Microsoft launches Copilot AI specially designed for Finance executives, for assisting them in automating tasks in Excel and Outlook.
Aiming to enhance the way of working and task completion, companies are incorporating artificial intelligence into every tool and software, wherever possible. Following Google, which brought AI across its platforms including search, android, maps and docs, via SGE, Gemini, and Duet AI, Microsoft announces its way of deploying AI into its platforms as well.
Dubbed as “Copilot for Finance”, the new Copilot offering will augment modern finance by assisting the executives in their daily work.
Copilot for Finance
The AI for finance majorly aims to solve the foremost consent of financial executives – time consuming data entry and daily tasks. Finance workers may have to deal with lots of chunks of data, drudging into the workflow system and drawing insights from the data. Nearly 62% of finance professionals are stuck in the chores of data entry and review cycles, according to CFO.
Copilot AI seeks to address this by freeing up time for finance professionals, through automating workflows and providing insights in the flow of work. This may get time for the workers to work more in the strategic decisions of the company. Copilot AI superchargers Excel, Outlook and other widely used productivity apps with workflow and data-specific insights for the finance professional.
Starting now, Copilot AI will help finance in these aspects:
Automate data reconciliation: The AI tries to simplify the reconciliation process (summaries of firm’s WIP, billings & trade receivables) by automating the data structure comparisons and guiding the steps from insight to action.
In Excel: Analysts will be able to quickly conduct a variance analysis in Excel using natural language text prompts to review the data sets in the file. It helps to come up with strategic insights from the data to arrive at valid decisions.
PPT-making: Copilot AI indeed serves as a great tool in converting the data in excel to an insightful presentation and report automatically, saving a bunch of time for the employees.
Microsoft Outlook: In Outlook, Copilot can provide complete summary of relevant account details such as balance statements and invoices from the mails.
The above said features of Copilot for Finance had enabled finance team in saving time efficiently. People in financial planning and analysis team usually tend to spend one- or two-hours doing reconciliation each week and with this new Copilot, that takes more like 10 or 20 minutes per week, said Cory Hrncirik, modern finance lead in Microsoft’s office of the CFO.
If most of the finance professionals in a company could leverage the automations via AI, the company might be able to close its books more quickly. And the finance professionals may involve themselves more actively with the business streamline.
Visa, Schneider Electric and dentsu are few among many companies who have deployed Copilot across their sales, service and finance departments. Companies and individuals can take advantage of the AI via Microsoft Dynamics 365 Finance.
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