overlapping providers and what are the financial savings alternatives?”

“The way forward for insights is extra than simply automated dashboards and charts that take time to investigate. To us, clear, tangible solutions to enterprise questions ought to be obtained in real-time, all by means of pure language,” mentioned Henrique Dubugras, co-Founder and co-CEO of Brex. “Our objective with these new options is to empower CFOs and their groups to make extra knowledgeable choices and in the end drive development for his or her corporations, and we’re extremely excited to work with OpenAI and Scale to assist carry this imaginative and prescient to life.”

“We’re thrilled to work with Brex to carry the ability of OpenAI’s platform to CFOs and their groups,” mentioned Brad Lightcap, COO of OpenAI.

Brex has been leveraging machine studying and AI-powered options over the previous 12 months, together with:

  • Sensible coverage controls to limit spending on particular service provider classes corresponding to playing, charitable donations, and many others.
  • Auto-filled reimbursements for out-of-pocket bills utilizing knowledge from the acquisition receipt.
  • Autonomous receipts and memos to fulfill IRS necessities, save staff time, and make finance groups’ lives simpler.

“We’re excited to proceed to mix the advantages of AI with spend administration by means of our partnership with Brex,” mentioned Alexandr Wang, co-Founder and CEO of Scale. “As Brex prospects ourselves and advocates for AI-ML purposes, we perceive firsthand some great benefits of having instruments that not solely reduce prices, however allow pace, development, and effectivity.”

These options will probably be made obtainable later in 2023 by means of the Empower platform.

About Brex

Brex empowers the following era of companies with built-in company playing cards and spend administration software program. We make it simple for our prospects to handle each side of spending and empower their staff to make higher monetary choices from wherever they stay or work. Brex proudly serves tens of 1000’s of rising companies, from early-stage startups to enterprise leaders.


Brex Brings Groundbreaking Instruments to Finance Groups With OpenAI