Brex Teams With OpenAI and Scale, Empowers Finance Teams on AI-Powered Insights on Spend Patterns, & Vendor Trends

Brex is set to launch advanced AI-powered tools for CFOs and their teams, 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 into corporate spending 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.

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• Through the Brex Empower platform, finance leaders will have access to a chat interface that will provide them with 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 the utilization of various budgets, insights on spend patterns, vendor trends, and more.
• With changing trends, Brex Empower will provide customized graphs that help visualize spend evolution and can provide per-employee data to better understand efficiency and opportunities.
• Compare 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 spending, all while maintaining and preserving strict privacy.
• Receive 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?”

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Discussing the future of insights, Henrique Dubugras, co-founder and co-CEO of Brex said that the future was beyond analyzing automated dashboards and charts, which is time-consuming.

“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.”

“We are thrilled to work with Brex to bring the power of OpenAI’s platform to CFOs and their teams,” said Brad Lightcap, COO of OpenAI.

Brex has been leveraging machine learning and AI-powered features over the past year, including:

• Smart policy controls restrict spending on specific merchant categories such as g*******, 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.

“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 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.

Brex empowers the next generation of businesses with integrated corporate cards and spending management software. The brand’s aim is to make it easy for customers to manage every aspect of spending and empower their employees to make better financial decisions from anywhere they live or work.