Tech

Microsoft Copilot for Finance is Released by Microsoft

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.”

Raeesa Sayyad
Published by
Raeesa Sayyad

Recent Posts

1 simple passive income idea to help you grow your wealth in 2024.

As cryptocurrency continues to develop, as a groundbreaking invention, it has gained more and more… Read More

6 hours ago

Significance of Small Business Saturday, an Annual Shopping Holiday

Small businesses are essential in the local and national economies. This is why American Express… Read More

1 day ago

QardenToken Introduces Gas Fee Optimization Tool for Cost-Effective DeFi Transactions

QardenToken has launched a Gas Fee Optimization Tool, a new feature designed to tackle one… Read More

2 days ago

15 Marketing Strategies That Will Help You Grow Your Small Business

Marketing experts estimate that the average consumer sees between 4,000 and 10,000 ads every day,… Read More

2 days ago

Apple Starts Selling News Ads Directly on Apple News App as Its Advertising Goals Expand

Apple seems determined to expand its advertising arm, as seen by its decision to offer… Read More

3 days ago

Successful Small Business Marketing Strategies to Market Your Brand

Without a strong marketing plan, a company's excellent product that helps satisfy customer wants would… Read More

3 days ago