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:
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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