International news 10:43am 2024-03-01
Microsoft announced on Thursday (February 29) that it will launch a chatbot, Copilot, which can help with essential tasks for those working in finance. Microsoft will open it up for the public to try. Prior to the official launch and service pricing details will be revealed later.
CNBC news agency said that Business software companies such as HubSpot and Salesforce are working to improve their current products by using productive AI with the aim of increasing efficiency for users
This trend started after OpenAI launched its AI chatbot, ChatGPT, in 2022, which can generate natural-looking messages. Or create other content with just a few commands.
Mr. Charles Lamanna, Vice President of Microsoft Speaking in an interview with CNBC in San Francisco on Wednesday (February 28), he said that there are many companies that have employees who work in different specialized departments in a typical company going out Microsoft’s goal is to improve the potential and promote work in all departments with Copilot.
Microsoft has integrated Copilot into its Office applications for general industrial use. and has launched a version of Copilot designed specifically for sales and customer service workers.
Copilot for Finance, which focuses on working in finance It starts with tasks such as variance analysis. Reconcile data in Excel and speed up data collection in Outlook, and access data stored in SAP and Microsoft Dynamics 365. Dynamics 365) as well. Lamanna added that more features will be added to Copilot for Finance later this year.
Lamanna said Dentsu, Japan’s largest advertising company, will use Copilot for its finance operations.
Microsoft said the finance department was instrumental in developing the new version of Copilot and the software has been useful since its inception.
Cory Hernchirik, head of modern finance in Microsoft’s Office of the Chief Financial Officer, said that comparing data from different systems is a common and human-intensive task for finance departments in companies around the world. At the moment, each of the 2-3 thousand people on the financial planning and analysis team spends an hour or two a week in reconciliation. And with this new version of Copilot This means it only takes about 10-20 minutes a week.
Mr. said Hernschirik that the idea with Copilot is to help these workers spend less time on monotonous, time-consuming tasks. This gives them more time and the ability to allocate time to other interesting tasks that will help their company more. However, Microsoft Finance employees do not need to use the new version of Copilot.
“If many financial professionals in a company leverage this software, companies may also be able to speed up the closing process…which is one of the key things for CFOs,” said Lamanna.
By InfoQuest News Agency (01 Mar. ’24)
Tags: Copilot , artificial intelligence , Chatbot Copilot , Microsoft
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