Excel-lent Assistant: Meet Microsoft’s Copilot AI for Finance Workers

An announcement was made by Microsoft on the release of their Copilot chatbot, which will be able to assist finance professionals with important tasks. The software developer will launch the tool into public preview first. Salesforce and HubSpot are just two of several business software companies that have been aiming to increase customer efficiency by incorporating generative AI into their current solutions. The ChatGPT chatbot, introduced in 2022 by the firm OpenAI, has been popular as it can generate human-sounding prose or other content in response to brief human input.

Microsoft has already introduced Copilots tailored to salespeople and customer support representatives, in addition to a Copilot for general-purpose industrial usage in Office applications. At first, the financial copilot will use Excel to reconcile data and speed up the collection process. They will also do a variance analysis. The program can access data from SAP and Microsoft Dynamics 365. According to Lamanna, the finance Copilot will receive new capabilities later this year. The new Copilot was developed with help from Microsoft’s finance department, and the company has already experienced some benefits from utilizing it, according to Microsoft.

The goal is to free up their time so they can focus on more interesting and meaningful work that benefits the business, rather than slaving away at menial jobs.

What is Microsoft Copilot for Finance?

As an integral part of financial professionals’ routine workflow, Copilot for Finance acts as a virtual assistant. This AI-enabled helper works inside widely used Microsoft 365 apps like Teams, Outlook, and Excel, automating mundane but necessary chores and offering real-time assistance.

How Is Copilot for Finance Operational?

• To provide finance teams more leverage, Copilot for Finance uses a mix of AI-powered insights and automation. Take a peek at its features.
• Data entry, report formatting, and the generation of routine financial statements are just a few examples of the repetitive processes that Copilot automates. Financial experts can then devote their time and energy to more strategic tasks, such as analysis and decision-making.
• Copilot finds patterns and trends in your financial data and generates reports and visualizations that shed light on those trends and patterns. Because of this, financial teams can confidently make data-driven decisions after rapidly understanding the broader picture.
• Predictive Analytics: Copilot makes use of its AI skills to foretell the future and anticipate how much money will be made. The financial team may then prepare ahead of time for any eventuality and lessen the impact of any risks.
• Copilot streamlines collaboration by making it easier for finance teams and other departments to work together. It enables real-time information sharing and collaborative decision-making by connecting with communication platforms like Teams.

Is Microsoft Copilot now available?

Enterprise clients have had access to Microsoft Copilot for Microsoft 365 since November 1, 2023. It will be accessible to school personnel beginning January 1, 2024. Customers with a Microsoft 365 Personal or Family subscription can buy Copilot Pro.

Does the Microsoft Copilot make use of ChatGPT?

Microsoft Copilot and ChatGPT are two separate technologies that have been developed separately. While OpenAI creates ChatGPT, GitHub (which is owned by Microsoft) produces Copilot. Various AI Frameworks: Codex, a variant of GPT-3 that has been fine-tuned for code comprehension and generation, is the brains behind OpenAI’s Copilot.

Is the Microsoft Copilot edition available for free?

What do I receive for free if I don’t pay for a subscription? Quickly locate relevant information, generate original content, and complete tasks with the help of Copilot. Stop by copilot.microsoft.com to try out the demo version of Copilot.

Is Copilot compatible with Office 365?

The likes of Word, Excel, PowerPoint, Outlook, Teams, and many more from Microsoft 365 are compatible with it. Copilot is an intelligent assistant that helps users in real time, allowing them to be more creative, productive, and skilled. The steps your company can take to get ready for Copilot are detailed in this article.