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Microsoft launches AI-powered Copilot for Finance

Microsoft launches AI-powered Copilot for Finance

Microsoft has launched Microsoft Copilot for Finance, an AI-driven workplace automation service that is part of Microsoft 365, joining Copilot for Sales and Copilot for Service in the Microsoft Copilot suite.

The offering is designed to streamline financial data organisation, automate tasks, and offer counsel and insights for users. The Copilot uses existing data within user’s platform, such as Excel, Enterprise Resource Planning systems, and Microsoft Graph.

The new service will include features such as: the ability review data sets in Excel using natural language prompts, troubleshooting in Excel, summarise customer accounts in Outlook, and turn Excel data into visuals and reports.

The AI-powered tool is designed to support users in managing the overwhelming amount of financial data and channel information into a useful medium.

Mala Anand, Microsoft CVP customer experience and success, commented: “Generative AI has been a game-changer for our own contact center at Microsoft. Agents spend less time searching for information, allowing them to focus more time on helping customers solve complex challenges. Moreover, newer agents experience significant benefits, feeling more confident and capable in their roles. This has led to reduced onboarding times and increased job satisfaction.”

Microsoft’s Copilot suite is being used my over 30,000 companies, such as Visa and Northern Trust. Copilot for Sales has reportedly saved users an average of 90 minutes each week, and 67% of companies stated that it gave them more time to spend with customers.

Global director of financial services at dentsu, Carolyn Isaacs, stated: “Artificial intelligence is transforming the way businesses operate and thrive. At dentsu, we are constantly searching for ways to bring the power of generative AI to all our employees with a framework defined on ethical and responsible AI principles.

“Building on the existing use cases we’ve defined to empower our workforce with Microsoft Copilot for Microsoft 365 and Microsoft Copilot for Sales, we are excited to participate in the preview of Microsoft Copilot for Finance. We see potential for Copilot for Finance to accelerate the impact of our finance professionals by optimising routine processes, and we anticipate efficiency gains will free up finance capacity to focus on performance across our organisation.”

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 04 March, 2024, 07:56Be the first to give this comment the thumbs up 0 likes

To ride the Internet / Web / Ebusiness wave, our ERP company launched a series of addon products like Web / Customer, Web / Supplier, Web / Employee, etc. 

AI CoPilot for Sales, AI CoPilot for Finance, etc. are likely following the same playbook to ride the present AI wave!

Judging by how that movie played out, this one will also be a blockbuster hit. AI has as much enabling power as Web - in fact maybe more. Then and now, MRP runs and advanced ERP functionality were / are not on the web but it's very easy to imagine how they can leverage AI to become faster / better / cheaper.