Introducing Microsoft Copilot for Finance in Microsoft 365: A Game-Changer for Finance Professionals
Finance teams are a key business partner that can steer companies towards their strategic goals.
And now with AI and other other cutting-edge technologies, the potential for these teams to contribute even more significantly to their organizations has expanded exponentially and it’s easier than ever to get started.
This week Microsoft just announced Copilot for Finance in Excel
What does that mean for finance professionals?
This ground-breaking tool is set to redefine how finance professionals manage their daily tasks, providing AI-driven workflow automation, insights, and guided actions directly within their workflow.
You can now create reconciliation reports in seconds.
And get variance commentary directly in Microsoft Excel.
Empowering Finance Teams Beyond Operational Tasks
A staggering 80% of finance leaders express the need to transcend the confines of operational duties to engage more deeply in strategic initiatives.
Yet, an overwhelming 62% find themselves ensnared in the monotonous cycle of data entry and review processes.
Copilot for Finance is designed to alleviate these burdens, enabling finance teams to reclaim time for strategic endeavors by automating mundane tasks and offering actionable insights.
Supercharged Productivity Apps for Finance
By incorporating Copilot into Microsoft 365, finance professionals can now leverage enhanced capabilities in Excel, Outlook, and other essential productivity tools.
Drawing from a wealth of financial data sources, including ERP systems like Microsoft Dynamics 365 and SAP, Copilot for Finance is equipped to provide contextual insights that are crucial for informed decision-making.
You can start using it by going to this link and then click get and open in Excel’:
Copilot for Finance for Microsoft Excel (Preview) (office.com)
This add-in works in: Excel 2016 or later on Mac, Excel 2016 or later on Windows, Excel on the web.
If you don’t have the above, try using Office Online.
Transformative Features in Public Preview
The public preview of Copilot for Finance introduces several innovative features aimed at optimizing financial operations:
Variance Analysis in Excel: Finance analysts can now perform variance analyses using natural language prompts, facilitating quicker identification of anomalies and risks.
Streamlined Reconciliation: Automated comparisons and troubleshooting guides in Excel improve the accuracy and reliability of financial records.
Customer Account Summaries in Outlook: Quick access to balance statements and invoices simplifies the collections process.
Data Visualization: Transform raw data into presentation-ready visuals and reports, seamlessly shareable across Outlook and Teams.
What about Microsoft Copilot?
As you can see in the image below, once you activate Copilot for Finance you will get this icon.
It will appear next to the “normal” Copilot Pro icon.
I have described what you can do in Copilot Pro in these other articles:
Real-World Impact and Testimonials
Organizations across various industries are already experiencing the transformative effects of Microsoft Copilot in their business operations.
From Dentsu to Northern Trust and Visa, companies are leveraging Copilot to optimize processes, enhance customer experiences, and empower employees with AI-driven insights.
Dentsu highlights the efficiency gains and potential for Copilot for Finance to revolutionize routine processes, enabling finance professionals to focus on performance optimization.
Northern Trust emphasizes the role of Copilot in digital workplace transformation, streamlining employee processes and elevating client experiences.
Visa notes the broad employee adoption of Microsoft Copilot, underlining the tool’s capacity to transform work dynamics and service delivery.
A New Era for Finance Professionals
Microsoft Copilot for Finance is not just a tool; it’s a catalyst for change in the finance sector, promising a shift from operational drudgery to strategic influence. As finance teams across the globe embrace this technology, the future of finance looks increasingly dynamic, efficient, and strategically focused.
For those ready to embark on this transformative journey, the Copilot for Finance public preview is now available.
Discover how you can redefine the role of finance in your organization by visiting: aka.ms/CopilotforFinancePreview.
