Technology
Thursday, February 29th, 2024 6:48 pm EDT
Key Points
- Microsoft is launching a Copilot chatbot tailored for finance professionals, with a public preview release and pricing details to follow.
- Business software providers, including HubSpot and Salesforce, are integrating generative artificial intelligence into their products, inspired by the success of OpenAI’s ChatGPT.
- The finance-focused Copilot will offer functionalities such as variance analysis, Excel data reconciliation, and collections process acceleration, drawing on data from SAP and Microsoft Dynamics 365, with potential for broader adoption to expedite financial processes.
Microsoft has unveiled plans to launch a Copilot chatbot tailored for finance professionals, aiming to streamline key tasks within the industry. Initially available in a public preview, pricing details for the tool are forthcoming. This move aligns with a broader trend among business software providers, such as HubSpot and Salesforce, who are integrating generative AI into their offerings to enhance client efficiency. Stemming from the success of OpenAI’s ChatGPT chatbot in 2022, Microsoft’s Copilot aims to empower various departments with specialized functionalities, as expressed by Charles Lamanna, a Microsoft corporate vice president. Building on existing Copilots for general-purpose and sales/customer service applications, the finance-focused Copilot will initially focus on variance analysis, Excel data reconciliation, and expediting collections via Outlook, leveraging data from SAP and Microsoft Dynamics 365. Notably, Dentsu, a Japanese advertising agency, is among the early adopters of this finance Copilot. Microsoft emphasizes that the development of this tool involved input from its own finance department, which has already witnessed productivity gains. Cory Hrncirik, Microsoft’s modern finance lead, highlights the potential for significant time savings, particularly in data reconciliation tasks, which typically consume hours weekly but can be reduced to minutes with the Copilot. While the Copilot aims to alleviate mundane tasks, its use remains optional for Microsoft’s finance employees. However, widespread adoption within a company could expedite financial processes, appealing to CFOs seeking efficiency gains. Through innovations like the Copilot, Microsoft aims to empower finance professionals to dedicate more time to strategic and value-adding endeavors, ultimately contributing to organizational success.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/02/29/microsoft-introduces-copilot-ai-chatbot-for-finance-workers.html
