Spend Management And ChatGPT Have A Lot In Common

Business is poised to benefit greatly from generative artificial intelligence (AI) tools, as shown by ChatGPT's viral success.

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A chief revenue officer at United Kingdom, Jamie Anderson, for instance, has said AI could transform Emburse, a firm that optimizes spend, said artificial intelligence could be transformative, enabling firms with years' worth of data on their platforms to build policies based on the last year's spend, forecast future outcomes, and better understand spend at a more granular level.

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Whether it's assisting companies in building policies or simply providing insight into future spend, AI and machine learning [ML] are key to [spend management].

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The cost of acquiring a new customer can be determined, for instance, by linking ChatGPT to a CRM and finance system.

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It has been demonstrated that artificial intelligence has the ability to go through every line item, provide links to the opportunities in Salesforce for an individual who has traveled to meet with a potential customer and has associated travel expenses with the opportunity object in Salesforce," he explained. Then a calculator computes how much it costs to acquire a customer on average after all that information is processed.

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He continued, explaining that businesses will have access to this knowledge as they expand, providing them with valuable information to make informed decisions about their expansion plans. AI models will play a major role in the future, so I think it's important to play with them."

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The gateway to the world is the card

A company can start leveraging AI by adopting corporate cards. "A card is the gateway that gathers much of this intelligence," Anderson said. The data that is processed by the AI and machine learning engines and the data that has been reconciled with other systems is the data that's flowing through the card platform and has been analyzed by these engines."

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The system offers others as well, he said, including instant spend visibility and a more dynamic budgeting process in addition to the reduction of overspending and fraud, both of which are soaring because of the current economic climate.

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While business cards are not commonly adopted and used by all companies, the fact that they are not all requiring them is perhaps an indication that not every organization is fully on board with the system. Anderson attributed this to the high cost of changing legacy processes that many, particularly larger companies, continue to use today.

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"They still use old technology and archaic processes," he observed. Consequently, they are more afraid of the cost if the change is going to take place, so they look for a way to avoid it and say no to it.

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The London-based company is hoping to help drive adoption by offering organizations real-time visibility into their spending through Emburse Cards, which offers a solution that allows employees to no longer be forced to spend money on their own expenses.

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There is increasing demand for corporate cards among workers, Anderson said, as some of the major factors contributing to this demand are the rising cost of living, the long turnaround time for reimbursements, and the risk of late fees to name a few. He added that workers who are not accustomed to using personal cards are more likely to elect to use company cards.

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As soon as businesses get around to meeting this need and building up a strong database, he explained that AI and machine learning engines can then make use of the data flowing through the platforms and reconcile it with other systems, which then opens up all kinds of possibilities for optimizing spend management processes.

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The card piece is essential for knowing what you are spending in the moment because after all, it's a gateway to understanding what you are doing in a particular moment, and it's a gateway to understanding your real-time spending habits.