Tech
Microsoft Copilot for Finance is Released by Microsoft
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This week, Microsoft released a public beta of Copilot for Finance, a new product that enhances Copilot for Microsoft 365 to improve productivity for finance teams.
Copilot for Finance provides role-based workflow automation driven by AI, complete with actionable recommendations. The new tool offers insights into workflow, automates previously manual workflows, and streamlines financial tasks.
The launch follows the revelation in a 2023 Microsoft study that 80% of finance leaders and teams find it difficult to take on more strategic work outside of their job descriptions. Furthermore, according to a different survey, 62% of finance professionals claim to be caught in a cycle of data entry and review. Copilot for Finance, which offers an AI-powered workflow, can help finance professionals save time and concentrate more on strategy.
The following are some particular tasks that finance professionals can complete with the aid of this new tool:
- Uses natural language prompts to assist financial analysts in performing a variance analysis in Excel, enabling them to swiftly examine data sets for irregularities, hazards, and mismatched values.
- Automates data structure comparisons in Excel, simplifying the reconciliation process. In order to assist users in knowing where to proceed, the tool also provides guided troubleshooting.
- Summarizes pertinent customer account information in Outlook, including balance statements and invoices, to speed up the collection process.
- Allows users to create reports and graphics from unprocessed Excel data that can be shared with others using Teams and Outlook.
Microsoft’s Copilot Studio comprises Copilot for Sales, Copilot for Service (for contact centers), and Copilot for Finance. Copilot for Sales has over 30,000 customers, including Visa, Northern Trust, and Schneider Electric.
Within Microsoft, Copilot for Finance has been put through testing. Microsoft Modern Finance Lead Cory Hrncirik stated, “Our finance organization is just like any other – looking for technology to help us do our work in a more efficient and impactful way – and we’re excited to track our journey as customer zero of Microsoft Copilot for Finance.”
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