Goal is to interpret and analyze hundreds of thousands of company payments to generate insights for saving
July 11, 2024 - Clara, the leading solution in Latin America for companies to manage their payments, introduces a new feature aimed at helping clients manage their expenses more intelligently. Using Artificial Intelligence, the new tool, called "Insights," provides insights on opportunities for saving in corporate finances.
Current insights include identifying duplicate subscriptions to software or other services, changes in subscription fees, subscription cancellations, increases in spending at specific vendors, and increases in spending by specific users. This enables clients to take practical actions to save resources.
With access to the Insights tool, a financial manager will be notified, for example, if there is an increase in the amount paid to a specific e-commerce platform like Amazon or Mercado Libre, allowing them to implement guidelines to reduce such expenses. If two departments are paying for the same software (like Canva, ChatGPT, or others), this can be easily identified, eliminating unnecessary expenses.
The AI technology behind this feature identifies patterns in the use of credit cards by companies that make payments with Clara, alerting them to deviations in behavior. This feature was developed internally by Clara's data team in collaboration with UX and product teams, leveraging experience with over 10,000 companies using Clara’s payment methods daily.
"We are strong advocates of AI's potential to transform corporate financial management. Going through a spending spreadsheet line by line is not the smartest use of the financial team's time. Our tool frees users to focus on more strategic tasks, while our technology looks for savings opportunities. We've received very positive feedback from our clients on the impact during our tests," says Juan Zuluaga, Global Product Director at Clara.
Currently, Clara has clients in Brazil, Colombia, and Mexico, processing more than one transaction per second with their credit cards. The goal is to transform the vast amount of data generated with each purchase into actionable insights for users. Clients can even request customized insights according to their needs.
About Clara
Clara is the leading solution in Latin America for companies to make and manage all their payments. The Clara platform includes issuing corporate credit cards, bill payments, international transactions, and proprietary real-time expense management software. Founded in 2020, it operates in Brazil, Colombia, and Mexico. As a Latin American multinational, Clara has secured investments from strategic regional VCs like Monashees, Kaszek, and Canary, as well as global investors such as Notable Capital, Coatue, DST Global Partners, ICONIQ Growth, General Catalyst, and Goldman Sachs.
Clara's mission is to empower companies to operate with agility and clarity, helping them become more efficient and less bureaucratic through a platform that integrates various payment methods with its innovative expense management platform.
For more information about Clara’s products and solutions, visit clara.com