The quiet revolution of artificial intelligence is not just in flashy chatbots or complex analytics; it's deeply embedded in the operational backbone of businesses, quietly optimizing processes and driving efficiency. This shift is profoundly reshaping traditional industries, none more so than enterprise finance.
At a recent appearance on CNBC Fast Money, Eric Glyman, CEO of Ramp, shed light on how his financial operations platform is leveraging AI to automate and streamline corporate spending, positioning the company as a leader in this evolving landscape. Ramp, now in its third consecutive year on the CNBC Disruptor 50 list, aims to help businesses drastically reduce their expenditures and reclaim valuable time.
Ramp provides an all-encompassing financial operations platform, enabling businesses to manage corporate cards, process bill payments, and handle procurement from a single, integrated source. Glyman highlighted that their platform currently serves over 40,000 businesses, from nascent startups to established Fortune 500 companies, boasting an average spend reduction of approximately 5% per year for its clients.
The profound impact of AI, according to Glyman, lies in its ability to tackle the "tedious, low-value" tasks that traditionally consume significant time for finance professionals. He explained that while "AI may not be smart enough or even close enough to be a CFO, but it certainly can do your expense report. It certainly can help you do your accounting much faster and more accurately." This automation transforms what was once "the worst hour of their month" into a seamless, near-instantaneous process.
Ramp's impressive growth trajectory underscores the market's hunger for such solutions. A year ago, the company served around 20,000 businesses; today, that number has doubled to over 40,000, with revenue in the upper nine figures and accelerating growth. Despite this expansion, Glyman emphasized the vast untapped potential, stating, "We serve about one and a half percent of the corporate and small business card market. For us, that means that's 98% plus of businesses still are doing things the old way and still can benefit."
What truly sets Ramp apart from its competitors, particularly legacy financial institutions, is a dual focus on measurable impact and relentless innovation. Glyman proudly noted, "We are the only company still in our market that actually measures how much money we have actually saved our customers and how much time we have actually saved them." This commitment to tangible results has translated into over $2 billion in savings and more than 20 million hours of labor reclaimed for their customers since Ramp's inception just over five years ago.
The company's product development pace is equally remarkable. Last year alone, Ramp launched three major new product lines and 207 features, followed by an additional 275 features in just the past five months.
