Microsoft unveiled an artificial intelligence tool, Microsoft Copilot for Finance, designed specifically for finance departments of different companies.
Copilot for Finance – illustrative image. Credit: Microsoft
This move is part of Microsoft’s broader strategy to develop specialized software catering to various industries, professions, and individual needs.
The new tool aims to assist users in reviewing data sets for potential risks, generating reports from raw data, and handling tasks that they might typically outsource. Microsoft did not disclose pricing details or a specific release date for wider availability.
Microsoft’s Copilot strategy extends to other professions, with similar AI tools already introduced for salespeople and customer-service representatives, typically priced at $20 per user per month in addition to subscription fees for the required software, such as the $30 Copilot for Microsoft 365.
According to Emily He, a corporate vice president at Microsoft, future Copilots may be tailored for marketing and supply-chain functions.
Microsoft is intensifying its competition with Salesforce by expanding its AI offerings to handle sales and service tasks. This move comes in response to Salesforce’s recent announcement of Einstein Copilot, a competing AI assistant focusing on sales and customer service.
Microsoft showcased its AI capabilities during a media briefing in San Francisco, illustrating how the technology could assist customers in tasks like email generation, drawing data from both Microsoft’s CRM systems and those of Salesforce.
Charles Lamanna, a corporate vice president at Microsoft, emphasized that Copilot could potentially reduce sellers’ reliance on CRM systems, as the AI tool could automatically update and retrieve information from these systems on their behalf. While CRM systems will still be in use, Lamanna hinted at potential changes in the business models supporting them.
Written by Alius Noreika