Microsoft (MSFT) is launching a Copilot for Finance, which it said will be able to perform a handful of common role-specific actions in Excel and Outlook.
Microsoft (MSFT) revealed its plan to introduce Copilot for Finance, a chatbot designed to assist finance professionals in performing essential tasks. The company shared that its internal finance department experienced time-saving benefits after testing the new tool.
Following the trend among business software providers, Microsoft aims to enhance productivity by integrating generative artificial intelligence into its products. This initiative gained momentum after OpenAI’s launch of ChatGPT in 2022, enabling natural language generation with minimal human input.
Charles Lamanna, a corporate vice president at Microsoft, emphasized the goal of empowering every department with Copilot capabilities. Initially offered in public preview, pricing details for the tool will be disclosed later.
Microsoft’s Copilot for finance focuses on tasks like variance analysis, data reconciliation in Excel, and expediting collections through Outlook. The chatbot leverages data from SAP and Microsoft Dynamics 365, with additional features slated for release later this year.
Dentsu, a Japanese advertising agency, is among the early adopters of Copilot for finance. Microsoft’s finance team, involved in the tool’s development, reported significant time reductions in reconciliation tasks. The introduction of Copilot aims to streamline processes, allowing finance professionals to focus on value-added activities while potentially accelerating financial reporting cycles.
