If youre a CFO who appreciates poetry, a tech company has created an automated virtual assistant that can create verses about corporate travel and expenses in multiple languages. It can also answer questions on how to save money.
As a focus on generative A.I. in finance continues, Navan (formerly TripActions), founded in 2015, a business-travel software startup with a private-market valuation of more than $9 billion, has incorporated OpenAIs ChatGPT to expense reports. But starting today, in addition to assisting in travel arrangements, its automated virtual assistant, Ava, is taking on additional duties as a data analyst.
Avas role is intended to streamline T&E programs. Navan uses conversational business intelligence (CBI), designed to automate data analysis and turn it into a conversation, that allows CFOs and travel administrators to have ChatGPT-style conversations with Ava.
To find out more, I sat down with Ilan Twig, cofounder and CTO of Navan, who designed Avas capabilities. Basically I think that everything that we do, as well as everything that most companies do, can be rethought of with generative A.I., he says. Ava will be able to provide more granular analytics, responses to questions on data, and cost savings in real-time, Twig says.
He walked me through a demo of how Ava works. At the time of the demo, Ava was not voice-activated. But thats a quick adjustment, Twig says. I can make it so tomorrow, no joking, he explains. I just need to see that its valuable. The prompts listed were: save 10% on your travel spend; summarize my travel spend; analyze spend vs. policy; and hotel spend and analysis. Benchmarking and forecasting are items to come, he says. We chose hotel spend analysis for 2022, and he clicked on analyze.
In the demo, Ava made suggestions based on Navans own data. One suggestion: Encourage employees to go to hotels with rewards because our program with rewards incentivizes employees to locate hotels that are slightly cheaper, still high quality within the same loyalty program. Only 11.6% of the hotel bookings are with the rewards program. Its a reward program that weve had from day one, Twig says.
Theres a dropdown with an option for several languages and options to distribute the information, such as an outline. The outline is the essence; its what CFOs are used to, he says. Other options include an email or a poem. I think that we saw a really, really unique opportunity to delight the CFO, Twig says.
Heres a sample poem:
Courtesy of Navan
The generative A.I. is looking solely at your company data and generates the report, Twig says. It is not a report that a data analyst or product manager at Navan dictated or designed, he explains. Its whatever makes sense for your data for your company.
I asked Twig about data security as its a major concern for CFOs. I want to make something very clear: We do not share our database with OpenAI or any other vendorall data is aggregated and involves no [personally identifiable information], he says. The CBI system Twig created using generative A.I. has fewer limitations, and goes even deeper within a companys own dataset, he says. For example, the A.I. can basically emulate a brainstorming process, creating that process within itself. This can increase the IQ of the existing large language models, and improve reasoning abilities, he says.
As A.I. continues to heat up in finance, other tech companies also offer innovative options for T&E reporting such as Expensify Inc., and Workday (CFO Dailys sponsor) with Workday Expenses within the enterprise resource planning platform, for example. The company has been using large language models, the technology that has enabled generative A.I. for quite some time, Terrance Wampler, group general manager for the Office of the CFO at Workday, recently told me; and will continue to look into use cases where generative A.I. can add value, Wampler said.
Though the debate continues on how to prevent the bad actors from manipulating generative A.I., the techs momentum isnt slowing down anytime soon, and CFOs understand its relevance. Were not, today, using generative A.I. in the finance function, Debbie Clifford, CFO at Autodesk, recently told me. But I tell you what, I think we should be. I think that this is an area that we absolutely need to explore. Its just moving so fast that we dont have a strategy around it within finance at this point.
If you like technology, these are really exciting times because something big is happening, says Twig, who has spent 20 hours a day building Avas capabilities for the past four months. There is a lot of buzz around generative A.I. Every entrepreneur, investor, VC, company, CTO, and CEO talks about generative A.I. I do not talk about generative A.I., I live generative A.I., for real. Just ask Ava.
Sheryl Estrada
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Big deal
New S&P Global Market Intelligence data finds short sellers are boosting their positions against tech stocks, likely betting that a recent rally in the sector will be short-lived. As of mid-April, short interest in information technology stocks was at 3.31%, which is the highest level since the end of October 2022, according to the report. As companies have cut costs and had massive layoffs, tech stocks have rallied after sliding throughout much of 2022, the research finds. The S&P 500's IT sector has climbed about 23.23% since the beginning of the year through April 28, compared with the overall index, which has gained about 9.03%, according to the report. Short interest rose from the end of March to mid-April in every sector except energy, where it fell to 3.64% from 3.70%.
Going deeper
"Why so Quiet? Breaking the Workplace Taboo of Silence," a new report by Gallup finds that quiet quitting hasn't gone away, but has morphed into quiet thriving," chaotic working, or bare minimum Mondays.
"At the heart of quiet quittingand its many spinoffsseems to be the feeling that we cant speak up at work," according to Gallup. "Either we dont feel safe enough to speak our minds, or we feel like, even if we did speak up, it wouldn't make any difference." Using data, Gallup explains the rationale behind these ideas.
Leaderboard
Tim MacCarrick was named CFO at project44, a supply chain visibility platform. MacCarrick has over 25 years of senior executive experience in finance and operations roles. He's held both COO and CFO roles at public and private companies including Qlik, Xerox, DLL, and most recently OutSystems. MacCarrick joins the executive team to focus on core cross-functional initiatives. To date, project44 has raised over $900 million in capital from top venture and growth equity capital investors including Insight Partners, Emergence Capital, Goldman Sachs, TPG, Sapphire, Generation Investment Management, Thoma Bravo, and Chicago Ventures.
Jay Matushak was named CFO at Bright Health Group, Inc. (NYSE: BHG), the technology-enabled health care company, effective May 12. Matushak will succeed Cathy Smith, who is stepping down to pursue another opportunity. Matushak, a seasoned finance and operational executive, joined Bright Health in 2021. He currently serves as SVP of finance and is responsible for the wind-down of the companys ACA insurance business. He also serves as CFO of Bright HealthCare, the companys insurance business. Before joining Bright Health, Matushak served for six years as CFO of Blue Cross Blue Shield of Minnesota.
Overheard
This is going to change the world. One year from now, will there be a script written by A.I.? Yes.
Todd Lieberman, a film and TV producer whose credits include "Chip n Dale: Rescue Rangers," said Wednesday on a panel at the Milken Institute Global Conference in Beverly Hills, Bloomberg reported. Entertainment executives said its inevitable that TV shows and films will be written using A.I.
