With inflation continuing to soar and a recession looming, businesses are scrambling to cut costs. Business travel is usually one of the first areas CFOs consider cutting, and the CEO of London Heathrow Airport recently said business travel remains low due to the economic downturn and job cuts.
Fortunately, CFOs may be able to optimize their travel budgets without having to hire a data analyst thanks to Navan’s new AI-powered capabilities.
The Travel and Expense Management Solution extends the capabilities of Ava, the AI-powered virtual assistant, to optimize corporate travel and expense management. Originally designed to support travelers, Ava now acts as a real-time data analyst, helping travel managers, financial managers, and his CFO streamline his T&E program. increase.
Powered by OpenAI’s GPT-4 API, Ava’s new capabilities include real-time analysis of spending data, providing insight into T&E questions, and proactively identifying savings opportunities. The virtual assistant can also generate executive her summaries of results in multiple languages and formats, including poetry.
Users can now ask Ava to analyze their travel spend and suggest ways to save, summarize travel spend by month and category, compare travel spend and policies, and analyze hotel spend. Soon, Navan users will be able to perform tasks such as benchmarking their performance against other similar businesses and predicting future travel spending habits, all while maintaining privacy.
Navan gives us a glimpse into the future of generative AI. Individuals with little or no technology background can find new insights conversationally from existing datasets.
Navan’s AI efforts are led by the company’s co-founder and chief technology officer, Ilan Twig. In an interview with Zoom, he said he was hooked on the technology’s potential use cases and applications shortly after ChatGPT’s launch. Within weeks, Twig had his first GPT-enabled pet project up and running within Navan.
“I’ve been interested in technology since I was six years old, but I’ve never experienced technology this fast,” he said. “The ability to interact with data is groundbreaking.”
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