Tech giant Microsoft is launching a new AI-powered service called “Copilot For Finance.” The new web service provides Microsoft 365 applications with new automation features. According to Microsoft’s launch of the tool today, “Copilor for Finance” provides generative AI and automation solutions to workflows.
Microsoft’s new AI technology works like adding ChatGPT to the 365 suite. In an announcement blog, Microsoft says Copilot for Finance introduces several key features to enhance financial operations:
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- Helps financial analysts quickly conduct a variance analysis in Excel using natural language prompts to review data sets for anomalies, risks, and unmatched values. This type of analysis helps finance provide strategic insights to business leaders about where it is meeting, exceeding, or falling short of planned financial outcomes and why.
- Simplifies the reconciliation process in Excel. Automated data structure comparisons and guided troubleshooting to help move from insight to action, which helps ensure the reliability and accuracy of financial records.
- Copilot provides a complete summary of relevant customer account details in Outlook. This includes balance statements and invoices, expediting the collections process.
- Enables customers to turn raw data in Excel into presentation-ready visuals and reports ready to be shared across Outlook and Teams.
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Microsoft already provides other AI services, such as professional AI assistant offerings Copilot for Sales and Copilot for Service. According to the announcement release, Copilot for Finance was tested by thousands of the company’s own financial professionals. Furthermore, Microsoft soft-launched the service to select business partners to test.
The public preview of Microsoft’s Copilot is available now.