On Thursday, Microsoft revealed plans to launch a Copilot chatbot tailored to assist individuals in finance with essential tasks. The software will initially be available in public preview, with pricing information to be announced later.
Several business software companies like HubSpot and Salesforce have been enhancing their existing products with generative artificial intelligence to increase client efficiency. This trend gained momentum following the introduction of the ChatGPT chatbot by startup OpenAI in 2022. ChatGPT can produce natural-sounding text or content with just a few words of human input, sparking interest in AI-powered solutions across various industries.
“We aim for every department within the company to have access to and benefit from a Copilot,” stated Charles Lamanna, a Microsoft corporate vice president, during an interview with CNBC in San Francisco on Wednesday.
Microsoft has introduced a Copilot tailored for general industrial use across Office applications, along with specialized Copilots designed for sales and customer service professionals.
Lamanna stated that initially, the finance Copilot will conduct a variance analysis, reconcile Excel data, and enhance the collections process in Outlook. The software will be able to access information from both SAP and Microsoft Dynamics 365. Lamanna also mentioned that further features will be added to the finance Copilot later this year.
Lamanna mentioned that Dentsu, the Japanese advertising agency, intends to employ Copilot for finance-related assignments.
According to Microsoft, its finance division collaborated on the development of the new Copilot and has already observed early advantages from its implementation.
Cory Hrncirik, the modern finance lead in Microsoft’s office of the chief financial officer, highlighted that comparing data from disparate systems is a common task for finance teams worldwide. Typically, thousands of individuals in financial planning and analysis teams spend one to two hours per week on reconciliation tasks. However, with the new Copilot, this process is streamlined to approximately 10 or 20 minutes weekly.
The primary goal is to reduce the time spent on mundane tasks for these employees, allowing them to focus on more stimulating work that can add greater value to the company. Nonetheless, Microsoft’s finance staff are not obligated to use the new Copilot.
However, if a significant number of finance professionals within a company leverage these automations, it could potentially expedite the process of closing the company’s financial records.
Lamanna noted that this aspect is one of the major selling points for CFOs.
Read More: Microsoft’s stock is poised for a surge in revenue driven by AI technology.
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