Microsoft Set to Release AI Chatbot for Finance Sector
Microsoft has announced plans to release Copilot, an AI chatbot designed to perform key tasks in the finance sector. This innovative tool dubbed Copilot for Finance will initially begin as a preview before the full release hits the market. The pricing details for the service will be communicated in due course.
Expansion of the Copilot Series
Microsoft currently has the Copilot service for corporate users of the Microsoft 365 suite and another version for sales and customer care personnel. Nonetheless, the tech giant is keen on extending the capabilities of Copilot to diverse departments within a company. According to Charles Lamanna, Corporate Vice President at Microsoft, every department should be equipped and empowered with Copilot as indicated in his interview with CNBC.
Copilot for Finance: A Gamechanger
The Copilot for Finance is set to revolutionize the finance sector by performing specific tasks in Excel and Outlook applications. Initially, key features of Copilot for Finance will integrate performing variance analysis, data reconciliation in Excel, and expediting data collection processes in Outlook. It achieves these by leveraging information stored in SAP and Microsoft Dynamics 365. Lamanna also highlighted plans for expanding the capabilities of Copilot for Finance later in the year. Notably, Japanese advert agency Dentsu, is already considering utilizing Copilot for its financial tasks.
Bright Prospects for Users
Cory Hrncirik, Microsoft’s finance department head, envisages that Copilot will drastically reduce time spent on routine tasks and allow for focus on priority issues. He states that approximately 2,000 people in the company’s financial planning and analysis team spent 1–2 hours per week on data verification. With Copilot, this process now takes about 10 or 20 minutes.
