Ramp, the leading financial automation platform that helps more than 15,000 businesses save time and money across transactions, bill payments and accounting, today announced Ramp Intelligence. It’s a never-before-seen suite of AI-powered financial services tools designed to solve problems like: customer problem. The announcement represents the most significant evolution of Ramp’s core time- and money-saving engine, including vendor pricing intelligence, accounting co-pilot, contract extraction and negotiation, and automated accounting processes on Ramp’s platform. It incorporates a solution that leverages GPT-4 embedded throughout.
With these solutions, customers benefit from self-coded expenses, dramatically faster and more accurate month-end processes, democratized software pricing, and automated insights into business performance. .
The features and impact of these products are in stark contrast to the superficial “AI wash” products that have hit the market in the last six months. In fact, Ramp’s AI expertise includes notable AI experts such as Satya Nadella, Adam D’Angelo, Fidji Simo, and Chris Re as private investors and advisors.
“Ramp has incorporated AI into their tools in a very thoughtful way,” said Laura Moreno, Senior Manager of Global Accounts at Eventbrite. “Their automation allows us to act very quickly and keep us focused on what really matters.”
Ramp now applies the power of historical pattern analysis of AI to over $10 billion in aggregate spending data, allowing customers to leverage the wisdom of the crowd to discover cost-saving opportunities and make data-driven decisions. You can do.
“We believe generative AI will change the way business works,” said Eric Greimann, CEO of Ramp. “With the launch of Ramp Intelligence, we are taking a giant step forward in democratizing over $10 billion of transactional data and leveraging it on behalf of businesses to enhance pricing transparency, productivity and improve bottom line. If we are successful, it means significantly less price discrimination, which means less time spent understanding complex contracts for software buyers. For accountants, this means no more chasing a sales team that misclassified expenses and more time for more strategic work, which means a more profitable company and a more productive business. means a financial organization.”
Powered by GPT-4, Ramp Intelligence unlocks the value of unstructured data previously siled in card transaction data, documents and receipts for the first time. Through these products, Ramp empowers people in finance, accounting, and IT roles to put an end to outdated processes like expense reports and “contact sales for pricing.”
“The difference between a few data points that I source independently and the thousands that Ramp benchmarks against can be tens of thousands of dollars,” said Crossbeam’s Director of Financial Strategy. Matt Dougherty said. “Instead of paying too much for software, we might be able to invest that money in the company.”
