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Microsoft has launched Copilot for Finance, an AI tool designed to simplify the execution of financial tasks within enterprises

Credit ; https://stoneridgesoftware.com/microsoft-copilot-how-your-business-can-effectively-use-microsofts-powerful-new-ai-tool/

Microsoft introduced a fresh artificial intelligence (AI) tool named Copilot for Finance on Thursday, with the goal of simplifying the daily tasks of financial professionals. Unlike being a brand-new AI model, the Copilot tool enhances the existing Copilot for Microsoft 365 stack, incorporating features tailored for financial operations. This enterprise-focused AI tool is currently in public preview. Additionally, the tech giant unveiled new features and significant improvements for Windows 11 in a recent update.

Check this out; https://copilot.microsoft.com/

In a blog post unveiling the new AI tool, Microsoft positioned it as a solution to liberate time for finance departments within organizations, enabling them to shift their focus from routine analysis and report creation to more strategic tasks. Citing a data point from CFO magazine, Microsoft noted that 62 percent of surveyed finance professionals identified the “drudgery of data entry and review cycles” as a hindrance to engaging in strategic tasks.

Introducing Microsoft 365 Copilot | Your Copilot for Work

According to Microsoft, Copilot for Finance automates numerous financial tasks that would otherwise consume significant hours. It can perform tasks such as conducting variance analysis in Excel through natural language prompts, reconciling data in Excel with automated structure comparisons, providing comprehensive summaries of customer account details, transforming raw data into visualizations and reports, and more.

What is Microsoft Copilot? (Microsoft Copilot vs Copilot for Microsoft 365)

Highlighting that Copilot for Finance seamlessly integrates with existing Copilot for Microsoft 365 and draws context from an organization’s existing financial data sources, including Enterprise Resource Planning (ERP) systems and similar repositories, Microsoft emphasizes the tool’s adaptability.

This new AI tool from Microsoft joins its other two operation-specific tools — Copilot for Sales and Copilot for Service. The former assists in generating sales meeting briefs, adding leads, updating CRM records, and performing various analysis and generative tasks. The latter, designed for people-facing roles, facilitate AI-powered conversations with a single click, accesses customer knowledge from other systems, schedules and recaps meetings, drafts emails, and more. Both Copilot for Sales and Copilot for Service are generally available to Microsoft 365 customers.