- Microsoft has launched the public preview of Copilot for Finance, an AI-powered, role-based workflow automation tool.
- Copilot for Finance helps finance professionals automate time-consuming aspects of their work, such as data entry and review.
- Microsoft’s Copilot for Finance is part of the company’s Copilot Studio, which also includes sales tools and tools for contact centers.
This week, Microsoft released a public preview. financial co-pilotis a new product that extends Microsoft Copilot for Microsoft 365 to help finance teams work more efficiently.
Copilot for Finance provides AI-powered, role-based workflow automation that provides recommendations and guided actions. New tools streamline financial tasks, automate previously manual workflows, and provide insight into your workflow.
This launch comes after a 2023 Microsoft study found that 80% of finance leaders and teams face the challenge of taking on more strategic work outside the scope of their role. Another study found that 62% of financial professionals say they are stuck in the data entry and review cycle. Copilot for Finance delivers AI-powered workflows that save finance professionals time and allow them to focus more on strategy.
Here are some specific things financial professionals can do with the new tool:
- Empower financial analysts to perform variance analysis in Excel using natural language prompts. Quickly review your data sets for anomalies, risks, and inconsistent values.
- Simplify the reconciliation process in Excel with automated data structure comparison. The tool also provides troubleshooting guidance so users know where to take action.
- Outlook helps expedite the collections process by summarizing relevant customer account details, including balance statements and invoices.
- Customers can transform raw data in Excel into visuals and reports that can be shared across Outlook and Teams.
Copilot for Finance is part of: Microsoft’s CoPilot StudioSuite of services including: service co-pilot (for contact centers) and sales co-pilotIt already has more than 30,000 customers, including Northern Trust, Schneider Electric and Visa.
Microsoft has been testing Copilot for Finance within its own organization. “Our finance organization, like every other organization, is looking for technology to help it do its work in a more efficient and impactful way. We’re excited to trace its customer zero journey with Microsoft Copilot for Finance,” said Microsoft Modern Finance Lead. said: Cory Hrncirik
Photo: Ed Hardie, Unsplash
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