Believe it or not, the most popular ERP system is Excel, according to Emily He, Microsoft’s Corporate Vice President of Business Applications Marketing. Many customers have expressed their desire to use Excel for their ERP tasks, and that is why Microsoft has developed Copilot for Finance. Leveraging the power of Excel’s calculation engine and ERP data, this AI assistant streamlines tasks and makes data identification variances much easier.
Built on top of Microsoft’s existing Copilot technology, Copilot for Finance can pull data from financial systems and provide suggestions within Microsoft 365 apps like Excel and Outlook. It focuses on three main finance scenarios – audits, collections, and variance analysis. This specialization sets it apart from the general Copilot assistant released last year. While the original Copilot provides broad productivity recommendations, Copilot for Finance is tailored to meet the specific needs of finance professionals and integrates seamlessly within Excel.
This move into role-based AI represents a strategic play for Microsoft to gain an edge over its rivals. By specializing in different roles, Microsoft aims to provide targeted assistance that understands the unique challenges of each job. Copilot for Finance not only connects systems but also enables interoperability between Microsoft 365 and a company’s existing data sources. This allows finance professionals to access all their business data in the apps they use daily, streamlining workflows and potentially reducing financial operation costs.
However, as with any AI-driven system, concerns around data privacy and security arise. Microsoft claims to have taken steps to mitigate these concerns by leveraging data access permissions and ensuring models are not directly trained on customer data. Nonetheless, data governance measures will need to be bulletproof to maintain a competitive edge and gain widespread adoption.
With over 100,000 organizations already using Copilot, the potential for rapid adoption of this new finance assistant is immense. Microsoft plans to release Copilot for Finance in general availability later this year. While the launch team suggests a summer release, the timeline may change based on feedback from the public preview.
The introduction of Microsoft Copilot for Finance represents a major step forward in the integration of AI into finance workflows. By leveraging the power of Excel and ERP data, this AI assistant has the potential to transform how finance professionals work with spreadsheets. However, Microsoft must ensure that data privacy and security concerns are addressed to maintain their competitive edge in the market. As the era of AI in the enterprise unfolds, Copilot for Finance could be the catalyst for even greater advancements in the field.
