Artificial intelligence (AI) has already left its mark on today’s business operations. Likewise, AI in the finance sector has also been transformative. Generative AI (GenAI) is typically associated with consumer services and the marketing industry. However, given that the financial sector hinges on incredibly large volumes of data, GenAI has practical applications in enhancing productivity and identifying greater insights.
Microsoft’s GenAI solution, Copilot, was suitably named because it has quickly become GenAI’s most effective daily application: a continuously available assistant to the expertise and skill sets of human staff. Copilot is available in a variety of formats designed for specific sectors. Its finance version targets the most critical—and typically, the most repetitious and laborious—tasks that occur in both small-scale finance units as well as major businesses in the financial services sector.
Learn how Copilot’s sector-designated functionalities for the finance industry can benefit your business’ finance professionals.
Key attributes of Microsoft Copilot
- Natural language interface – Users can interact with Copilot using casual language rather than engaging using language explicitly learned to accommodate the technology.
- Analysis and advice – Because Copilot is also an AI agent, it can go deeper than just delivering results to a search. Copilot can also analyze data and recommend follow-up approaches.
- Microsoft interoperability – Microsoft platforms (e.g., Dynamics, Sharepoint, and Office) are natively compatible with Copilot. So, data throughout the Microsoft stack is easily accessible and benefits from a broad scope of assistant functionalities.
- The Microsoft Scenario Library – Microsoft’s finance teams were the first to implement Copilot when the tool went into Beta. Moreover, Microsoft has a library of typical finance task sequences backed by Copilot and their relevant prompts so that staff is in operational mode as quickly as possible.
Copilot brings AI advantages to the finance sector
Already, GenAI has demonstrated its extraordinary value across a broad spectrum of business systems, many of which are not limited to the financial industry. AI’s capabilities for optimizing operational efficiency and enhancing customer satisfaction translate to important successes for organizations in any sector.
The integration of AI in finance offers many advantages.
Allocate human labor efficiently
AI’s strongest asset is its ability to automate and analyze. It can easily take in massive quantities of data and identify patterns throughout those data sets for a comprehensive data evaluation. Additionally, AI understands elaborate, multi-phased service requests, streamlining or potentially automating arduous finance operations.
Practically speaking, Copilot’s AI in finance allows for a new day-to-day operations strategy. By taking on repetitious and labor-intensive activities such as those listed here, Copilot transforms the equilibrium between time and value on finance teams. Rather than devoting time to inputting data or the labor-intensive process of data reconciliation, finance departments can concentrate on the work humans do best: innovation and making decisions based on data and analysis.
Execute carefully
AI continues to evolve. Although it demonstrates strong potential, businesses must implement AI with consideration if they’re going to take full advantage of it. Among the possible hindrances are hesitant team members, uncertain uses, objectives, and tasks, as well as security requirements. Leverage the expertise of a knowledgeable partner such as OnX to create a customized implementation approach that considers the potential risks in addition to stakeholder expectations.
Read more: Transforming the digital workplace with AI
Automate data analysis and reporting
By integrating Copilot with Microsoft Dynamics, common financial practices such as generating balance sheets, profit and loss statements, as well as cash flow reports require little more than requesting the data. Copilot auto-collates the required data and creates a structured report with it. It can also expedite the completion phase by balancing accounts and discovering inconsistencies for assessment.
Analyze elaborate data sets
Myriad data sources must be visible to perform job functions such as analysis of variance and budgetary projections. Financial professionals can capitalize on Copilot’s AI in finance, which can integrate data from various sources and create statements while acquiring additional information and advice regarding trends within the data or the reasons for variations in future expenditures.
Such functionalities also prove important when it comes to forecasting general market conditions. Copilot can compile data from multiple sources and create summaries of vital data, alleviating in-house teams of the time and effort needed to analyze massive amounts of raw data to make more educated business decisions.
Create visuals and more innovative assets
Copilot automates creating data visualizations, minimizing the data entry and detailed adjustments needed when preparing for presentations.
Slideshows, diagrams, charts, and official documents are created more quickly, allowing team members to focus on the content of reports and presentations instead of the format.
Additionally, Copilot can visualize data in real time. This allows users to develop customized dashboards, complete with market insights or performance metrics that deliver essential information.
Optimize regulatory adherence and documentation
Similarly to how Copilot’s AI amasses market intelligence, it also procures the most recent regulatory revisions as they apply to the financial industry. Copilot can improve a specific document by auto-updating business information using regulatory requirements, making it easier to stay up-to-date and mitigate risk.
Enable notifications for key business metrics
Monitoring key metrics using AI in finance facilitates immediate responses to fluid conditions. Copilot gives finance professionals the power to structure extremely tailored dynamic alerts, keeping staff informed about future events and major shifts.
Alerts can be set for invoice deadlines, tax due dates, irregular financial transactions, outstanding accounts, budget discrepancies, and other finance data.
Read more: AI Playbook: Implementing AI solutions to achieve operational excellence
Copilot and OnX can transform your finance operation
Microsoft Copilot AI is a strong, adaptable solution that stimulates stable transformation in finance operational activities. AI operates in a constantly evolving legal environment, much like the technologies that drive it and the general public’s sentiment on its applications. But AI is also used as a defense tool and line of attack as part of the progressively more complex cybersecurity environment
AI implementation is a prime example of the expression “with great risk comes great reward.” Professional support is vital for realizing a successful outcome. As a technology partner with extensive expertise, OnX assists businesses in designing unique AI blueprints created with their specific business requirements in mind so that the AI trajectory toward productivity and data insights is properly aligned.
Contact us today to begin the evolutionary journey of integrating AI in finance operations.
