AI models are improving and they are getting the work done. A lot of AI based systems with the polished models are slowly replacing the humans in the job. And now there would be specialized models that would be coming out as that is the need of the hour before firing the human.
Microsoft is working very heavily into the AI models. And they already invested into the OpenAI for the variety of the innovation leads. Now microsoft being the leader in the apps of the finance, they have decided to crack into the AI with the insights and the complexity tasks with AI. Which kind of goes to show possible firing of analysis people.
Let's talk about the Copilot for Finance AI feature in the Microsoft's variety of apps.
Who should use Copilot for Finance?
Anyone who is into the finance should make use of the Microsoft Copilot for Finance. Like say you are chartered accountant and wish to keep track of the profit and loss sheet, invoices, loss, depreciation. Variety of the data in this process for the AI to work with and it can be used for handling and managing the data.
For example, if you use excel you don't have to use any other external app. You should instead make use of the copilot for reading the data. You can use this AI for the analysis of the data in the spreadsheet. You can use this in other apps like powerbi too. So microsoft has been pushing their AI tools for handling data in a better way.
You can check out the preview of this finance Copilot AI here.
Where do we get the Copilot for Finance?
During the initial years I find that the copilot is going to be for the limited data. In upcoming years you would be seeing this in free mode too. This way the AI is going to be handling a lot of our data. So the free accounts are going to be the lab rats of the copilot during the run and then once the beta comes out for the final release it would help with the better results and the jugement of the insights.
Excel spreadsheet and the Outlook apps are going to be the one that would be getting the copilot for the finance. These two apps are going to collect a lot of data that would be helping with the results and outcome guidance. I think once this goes ahead there would be AI in the Visual studio that would be included into the apps.
You can check the docs for the Copilot for Finance here.
Data is new Oil for AI
Data was oil before and data is again the new oil but this time for the AI. Because AI needs a lot of data to comeup with results for the outcome. So in such case you may notice that data collection for the model training would be heavy incentivized in the free accounts. So the AI like copilot needs a lot of model guidance too. So that's where the Microsoft keeps things free.
Let's assume someone is collecting the data, cleaning and also sorting and making the decisions based on that data. You may notice that AI is capable of doing this once setup and then it learns the pattern and builds up on the same. So it'd be reasonable to say that AI in copilot for finance is a new tool worth learning as it is capable of reducing human jobs.
Currently in a preview Microsoft's Copilot for Finance is a good tool that would be integrated into variety of apps of Microsoft. Which goes to show that jobs and the people both need to change with time as AI is out there to replace humans for such jobs.