Financial departments have a vital role to play in the strategic goals of any business. Moreover, as per the study, 75% of finance professionals have reported workflow delays because of the manual process.
The inefficiencies not only put a pause on the success of a company but also affect the organization’s ability to stay significant in the market. From manual data entry to inadequate communication, financing is insufferable.
As companies attempt to enhance their operations and ensure streamlined Financial Workflows – it becomes clear that tackling these issues is not optional. Luckily as Microsoft is offering Dynamics 365 Finance Copilot, businesses can manage finances more efficiently.
In this article, we will talk about the benefits and future of Copilot in Dynamics 365 finance. So, why is it important? Get ready to find the right answer here.
How AI is Changing Finance for the Businesses?
Before we get into the details of Microsoft Copilot, you must know that AI is working here behind the scenes. The technologies, including natural language processing and machine learnin,g have the capability of predicting the data based on patterns. All of the data can be converted into useful information. Further, it helps in eliminating the series of tedious tasks and has more actionable insights for a streamlined process.
For years, finance departments have been weighed down by manual operations such as data input and reconciliation. AI in modern Finance toolsis now changing things up by:
- Say goodbye to repetitive tasks, eliminate human error, and allow more time for strategic pursuits.
- Enhancing the dependability of financial reports.
- Predictive analytics involves forecasting trends and identifying potential risks before they occur.
Microsoft Copilot for Finance is all about empowering businesses to the core. If you are trying to improve your business’s finances, here is your chance to embrace. In fact, some companies are already praising it.
We see the potential for Microsoft Copilot for Finance to accelerate the impact of our finance professionals by optimizing routine processes, and we anticipate efficiency gains will free up finance capacity to focus on performance across our organization.” – Carolyn Isaacs, Global Director of Finance Services, Dentsu.
Benefits of Microsoft Copilot in Finance Management
On average, thousands of financial professionals spend one to two hours per week reconciling. However, with the new Copilot for Finance, this process will take approximately 10-20 minutes per week.
This allows employees to devote more time to engaging in activities and making important contributions to the firm, rather than tiresome jobs.
Here are the major benefits of Copilot in Dynamics 365 Finance:
- It helps financial analysts execute a variance analysis in Excel by providing simple prompts to review any type of inaccuracy, such as data abnormalities and unmatched numbers. This type of analysis allows decision-makers to develop strategies by examining the existing state of a financial process and various approaches to improve it.
- Allows financial analysts to easily perform a variance analysis in Excel by using natural language prompts to examine data sets for abnormalities, risks, and mismatched values. This form of analysis enables finance to deliver strategic insights to corporate leaders about where financial outcomes are meeting, exceeding, or falling short of expectations, as well as why.
- Customers may convert raw data from Excel into presentation-ready visualizations and reports that can be shared across Outlook and Teams.
Forecasting - A Greater Example of Copilot in Finance
Other than financial analysis and business partnering, AI in Dynamics 365 serves as a forecaster too. Here is an example:
The first thing we know about any financial forecasts is that they are not flawless. Yes, they can have their inaccuracies as well. However, this doesn’t mean they have no impotence at all.
Forecasts are painful because they are time-consuming. They also incorporate many inputs that require time to edit, update, and adapt. However, AI-powered Finance solutions hold the prospect of automating many of the manual tasks required for scenario development.
In short, if scenarios become simple enough to develop, you’ll make a lot more of them. And that allows you to plan for uncertainty.
Microsoft’s demand planning case studies highlight some of the ways teams use Copilot for predicting.
Domino’s UK uses AI (Copilot) for demand and inventory planning alongside its Microsoft Dynamics 365 ERP. It uses historical data in conjunction with more powerful factors to provide granular forecasts.
Bottom Line
Microsoft Copilot features for Finance enhances the existing features of Microsoft Excel and Outlook in a variety of ways. The collection procedure is simplified with Outlook, and bank reconciliation is streamlined with Excel. If you are looking for more, we at DHRP are here to help you get started.
We have a team for consultation and to guide you about customized implementation of Dynamics 365 ERP and D365 CRM solutions tailored to your needs.
