Priya PatelTLDR:
- Microsoft launches AI-powered ‘Copilot for Finance’ in public preview on Feb. 29
- The new service integrates with Microsoft 365 suite of productivity tools to provide generative AI and automation solutions specifically tailored for finance professionals
Microsoft has introduced a new AI-powered service called “Copilot for Finance” in a public preview. The service is designed to provide automation features for the Microsoft 365 suite of productivity tools and applications. Copilot for Finance integrates generative AI and automation solutions into new and existing workflows, specifically tailored for finance professionals.
The AI service, tested by thousands of Microsoft’s own financial professionals and business partners, aims to address the time constraints faced by finance professionals. Microsoft states that 80% of finance leaders struggle to take on more strategic work due to operational tasks, with 62% stuck in data entry and review cycles. Copilot for Finance is positioned as a solution to help free up time for these professionals.
Microsoft’s Copilot for Finance joins other professional AI assistant offerings like Copilot for Sales and Copilot for Service. The original version of Copilot has also been integrated into Windows 11 users’ taskbars by default. While these AI services may be lucrative for tech firms, they also respond to the need for AI models trained on finance data to provide accuracy in augmenting finance professionals.
Although built on OpenAI’s technology, which underpins ChatGPT, Copilot and its derivatives have been fine-tuned for finance tasks. This move reflects the increasing demand for AI solutions in the finance sector and the potential benefits of using AI in improving productivity and efficiency for finance professionals.
