Microsoft launches a new AI tool for finance

Microsoft announced on Thursday that it will launch a chatbot Copilot that can perform various tasks for people working in finance CNBC.

“We want to empower and enrich all departments with Copilot,” said Charles LaManna, vice president of business applications at Microsoft.

The new finance AI tool will initially perform variance analysis and normalization of data in Excel and accelerate aggregations in Outlook. The software can extract information from data stored in SAP and in Microsoft Dynamics 365. More functionality will come to the Finance Copilot later this year, according to Lamanna.

From 2 hours to 10 minutes.

On average, a person on the Financial Planning and Analysis team spends between one and two hours polling each week. With the new co-pilot, it's estimated they'll only spend 10 to 20 minutes at a time a week, the vice president continues.

The idea behind the new tool is to help employees spend fewer hours on boring tasks and free up time for more engaging work that can contribute more to the company.

Microsoft has jumped on the artificial intelligence wave that today dominates the ranks of technology thought. Microsoft's new investment in this area has received a lot of attention among companies and analysts alike, and many believe that the new Copilot will be a catalyst for Microsoft's share going forward.