In this article, I am bringing you the top AI news for finance professionals of this month.
I hear you, there are a lot of new things happening.
This is why I spend time each day so you don’t have to!
In this article I picked the 5 most relevant topics for you.
That’s my promise to you as a member of the AI Finance Club!
In this Digest you will learn about:
1. Introducing Microsoft Copilot for Finance 2. Oracle Adds Generative AI features to Finance 3. JPMorgan Reveals AI Cash Flow Tool That Cuts 90% Of Human Work 4. Anthropic Introducing Claude 3 5. The Return on Investment on GenAI for CFOs
1. Introducing Microsoft Copilot for Finance
Microsoft has introduced Copilot for Finance, a new functionality for Microsoft 365 aimed at modernizing the finance function.
The focus is on automating mundane tasks such as reconciliation and variance analysis.
This solution, now available in public preview, integrates with Microsoft Suite and financial applications such as Microsoft Dynamics and SAP.
Copilot for Finance offers AI-driven capabilities for tasks such as reconciliation, forecasting, and follow up on collection. This significantly reduces manual workloads.
Source: Microsoft
My take:
In my view, the launch of Microsoft Copilot for Finance is a game-changer for the accounting and FP&A teams. It’s the first real use of AI in Finance by a big player (we have not seen anything yet from SAP or QuickBooks).
What stands out to me is the integration between the Finance knowledge of Microsoft Dynamics together with the tool suite of Microsoft 365. This means that the learning curve is minimal, and the benefits are immediate.
The ability for finance professionals to ask natural language questions and receive data-driven insights and recommendations on the fly will speed up some of the analysis (this still needs to be confirmed on a large amount of data, as from now, we only saw on test data).
It’s still in preview but if you are using Microsoft Dynamics, be ready to test it and prepare your teams to use it!
In your Copilot for Finance Course, included with your membership, you can already see a preview of how it works.
In January, I already announced to you that Oracle was working on generative AI functionalities.
They finally unveiled these generative AI features within their Fusion Cloud Applications Suite.
Here is the extract from their article on the functionalities relevant to the finance teams:
Insight narratives: Help identify anomalies, variances, and biases based on pattern recognition.
Management reporting narratives: Help finance professionals explain variances and trends impacting the business.
Predictive forecast explanations: Help finance professionals generate contextual commentary to explain forecasts produced by predictive models and key factors driving the prediction.
Project program status summary generation: Helps program managers generate executive summaries using details drawn from projects and sub-programs.
Project plan and proposal generation: Helps project managers generate tailored project plans based on opportunity details, similar past projects, and best practices.
Check the video demo here:
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