Microsoft has introduced a new Copilot assistant designed specifically for finance professionals. This innovative tool is designed to automate repetitive tasks and provide faster access to financial data. The Copilot for Finance integrates seamlessly with Microsoft’s productivity apps, including Excel and Outlook, to streamline financial processes and provide valuable insights.
According to Emily He, Microsoft’s corporate vice president for business applications marketing, the Copilot for Finance can significantly improve financial operations by simplifying audits, automating collections, and accelerating financial reporting. The tool leverages generative AI (genAI) to perform various functions in Excel, such as creating reconciliation reports and conducting variance analysis.
Moreover, the Copilot for Finance offers integrations with third-party ERP and finance tools, including those from software vendors like SAP. This integration allows finance professionals to bring data from ERP and financial planning apps into Excel documents, providing a more comprehensive view of financial information.
One of the most appealing features of the Copilot for Finance is its ability to support collections processes in Outlook. The tool can also integrate with Dynamics 365 Finance to suggest priority accounts and help draft customized payment plans for customers.
With the increasing interest in genAI tools among banking institutions, the launch of Copilot for Finance comes at a timely moment. Moutusi Sau, vice president analyst at Gartner’s CIO Financial Services Research and Advisory team, emphasized the high demand for reconciliation solutions in the banking sector and praised Microsoft’s move to embed this functionality in Excel.
Currently available in public preview, Copilot for Finance is set to become an essential tool for finance professionals looking to streamline their operations and gain valuable insights from their financial data. The tool’s integration with Microsoft 365 suite of office apps further enhances its appeal, making it a valuable addition to any finance professional’s toolkit.
2024-03-08 03:00:03
Post from www.computerworld.com