Microsoft announced on Thursday (February 29th) that it will release a financial oriented artificial intelligence chatbot, Copilot, which can assist finance and industry workers in performing critical tasks.
Generative artificial intelligence is currently hot in various fields. Many commercial software providers, including HubSpot and Salesforce, have been trying to incorporate generative artificial intelligence into their existing products in order to improve customer efficiency.
Microsoft's Copilot for finance will first run variance analysis, coordinate data in Excel, and accelerate the collection process in Outlook. This software can utilize information stored in SAP and Microsoft Dynamics 365.
It is reported that this tool will first be available in a public preview version, and the price details have not yet been disclosed.
Finance specific Copilot products
Usually, each company is composed of various departments, and employees from each department also engage in specialized work. Microsoft's goal is to deploy a dedicated artificial intelligence chatbot in every department.
Microsoft wrote in a press release that Copilot products designed specifically for business functions can help employees better access specific data and workflows related to their functions. A real problem that most employees face now is that they are overwhelmed by data, spending about a quarter of their daily time searching for information.
Microsoft has currently provided a general-purpose Copilot for Office applications and has also launched exclusive Copilot AI for sales and customer service personnel.
Microsoft Vice President Charles Lamanna said on Wednesday, February 28th, "We want every department to have a Copilot and become more fulfilling as a result."
Cory Hrncirik, the modern financial director of the Microsoft CFO's office, pointed out that a financial planning and analysis team consisting of thousands of people each needs to spend one to two hours a week reconciling accounts, while with a new Copilot, it only takes 10 to 20 minutes per week.
Hrncirik added that the purpose of doing so is to help these financial personnel spend less time on tedious tasks, free up time for more attractive work, and make more contributions to the company.
In addition, Lamanna stated that later this year, Copilot in the finance field will have more features.
Microsoft has revealed that hundreds of companies including Japanese advertising company Dentsu, American telecommunications company Lumen Technologies, and French company Schneider Electric have become its first customers, all announcing that they will use Copilot to complete financial work.